The Political Economy of Football V2

I have always been sceptical of the viability of the fan ownership model in professional football and the recent experience of AFC Wimbledon and Exeter City confirms this.  Exeter City badly need external investment to survive and flourish:  https://www.devonlive.com/sport/football/football-news/exeter-city-external-investment-necessity-10940501

I have always been a sceptic about the idea of fan owned clubs.  It's not just a question of the lunatics running the asylum: one can usually find well qualified lawyers and accountants to sit on the board.  However, even if fans can raise the purchase price of a club in administration, they find it difficult to sustain the losses needed to secure success on the pitch and a downward spiral on and off the pitch can often result.. Exeter City has been referred to as the glowing example of a fan owned club, escaping from the clutches of the administrators, albeit with the benefit of some lucrative FA cup games. Yet they raised their playing budget by £1m in two years while everyone else in the league was raising it by £3m or £3.5m.  The highest playing budget in League One is £19m.  The Grecians are currently fifth from bottom.   General manager Clive Harrison admitted that it was not possible to guarantee selling a player each year to fill the financial gap. ...

Exeter City's manager sets out the case to changes to the FA Cup:  https://fanbanter.co.uk/exeter-manager-gary-caldwell-explains-hes-saddened-by-changes-made-to-the-fa-cup/ As a supporter of a League One club myself, I did not see why replays had to be scrapped in the first or second rounds as leading clubs are not involved then. However, Í am suspicious of the argument that a FA Cup run or even a replay can 'save' a lower league or non-league club.   It may benefit particular clubs at particular times, but it's a lottery.   It is not a systematic source of revenue. The Cup remains the FA's biggest single source of revenue.   However, there is always the risk of the bigger clubs pulling out and further devaluing the competition.   I am finding the new Champions League format (and Europa League and Conference), if a bit baffling, also more exciting.