No. The overspend is because promotion bonuses paid to the team have pushed them £6M over the PSR limit. As long as they can raise £6M in transfer fees before the official start of the season they will be fine.
Once the new season officially starts they will be able to splurge as much dosh as they want.
Given almost all of the "upper class" are descended from the Normans, and all the Royals are effectively imported, we have the opportunity to have a truly "top to bottom" social revolution.