I believe this is the case. I did the financial takeover to build my academy which produced a lot of talent. My main problem though is though the expectations kept being promotion, the financial backing was 0. I could only generate any funds by selling players. For three straight seasons I started with 1 million in transfer funds (one in the championship, two in premier league). At that point I was just selling guys to retain some of my top talent as contracts grew.
This was both annoying as well as a little realistic fun. It was the extreme of a club with no financial capability, which is Portsmouth IRL.