Irvin Scholar put the greed into football and the Berlusconi's, Perez etc followed in his greedy sinful wake. Later codified as the FA's Rule 34, these restrictions established the culture that being a club director was a form of public service, that directors should be 'custodians', to support and look after clubs. The Football Association, who have never explained why, permitted Spurs to do what they wanted and evade FA's rule 34. Every other club that floated after that formed holding companies similarly, to bypass the FA's rules. What money can't buy | Sport | The Guardian The reason anybody does anything is because they can.