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I suspect that any challenge in the European courts would succeed as a blatant creation of a cartel thus creating an unfair playing field on a business front. Personally if this ever happened I would love to see the rest of the PL clubs tell the likes of ManUre, Scum and Arsenal to foxtrot Oscar and ban them from competing in the PL. Would be the best thing to happen in football.
It is bad enough that they get FFP structured to preserve their place in the hierarchy. Now they are preparing to abandon any pretence of a merit-based competition to keep up their income stream.