Premier League
How 22 English football clubs broke away to seize control of broadcast rights and built the most valuable sports league in the world.
In 1992, 22 English football clubs broke away from the Football League to form the Premier League. The first television deal was worth £304 million. The clubs didn't just want more money, they wanted control of the broadcast rights. The old league distributed revenue poorly. The breakaway was a business restructuring disguised as sport. By 2025, the domestic television deal alone reached £6.7 billion. Revenue splits follow a formula. 50% divided equally. 25% based on where you finish. 25% based on how often you're televised. Every club gets enough to compete. No team gets so much they can't be caught. The structure manufactures parity.
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