As mentioned before, what you are calling FFP is really "Profitability & Sustainability" and is related to Profit & Loss. Investment has absolutely no impact on P&L as it is not revenue. Owners of any club are able to pump as much money into a club as they like but they cannot just spend it how they like because of the "FFP" rules. This is the financial reason why Newcastle aren't just going out and buying up the best talent in the world in one go (that they have been able to do as much as they have owes more to Ashley not spending in the years previously).
If the club have converted the substantial King Power Group loans into shares then on the balance sheet liabilities will be reduced increasing net assets due to an increase in called up share capital rather than increased profit.
Capital projects (training grounds, new stands etc.) also don't impact P&L as costs for those are capitalised as fixed assets (so cash goes down, fixed asset value increases, net change on the balance sheet 0). The depreciation on them is P&L (as the value of the fixed asset decreases) but is exempted from the calculation for "FFP".
I assume that if they have converted loans to shares then it will at least have the benefit on the "FFP" calculation of removing a good sized chunk of interest. Also though does remove a source of income for the KPG [edited from "from the KPG"].