The significant financial growth experienced by the football industry since the start of new millennium is central in explaining this scenario. In 1996-1997, around the time of ENIC’s first investment in the game, the aggregate revenues of the top 20 clubs in Europe amounted to EUR 1.2 billion.[3] For the 2018-2019 season, the same figure skyrocketed to EUR 9.3 billion, a value nearly eight times higher.[4] A similar trend is also evident across European football as a whole. Between 2009 and 2018 alone, the aggregate revenues of all top division clubs...
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