“It’s impossible for clubs to compete with the “red cartel” or grow their commercial revenue without sustained success or cheating.” Let’s use Spurs as an example, because they were never part of this supposed cartel. Yes, sporting success isn’t guaranteed by spending the most money, but that’s beside the point. Spurs were generating £114m in 2007/08. City were generating £82m in the season before Abu Dhabi took over. Spurs then grew their revenue to £147m by 2012/13, around the point Premier League financial regulations were being introduced. They were also already increasing their commercial revenue and explicitly supported bringing financial fair play into the Premier League. And look where they are now. Spurs generated £565m in 2024/25. That’s an increase of roughly £418m, or 284%, from 2012/13. Their sponsorship, corporate hospitality and merchandising has gone from roughly £44m around 2012 to close to £200m today. Spurs missed out on Champions League football on four occasions during this period while City finished above them. Across those four seasons, City received €138m in Champions League distributions from UEFA, while Spurs missed out on an estimated £91m in direct financial benefits from not qualifying. That’s before you even consider the knock on effect of losing the Champions League exposure, sponsorship opportunities and additional commercial growth that comes with it. They built a new stadium, increased their commercial partnerships, expanded merchandising and e-commerce, massively increased hospitality and turned the stadium into a year round business with NFL, concerts, boxing and other events. Spurs went form 14th in the Deloitte Football Money League in 2007/08 to 9th in 2024/25 Above Chelsea and just below United All done without sustained success. All done without cheating There was nothing preventing Man City doing the exact same thing but they wanted it “then and now”. There are no rules preventing other clubs from growing their commercial revenue significantly within the rules like Spurs did.