“It turned out that football clubs weren’t like normal businesses. In normal business, if you rack up unpayable debts, you close down. However, football clubs rack up unpayable debts and live. No English club has folded for good since tiny Wigan Borough during the Great Depression in 1931. All the rest survived the Depression, the second world war, recessions, corrupt chairmen, appalling managers and now the financial crisis. It’s a history of remarkable stability. “True, smaller B...