Horsham Royal Thanks Stranded.
It's vague isn't it? Having looked at the agreement, I'm more inclined to think employer's is not included in the 21M (though as a more or less fixed cost may have been taken into account when setting the cap).
"Excluding any payments made in accordance with the squad bonus schedule" is odd.
Yeah, I found that a weird exclusion to but they seem to have tied it to an individuals salary and bonus. So goal scoring bonus for a striker would count but shared promotion bonus doesn't.
All helps I guess.