There are three seasons where we've spent close to or more than £200m, albeit across Summer and January windows:
2017-18 - £195m gross spend (£58m net)
2018-19 - £223m gross spend (£163m net)
2023-24 - £194m gross spent (£157m net)
It's not a huge leap to £200m, but £200m + all sale proceeds would be a huge leap, especially given it's a coach we've only had in post for 12 months, even if he did win the league. But let's not get fixated on a particular number. It's not beyond FSG to go big on occasion, and a lot of our restrained spending in recent years has been due to funding capital spend instead (training ground and Annie Road). I've said in the past that those projects are as much a part of Klopp's legacy as the trophies and a title-winning squad.
I also don't buy the narrative of him not being allowed what he wanted. He was given budgets, sure, but we broke global transfer records for goalkeepers (Alisson) and defenders (VVD) because those were the guys he wanted - them and no-one else. We signed Naby because he was the guy Klopp wanted, and believe me, that deal was a pain in the arse to get done. We even tolerated paying for him and still having to wait 12 months. It's also rumoured that Nunez was his shout too. When there was a player he wanted above any other, and where that player was willing to sign for us, he got that player. And when we didn't spend big, he was on board with that because he saw the bigger picture and believed in the effectiveness of his own coaching.
I get the Leeds comparison with Chelsea. A lot of the behaviours are the same, but I think the big difference is that Chelsea have genuine financial clout behind them, whereas Leeds didn't. They were dependent on the banks, and when the banks called in their debt they went to the wall. I don't see that happening at Chelsea. They have a power struggle going on at the top, but it feels like either of those parties would continue to bankroll the club, if the other one were to be pushed out. The biggest risk to Chelsea is regulatory, if either UEFA or the PL grow the balls to go after them on their financial bullshit. UEFA are likely in a position to send them a hefty fine already on the back of their participation in Europe this season, while I suspect the PL are waiting for 115 before deciding their next move.
But I don't see them going bust in a hurry because the financial strength of their owners.