Spain and Italy are in the same situation. Only a very few clubs have multi-millionnaires backing them. The rest are going bankrupt tryin to keep up. How can anyone justify £50,000 a week for kicking a ball when the majority of people are struggling to survive. Let the sponsors pay individual players wages and see how long before they lose their sponsorship. A couple of bad games and that would be it.
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Get the admission fee down to affordable levels and watch the supporters come back. If they have not already lost them.
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