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It’s not that complicated. They’re all spending more that they’re getting, with most reliant on sugar daddy owners to put their hands in their pockets, and then Covid took out a couple of seasons of gate receipts and other revenue as the icing on the cake.
kl’s Graun article is better than my explanation.
c00ps
What is the TL;DR of the terrible finances in the club game? Imagine there's a fair amount of complexity to it