SINCE THE launch of both the FA Premier League and UEFA Champions League, the football industry has undergone significant change, characterised by unprecedented revenue growth, bloated competitions, globalisation and expanded franchises. Football has become a business that attracts new owners and new sponsors as the world’s most popular sport becomes a compelling proposition for investors and finance providers. The top level clubs have never been richer than they are at present. And from a spectator perspective, football has never been more popular. In the English Premier League, attendances are at their highest level since the late-1940s. Major clubs have waiting lists for season tickets and stadium utilisation is close to 100%. While this is a headline story, it should also be remembered that the…