Football is the beautiful game that brings in billions of dollars every year as the world’s most popular sport. There’s been no shortage of controversy with the World Cup in Qatar. Yet most people learn and follow football through leading clubs like Liverpool and Manchester City in England, Juventus and AC Milan in Italy or Barcelona and Real Madrid in Spain. It is these clubs that make the spectacle of football possible. On the outside, the biggest football clubs seem successful - they win trophies, pay high salaries, play on the biggest stages, and sign the best players. As these clubs achieve success on the field, their brands get stronger, which grows the fanbase, and fuels revenue. The business seems simple enough. And with so many famous clubs all over Europe, this flywheel must work. But in reality, football clubs are businesses that are barely cash flow positive and bankrupt themselves to sustain on-the-field success. They say that if they keep winning, money will mater