I never got around to reading Soccernomics, but I just finished reading Stefan Szymanski's "Money and Soccer: A Soccernomics Guide", 2015. Szymanski is now an Sport economics professor at the U of Michigan. I really enjoyed this book because he presents soccer-related economic principles in a very accessible way, and his positions are backed up by 50-100 years of financial data that he has collected. The object of this book is to explain how a club's performance in a league relates to the club's balance sheet, and he also covers history that explains how things got the way they are today. To summarize 300 pages in a few words, some of the major points about Euro leagues, which have the Open system of relegation/promotion: Regardless of size of the leagues, most have a small number of teams that dominate the league On average, the dominant team won 1/3 of all the titles Over the past 25 years, 79% of national championships have been won by the top 3 teams Over time (i.e., a decade - does not apply to a single game), team performance can be predicted from the amount of money spent on players In a game, the more expensive team was more than twice as likely to win, and the odds improved the more often the 2 teams played Taken over a league season, where the higher salaried team is highly likely to win 2/3 of the time, that team is likely to win the championship More dominance -> more fans -> more revenue. Merchandising = 30% of revenue in larger leagues Since the start of the EPL only 3 champions have spent less than 66% above the league average wages Of course, if Leicester can maintain its form, it will be an extreme outlier in all of Stefan's stats. But basically, if you want to win the EPL, you need to spend more than everyone else - on average, 4x more. And even though the oligarchs and sheikhs are paying team wages that exceed revenues, it does not appear to be a financial problem (as long as they keep making up the deficit) and is likely to continue for a long time. In the long run, the value of the top clubs exceeds the negative cash flow.