The fragility of dominance

The English Premier League (EPL) enters the 2025–2029 cycle as the undisputed commercial hegemon of global association football.
With aggregate revenues that eclipse its European rivals and a global broadcasting footprint that permeates every major economy, the League projects an image of invulnerability.
However, a forensic analysis of the underlying economic, regulatory, and commercial structures reveals a highly complex, interconnected ecosystem facing unprecedented systemic risks.
This report highlights that the League is currently navigating a confluence of stagnating domestic media value, rising cost of capital, regulatory upheaval, and counterparty fragility that threatens to destabilise the financial equilibrium of its member clubs.
While the headline realisation of £6.7 billion in domestic rights and £6.5 billion in international rights suggests continued growth, these figures mask a fundamental deterioration in the unit value of the League’s core product.
The 2025–2029 cycle is characterised by a significant dilution of inventory, where clubs are required to produce 70% more live content for Sky Sports merely to maintain revenue parity. Simultaneously, the League’s heavy reliance on a shadow banking system of inter-club transfer debt, now exceeding £3 billion, creates a contagion risk where a liquidity crisis in a single institution could trigger cascading defaults throughout the pyramid.
Furthermore, the operational environment is shifting from a deregulated, laisses-faire market to a strict licensure regime under the newly established Independent Football Regulator (IFR).
The transition from Profitability and Sustainability Rules (PSR) to the stricter Squad Cost Ratio (SCR) mechanism in 2026/27 creates a perilous transition window where clubs must aggressively deleverage while maintaining competitive performance. This financial restructuring is occurring against a backdrop of geopolitical volatility affecting key sovereign wealth partners and a macroeconomic squeeze on the domestic fan base.
This report provides a granular analysis of these risks. It dissects the financial health of critical counterparties, from broadcasters like Warner Bros. Discovery and Comcast to commercial giants like Emirates and Standard Chartered, and evaluates the structural integrity of the League’s debt markets.
It concludes that while the “Big Six” possess the diversified revenue streams to weather these headwinds, the systemic risk is acutely concentrated in the aspirational mid-table clubs, where the pursuit of competitive parity has decoupled expenditure from sustainable revenue generation.
The economic engine of the Premier League is its broadcasting rights. For three decades, this revenue stream has defied gravity, driven by intense competition between domestic pay-TV operators.
However, the 2025–2029 rights cycle marks a definitive end to the era of explosive domestic value growth, ushering in a new phase of inventory saturation and reliance on more volatile international markets.

Domestic rights analysis: the illusion of growth

The domestic rights agreement for the 2025–2029 cycle, valued at £6.7 billion over four years, has been widely heralded as a stabilisation of the League’s finances.
However, a deeper interrogation of the deal structure reveals a significant erosion in real value and a substantial increase in the operational burden placed on clubs.
The previous cycle (2022–2025) generated approximately £5 billion over three years, or roughly £1.66 billion per season. The new deal, generating £6.7 billion over four years, equates to £1.675 billion per season.
On a nominal annual basis, revenue is flat. However, to achieve this rollover of value, the Premier League was compelled to drastically increase the supply of live matches.
Sky Sports, the senior domestic partner, secured four of the five live packages (B, C, D, and E), increasing its inventory from 128 matches per season to a minimum of 215 live matches per season.
This represents a nearly 70% increase in the number of matches Sky is entitled to broadcast. When analysed on a cost-per-game basis, the value of the Premier League product has declined precipitously in the domestic market.

Domestic Rights Value Efficiency Analysis (2025–2029 vs Previous Cycle)

The implications of this value dilution are profound.
Clubs are now required to disrupt match-going traditions (e.g., the Saturday 3pm blackout protections are effectively being eroded by the sheer volume of games) and increase operational costs to host televised fixtures, all for no additional revenue per season.
The scarcity value that historically drove Sky and BT (now TNT) to bid aggressively has evaporated; the market is now saturated.
TNT Sports (formerly BT Sport) retained Package A, comprising 52 live matches, for a reported £325 million annually.
The BBC retained the highlights package for roughly £75 million annually.
The stability of these partners is discussed below, but the strategic signal is clear: the domestic pay-TV market in the UK has reached a hard ceiling. The broadcasters have successfully shifted the risk back to the League – Sky pays the same amount but receives vastly more content to populate its channels and streaming services, effectively lowering its own content acquisition cost per hour while the League’s yield per match falls.

Geopolitical and Currency Exposure

With the domestic market stagnating, the Premier League’s growth narrative has shifted entirely to international rights. For the first time in history, international revenue (£6.5 billion over three years, or roughly £2.1 billion per season) has surpassed domestic revenue (£1.67 billion per season).
While this demonstrates the global appeal of the brand, it introduces new risks.
The 23% uplift in international value is driven largely by the United States, where the rights are held by NBC Universal (Comcast). The US market is valued at approximately £378 million annually.
Other critical growth nodes include the Middle East & North Africa (MENA) region and Southeast Asia.
This shift moves the League’s revenue base from a stable, sterling-denominated domestic utility model to a volatile, currency-exposed export model.

Regional Revenue Concentration Risk:

1. North America (USA): The current NBC deal is historic, but viewership data suggests a potential plateau. While opening weekend viewings set records (850,000 average viewers in 2025), season-long averages for the 2024/25 season showed a dip in viewership per match. If US viewership softens due to market saturation or competition from the expanded FIFA Club World Cup and the 2026 World Cup hosted in North America (which may divert domestic attention to MLS), the next US rights cycle could see a correction.
2. MENA and State Actors: Growth in the MENA region is inextricably linked to oil prices and the political will of state-backed entities. Unlike commercial broadcasters who bid based on P&L logic, state actors bid based on soft-power objectives. This makes the revenue stream vulnerable to sudden shifts in geopolitical alignment or state budget priorities.
3. Currency Fluctuations: The vast majority of this £6.5 billion international revenue is denominated in US Dollars and Euros. While the Premier League employs hedging strategies, the strengthening of the Pound (as indicated in some banking sector reports) could erode the repatriated value of these contracts. Standard Chartered’s risk analysis highlights the volatility of FX impacts on global revenues, a risk that directly translates to Premier League clubs receiving international merit payments.

Distribution mechanics and the merit payment gap

The mechanism by which this revenue reaches the clubs creates its own systemic tensions. The League distributes roughly 80% of the total £3.81 billion annual revenue directly to clubs (£3.04 billion).
However, the international revenue distribution model has evolved. Historically, international revenue was shared equally. Now, it is increasingly weighted by merit (league position), exacerbating the gap between the “Big Six” and the rest.

• The facility fee anomaly: In the UK, clubs are paid “facility fees” each time they are televised. In the international market (specifically the US), all 380 games are shown live. To account for this, there are no specific facility fees; instead, the value is baked into the “equal share” which has risen to £59.2 million per club.
• Merit disparity: The merit payment from international rights is now significant. The difference between finishing 1st and 20th in terms of merit payment has widened. For the 2024/25 season, the international merit payment alone provided a differential of millions per place.
• Total revenue disparity: The estimated earnings for the Premier League winners now stand at £195 million per season, compared to £125 million for the 20th placed team. While this ratio (approx 1.6:1) is the most equitable in Europe (compared to La Liga’s heavy skew toward Real Madrid and Barcelona), the absolute gap of £70 million is immense, equivalent to the entire transfer budget of a promoted club. This forces lower-tier clubs to overspend to bridge the gap, feeding the debt cycle analysed later in this report.

Media counterparty analysis

The stability of the Premier League is entirely contingent on the solvency and strategic commitment of its broadcast partners. The 2025 landscape presents a unique counterparty credit risk profile, as the two primary partners, Comcast (Sky/NBC) and Warner Bros. Discovery (TNT Sports), navigate significant corporate transformations.

Comcast Corporation (Sky Sports & NBC)

Comcast is the systemic banker of the Premier League, holding the dominant rights packages in both the UK (Sky) and the US (NBC). Any fragility in Comcast’s media division represents an existential threat to the League’s cash flow.
Financial Health and Corporate Strategy:
Comcast’s 2025 financial reports indicate a complex picture. The connectivity & platforms segment (broadband/mobile) remains the cash cow, but the content & experiences segment (Media) faces headwinds.

• Revenue pressures: Media revenue decreased in Q3 2025, primarily due to lower domestic advertising revenue. While streaming (Peacock) is growing, the linear television model that underpins the massive rights fees is in secular decline.
• Sky’s valuation writedown: Since Comcast’s £31 billion acquisition of Sky, the asset’s value has been written down by almost a quarter. Sky has struggled with high debt loads in its German and Italian divisions and has implemented a $1 billion cost-saving programme.
• Divestment risks: In late 2024 and throughout 2025, Comcast signaled a potential strategic pivot, announcing intentions to spin off select cable television networks to create independent entities. While Sky is currently integrated, rumors persist about Comcast’s long-term commitment to non-US assets. If Comcast were to spin off Sky or seek to recoup its overpayment by freezing rights fees in the 2029 cycle, the Premier League would face a revenue shock.
• Subscriber erosion: Sky is battling a cord-cutting phenomenon. Its aggressive move to secure a minimum of 215 games is a defensive moat to prevent churn. However, if subscriber numbers continue to fall, Sky’s ability to pass on the costs of the £1.28 billion annual rights fee to consumers diminishes.

Warner Bros. Discovery (TNT Sports)

The risk profile of TNT Sports (owned by Warner Bros. Discovery, WBD) is significantly higher than that of Sky. WBD is a distressed entity grappling with high leverage and a volatile strategic direction.
The Negative Outlook and De-leveraging Struggle:
Standard & Poor’s (S&P) revised WBD’s outlook to negative in 2025/16

• • Leverage ratios: WBD’s leverage was expected to remain elevated at 4.4x in 2024, only declining to 3.8x in 2025, well above the 3.5x threshold considered safe for its rating. This high debt load restricts WBD’s free cash flow and limits its capacity to engage in bidding wars for sports rights.
  • Linear decline: WBD’s linear networks (which include TNT) saw a 22% year-on-year drop in revenue in Q3 2025. The company posted a net loss of $148 million for the period.
  • Loss of key rights: A critical blow to TNT Sports’ viability is the loss of the UEFA Champions League rights in the UK to Paramount (Prime Video taking first pick) for the 2027–2031 cycle. Paramount reportedly paid well in excess of the £915 million TNT was paying. Losing the Champions League removes a key element of TNT’s subscription value proposition, potentially leading to subscriber exodus before the next Premier League auction.

• Acquisition and Break-Up Rumours: The instability of WBD is underscored by rampant M&A speculation. Reports in late 2025 indicate that Paramount, Comcast, and Netflix have all submitted bids for parts or all of WBD.

• Scenario A (Break-up): If WBD is split, TNT Sports could be orphaned or absorbed by a company with different strategic priorities.
• Scenario B (Paramount Acquisition): If Paramount acquires WBD, it consolidates power but is itself a company in transition.
• Implication: The £325 million annual revenue stream from TNT is secured by a contract, but the counterparty is structurally unsound. A default or strategic exit from the UK sports market by WBD in 2029 is a plausible high-impact risk.

The inter-club debt contagion (the shadow banking system)

Beneath the surface of broadcast revenues lies a highly leveraged “shadow banking” system of transfer payments. Premier League clubs have increasingly utilised installment structures to spread the cost of player acquisitions, creating a dense web of transfer payables and transfer receivables that links the solvency of every club to its rivals.

The scale of the debt web

As of 2025, the total amount of transfer debt owed by Premier League clubs exceeds £3 billion.
This figure has grown exponentially as clubs seek to spread costs over long periods (a practice now capped at 5 years for amortisation, but payment schedules remain flexible).

Key Debt Concentrations:
The distribution of this debt is highly skewed toward the aspirational elite who have spent aggressively to bridge the gap to Manchester City.

Net Transfer Debt of Selected Premier League Clubs (2025 Estimates)

The Contagion Mechanism: The systemic risk arises because one club’s payable is another club’s receivable.

• Example: Manchester United owes £447 million. A significant portion of this is likely owed to other Premier League clubs or European clubs for recent transfers. If Manchester United were to face a liquidity crisis (perhaps triggered by missing the Champions League and breaching banking covenants), they might delay payments.
• The Chain Reaction: A club like Brighton or Brentford often relies on collecting these receivables to fund their own payroll. A delay in payment from a “Big Six” debtor could force a mid-table creditor into a cash flow insolvency, necessitating emergency funding or “factoring” of debts at punitive interest rates.
• Factoring Risk: Clubs often sell these debts to financial institutions (e.g., Macquarie, MSD Capital) to get cash upfront. This introduces external financial institutions into the governance of the league. If a club defaults, the bank seizes the asset (the future TV revenue or the player registration), potentially leading to a conflict between the IFR, the League, and the bank.

Transition risk: from PSR to Squad Cost Ratio (SCR)

The financial regulation of the league is undergoing a tectonic shift. The Profitability and Sustainability Rules (PSR), which allowed for fixed losses (£105m over 3 years), are being replaced by the Squad Cost Ratio (SCR) in the 2026/27 season.

The SCR Mechanism:

• The Rule: Clubs will be limited to spending 85% of their football revenue (plus net profit from player sales) on squad costs (wages + amortisation + agent fees). Clubs in European competition must adhere to the stricter UEFA cap of 70%.
• The “Buffer”: There is a transitional allowance permitting overspending by up to 30%, but this incurs a financial levy (luxury tax) and diminishes over time. Breaching the 115% threshold results in immediate sporting sanctions (points deductions).

The “Transition Window” Trap (2025–2027): This regulatory shift creates a dangerous transition period.

1. Legacy Wage Bills: Clubs like Chelsea and Manchester United have long-term contracts (some up to 8 years) signed under the old regime. These high amortisation costs are “locked in.”
2. Revenue Denominator: To meet the 85% ratio, clubs must either cut costs (hard with long contracts) or increase revenue. If TV revenue is flat, the only lever is player sales.
3. The “Fire Sale” Risk: It is highly probable that in the summer of 2026, multiple clubs will simultaneously attempt to offload high-earning players to comply with SCR. With supply flooding the market and demand constrained by the same rules, transfer values could collapse. Clubs banking on selling a player for £60m to balance their books might find the market price is only £30m, creating a negative equity hole in their accounts.
4. Mid-Table Revolt: Six clubs (Bournemouth, Brentford, Brighton, Crystal Palace, Fulham, Leeds) voted against SCR. Their business model relies on owner equity investment to subsidise wages while they grow. SCR effectively locks them into their current revenue bracket, preventing them from spending their way into the elite. This stifles ambition and could lead to a withdrawal of investment from aspirational owners who see no path to growth.

Commercial partner resilience and counterparty risk

With broadcast revenue capped and transfer markets facing regulatory deflation, clubs are increasingly reliant on commercial sponsorships. However, an analysis of the key commercial sectors – Aviation, Finance, Apparel, and the emerging/risk sectors of gambling and crypto, reveals significant vulnerabilities.

The Aviation Sector: Sovereign Wealth Dependencies

The Premier League is heavily exposed to the aviation industry, specifically Middle Eastern carriers. The financial health of these sponsors is critical.
Emirates Group (Arsenal Sponsor):
Emirates reported record profits for the 2024–25 financial year.

• Profitability: Profit before tax reached AED 22.7 billion ($6.2 billion), up 18%. Cash assets are at a record AED 53.4 billion ($14.6 billion).
• Resilience: The airline has maintained strong EBITDA margins (around 20%) despite global volatility. This suggests that Arsenal’s primary sponsor is currently a “AAA” rated counterparty with deep liquidity buffers.
• Risk: The primary risk is oil price volatility and geopolitical instability in the Strait of Hormus, which could impact operations. However, the current finances of Emirates suggests this is a low-probability, high-impact risk.

Etihad Airways (Manchester City Sponsor):
Etihad has also shown robust recovery and growth.

• Performance: Profit after tax for the first nine months of 2025 was $463 million, up 26% year-on-year. Passenger load factors are high (88%).
• Strategy: Etihad is aggressively expanding its fleet and network, indicating a continued commitment to global brand building via Manchester City.
• Conclusion: The State-Adjacent sponsors are currently the most financially stable partners in the ecosystem, providing a hedge against the volatility of western media and crypto markets.

The Financial Sector: Standard Chartered and AIA

The banking and insurance sectors provide the other pillar of commercial revenue.

Standard Chartered (Liverpool Sponsor):

• Risk Profile: Standard Chartered’s Q3 2025 report shows a credit impairment decrease and a solid underlying profit before tax of $1.3 billion.
• Capital Adequacy: The bank remains strongly capitalised with a CET1 ratio of 13.8–14.2%, well above regulatory requirements.
• Exposure: The bank notes “High-risk assets” increasing slightly due to sovereign downgrades. As an emerging-markets-focused bank, it is exposed to volatility in Asia and Africa, markets that overlap with Liverpool’s key fanbase. However, the bank’s stability suggests Liverpool’s revenue is secure.

AIA Group (Tottenham Hotspur Sponsor):

• Growth: AIA reported a 25% growth in Value of New Business (VONB) in Q3 2025, reaching record highs.
• Asian Tailwinds: The insurer is benefiting from structural growth in Asia (Hong Kong, Mainland China, India). This aligns perfectly with Tottenham’s strategic focus (Son Heung-min for example).
• Conclusion: Like the aviation sponsors, the traditional financial sector partners are robust. The systemic risk does not lie here.

The apparel giants: Adidas and Nike

Adidas: Adidas has raised its 2025 profit forecast, projecting operating profits of €2 billion. The brand is seeing double-digit growth, driven by “territorial” wins and football merchandise. This indicates that the kit deal market remains competitive and healthy.

The risk sectors: Gambling and Crypto

The true commercial risk lies in the transition away from gambling and toward cryptocurrency.

The Gambling cliff edge (2026):

• The Ban: The voluntary ban on front-of-shirt gambling sponsors takes effect in 2026. Currently, 35% of clubs (approx. 7–8) rely on these deals.
• The white label loophole: Clubs are attempting to mitigate this by signing deals with “White Label” Asian operators (e.g., TGP Europe) for sleeve and LED rights. These operators target illegal markets in China/Asia but hold a UK license to gain legitimacy.
• Regulatory risk: This evasion strategy is high-risk. If the IFR or UK government perceives this as mocking the regulations, they could close the loophole, effectively wiping out 20–30% of commercial revenue for bottom-half clubs overnight.

The Crypto substitution & volatility:

• To replace betting, clubs are turning to crypto. Spending by crypto firms hit $170 million in 2024/25.
• Specific Deals: Kraken (Atletico/Others), OKX (Man City), and Floki (Nottingham Forest) are major players.
• Regulatory warning: The FCA and European regulators have issued warnings against firms like VT Markets (Newcastle partner) and others for operating without proper licenses.
• Systemic risk: Unlike Emirates or AIA, these companies have opaque balance sheets. A crypto bear market or a regulatory crackdown (e.g., classifying crypto ads as financial promotions requiring strict compliance) could lead to mass contract defaults, leaving clubs with unsponsored shirts mid-season.

The regulatory shock (The Independent Football Regulator)

The passage of the Football Governance Act 2025 represents the single greatest structural change to the English game since the formation of the Premier League in 1992. The establishment of the Independent Football Regulator (IFR) ends the era of self-regulation and introduces statutory oversight that creates both compliance costs and existential risks for certain ownership models.

The powers of the IFR

The Act grants the IFR sweeping powers that supersede the Premier League’s own rulebook.

1. The Licensing Regime (Part 3):

• Mechanism: It is now illegal to operate a professional football club without a license from the IFR.
• Conditions: The IFR can attach “Discretionary Licence Conditions” (Sections 21–25) regarding financial resources. This means the Regulator, not the club owner, decides what constitutes “appropriate financial resources.” The Regulator can effectively block leveraged buyouts or risky debt-financing models that have historically fueled club growth.

2. Revenue distribution (Part 6):

• The Nuclear Option: The IFR has the power to trigger a “Resolution Process” and issue “Distribution Orders” (Section 62) if the Premier League and EFL cannot agree on a financial deal.
• Systemic Risk: If the IFR determines that “Systemic Financial Resilience” (a primary objective) requires the Premier League to transfer an additional £300m–£500m annually to the lower leagues, this creates a “Revenue Shock” for Premier League clubs. This forced wealth transfer would immediately compress margins and could push clubs teetering on the edge of SCR compliance into breach.

3. Owner Suitability and Divestment (Part 4):

• Retroactive Power: The IFR can assess the suitability of incumbent owners, not just new ones (Section 34).
• Enforcement: The Regulator can issue “Removal Directions” (Section 39) or “Ownership Removal Orders” (Section 43). This introduces a massive political risk factor. If a state-owned owner (e.g., from a nation sanctioned by the UK) or a leveraged owner is deemed “unsuitable” due to financial instability, the IFR can force a sale. A forced sale typically depresses asset value and creates chaos (as seen with Chelsea/Abramovich), destabilising the club.

State ownership and geopolitical scrutiny

The IFR’s “suitability” tests will likely include enhanced due diligence on the source of wealth.

• Friction: While the UK government asserts the Regulator won’t target specific states, the statutory obligation to ensure financial sustainability allows the IFR to investigate “related party transactions” (inflated sponsorships) with forensic power.
• Impact: This effectively closes the “Manchester City / Newcastle” growth loophole, where owners use associated entities to pump revenue into the club. If these revenues are disallowed by the IFR, these clubs’ SCR calculations will collapse, forcing drastic spending cuts.

Labour market constraints (Visas & GBE)

Post-Brexit, the Governing Body Endorsement (GBE) system has fundamentally altered the player market.

• The Mechanism: Clubs can no longer freely sign U18 EU players. For players over 18, they must meet a points threshold or qualify as “Elite Significant Contribution” players (a recent tweak allowing clubs 2–4 wildcard slots).
• Inflationary Effect: The inability to sign cheap, young talent (e.g., Cesc Fabregas at 16) forces clubs to buy “finished products” at premium prices. The Premier League CEO has explicitly blamed this system for driving up transfer fees.
• Risk: This inflationary pressure on transfer fees exacerbates the debt spiral and makes it harder for clubs to balance their SCR obligations.

The macroeconomic consumer squeeze

Finally, the systemic risk assessment must consider the consumer, the ultimate source of all football revenue. The UK economy in 2025 is characterised by high inflation, a deteriorating job market and high interest rates, impacting discretionary leisure spending.

Ticket pricing and fan elasticity

Premier League clubs have tested the limits of price elasticity in the 2025/26 season.

• Price Hikes: 13 of 20 clubs raised ticket prices by 3%–14%. Manchester United introduced a tiered system pushing top-category games to nearly £100.
• The Backlash: This has triggered organised protests (“Stop Exploiting Loyalty”) and walkouts.
• Economic Reality: UK consumer data for Q3 2025 shows a net decline in leisure spending (-9.9%). The “legacy fan” is being priced out.
• Risk: While demand currently outstrips supply (season ticket waiting lists remain long), the composition of the crowd is changing from traditional fans to “tourists.” Tourists spend more per head but lack political capital. If a club faces a crisis (relegation battle), a tourist-heavy crowd does not provide the custodian or fan effect, nor will they mobilise politically to save the club (as seen with the Super League protests). The erosion of the core fanbase weakens the club’s long-term resilience.

The counterfeit black hole

As official merchandise prices rise (kits now considerably in excess of £80+), fans are turning to the black market.

• Market Value: The market for counterfeit Premier League shirts is estimated at £180 million annually. This is equivalent to one-third of the legitimate market.
• Volume: Over 16 million fake shirts were sold compared to 10 million official ones.
• Impact: This is a direct leakage of revenue. The counterfeit market is now a sophisticated competitor, offering high-quality replicas. This structural leakage caps the potential for commercial revenue growth, limiting clubs’ ability to offset flat broadcasting income.

Conclusion:

The 2025–2029 cycle presents a potentially multi-faceted series of problems for the Premier League. The risks are not isolated; they are interactive.
Scenario 1: The Mid-Table Liquidity Crunch
A shock to the transfer market (caused by SCR implementation in 2026) crashes player values. A club with high transfer payables (e.g., Aston Villa or Everton) cannot sell players to raise cash. Simultaneously, a crypto sponsor defaults. The club faces a cash shortfall. Because of the IFR, they cannot simply take a shareholder loan (which might be restricted). They default on a payment to another Premier League club, triggering a chain reaction.
Scenario 2: The Regulatory Squeeze
The IFR issues a Distribution Order forcing the Premier League to give £400m to the EFL. Simultaneously, Sky/Comcast refuses to increase rights fees in the next cycle due to cord-cutting. Margins compress violently. Clubs are forced to slash wages, leading to an exodus of talent to rival leagues (Saudi Pro League or a resurgent La Liga), diminishing the product value and creating a death spiral.
Strategic Outlook:
The Premier League is structurally sound at the top end (Big Six + State-backed clubs). However, the ecosystem is brittle. The primary systemic risk is the decoupling of expenditure from realised revenue in the bottom 14 clubs, fueled by a transfer debt bubble that is about to collide with a hard regulatory wall (SCR). The years 2026 and 2027 will be the moment of maximum danger for the regulatory non-compliance or even insolvency of a Premier League member club.