The top clubs make most of their money from TV and commercial activities. Brand perceptions and image are key to future income.
If the effect of the protests were to damage that image it would hit income.
Income is also understated as I suspect personal sponsorship and endorsement earnings of top footballers are on top of whatever the clubs make. Damage the club brand and ultimately the personal brand is undermined.
It may just be that had the ESL better sold their proposition, rather than spring it on an unsuspecting public, they may have had a better reception. The issue is not going to go away!
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