In competitive sports, strength commands respect.
The reason European football has been able to maintain its central position in world football for so many years is inseparable from its well-structured pyramid league system.
At the top of this pyramid sit the Champions League and the top domestic leagues. But at every tier below, those seemingly insignificant mid- and lower-tier teams, semi-professional sides, and even amateur clubs are the backbone of the entire system.
What keeps this system running is competition!
From youth matches played by the roadside, to amateur leagues, to professional competitions...
Every player and every team must go through countless trials before earning the right to compete in the top leagues.
Within a team, players compete with each other. In a league, teams compete with one another. Across Europe, it is leagues and nations in competition.
This fierce competition ensures European football remains full of life and intensity.
It's hard to imagine what would happen if, one day, all of this competition suddenly disappeared.
Gao Shen believed that would be the true nightmare of professional football.
…
In his previous life, many people focused only on league rankings and Champions League qualification. But few truly understood the value of UEFA coefficient points. Gao Shen had said before that UEFA coefficient points were the basis of league competition.
And the spoils of this competition? Champions League qualification spots.
According to current UEFA rules, the top three leagues in UEFA coefficient rankings get four European spots. To be exact, it's 3.5. The fourth-placed team must enter the qualifying rounds and earn their way into the group stage.
The league ranked fourth gets only 2.5 spots. One fewer.
Many people may not realize just how important this difference is for both a league and its clubs.
According to Manchester United's previously released financial report, the Red Devils earn more than €4 million per matchday.
What does that mean?
It means that just from selling tickets, jerseys, catering, and VIP services at home games, Manchester United can bring in €4 million.
If they qualify for the Champions League group stage, even if they don't make it past the group, they will at least host three home games. That's €12 million.
Is that all?
Far from it.
The Champions League income commonly reported by the media and fans comes from UEFA's published data, which includes only broadcasting fees and prize money from UEFA.
The so-called "market pool" is the amount UEFA earns from selling Champions League TV rights in each country. After UEFA takes its cut, the rest goes into a prize pool distributed among participating clubs from that country.
In addition, there's prize money for advancing through rounds and winning matches.
But matchday revenue isn't included in UEFA's published figures.
For instance, take Manchester City's Champions League earnings from last season. Their UEFA prize money was close to €40 million, and together with the broadcast share, it exceeded €60 million.
Although City's matchday income isn't as high as United's, their six Champions League home games last season brought in nearly €20 million.
That's a total of €80 million.
And that's just the tangible income.
There's also the rise in player valuations, the increase in brand value, and the influx of commercial sponsorships...
None of that is accounted for.
This is why every team fights tooth and nail to qualify for the Champions League.
In the end, it's all about money.
In the past, some people claimed Premier League clubs didn't care about the Champions League. That's complete nonsense.
For Premier League teams, participating in the Champions League doesn't require heavy investment. At most, the appearance fees and player bonuses are a bit higher, but the profits far outweigh the costs.
Let me ask you, who wouldn't want that kind of "free money"?
Arsenal have been fighting hard for a top-four finish and Round of 16 appearance in the Champions League. Why? Because it's the most cost-effective competition to play in.
This applies to both clubs and leagues.
When Serie A dropped from third to fourth, it seemed like just a one-spot difference. But in reality?
Teams that play in the Champions League naturally need stronger squads.
Stronger squads mean higher income. Higher income means more money for signings.
Even if other teams lose players, they receive transfer fees and can reinvest.
Step by step, the league's overall competitiveness takes a hit—more than fans can imagine.
Not to mention the economic and social impact of playing more games.
In European football, professional football has never been just a sport. It is an industry.
A highly profitable industry with global reach.
…
Gao Shen and Ferguson understood these truths well.
That's why they both knew that Serie A clubs would inevitably increase investment to reclaim their Champions League places.
If Serie A invests more, the Bundesliga must also increase spending to maintain its European ranking.
This is competition!
Serie A and the Bundesliga are investing more. The Premier League has always been a spending powerhouse, and Ligue 1's Paris Saint-Germain will undoubtedly continue their transfer frenzy.
In such a climate, it's clear that the battle for talent in European football will become even fiercer. Transfer fees will continue to rise.
This was a logical deduction based on available information—Ferguson predicted it, but Gao Shen had lived through it.
…
"Actually, you're in a pretty good position right now."
As they chatted, Gao Shen finally brought out the wine he'd been hiding. After Ferguson cracked a few jokes, he poured himself a glass and took a sip. Then he began to speak seriously.
"I understand your thoughts, but I still think you're playing it a bit too safe. With Leeds United's current strength, survival in the Premier League next season isn't a big problem. Honestly, if you don't sell anyone this summer, I wouldn't be surprised if you finish top ten."
That would mean a top-half finish.
This aligned with Gao Shen's own expectations.
"But have you thought about this? Take this season as an example. The team finishing last still gets at least £40 million. The team in 10th gets around £46 million. That's only a £6 million difference."
"Now, if you can sell players at a high price, then as long as you stay up next season—or even if you don't—it doesn't matter. With your strength, if you're relegated, there's a high probability you'll fight your way back up."
"You know why club finances don't improve despite rising revenues?"
"Because of investments in transfers, wages, and bonuses," Gao Shen replied.
That was common knowledge.
"Exactly. But you've got a solid foundation at Leeds United. As long as you control wages properly, even in your first season after promotion, you could earn enough to build a training base. That's a conservative estimate."
And that doesn't even count transfer income.
Right now, the teams with the lowest revenue in the Premier League—like Wigan Athletic and Blackburn Rovers—still bring in about £55 million annually, with over £40 million coming from league and cup broadcast rights.
But Leeds United's matchday revenue is several times higher than clubs like Wigan and Blackburn, because the White Rose has a passionate fan base. Even without raising ticket prices, promotion to the Premier League would likely push revenues to record highs.
With the current wage structure, even after modest increases post-promotion, the wage-to-revenue ratio would still be very low, allowing for significant surpluses to fund infrastructure like a new training base.
There was nothing wrong with that logic.
"As a manager, you know better than anyone. A new training facility—or even a new stadium—is the future of a club. Matchday revenue may be a smaller portion of income for top clubs, but it's still a core foundation."
In terms of broadcast and commercial revenue, Manchester City surpassed Manchester United.
This was largely due to various strategies employed by the Abu Dhabi ownership to boost City's commercial income.
But in terms of matchday revenue, City only earned a quarter of what United did.
United earned £100 million. City only brought in £22 million.
Broadcast and commercial income fluctuate with performance, but matchday revenue is far more stable.
That's the financial foundation.
In the Premier League, Norwich, Swansea, and Manchester United had the healthiest wage-to-revenue ratios.
Norwich was at 49%, Swansea at 54%, United at 51%, and Arsenal at 58%.
Now, Norwich and Swansea were both mid-table.
Queens Park Rangers had the highest wage ratio—close to 100%—and were fighting to avoid relegation.
Ferguson's point was clear. It was better for Gao Shen to keep wages under control from the beginning. Once they go up, they're nearly impossible to bring back down.
This was the club version of "easy to go from frugal to lavish, hard to go from lavish to frugal."
…
"I have to admit, Sir, you're making a lot of sense," Gao Shen said calmly.
Ferguson smirked proudly. "Not just a little sense. A lot of sense."
"So what do you want?" Gao Shen asked with a smile.
He understood Ferguson. The old man never did anything without a reason. Why would he be offering advice for free?
Ferguson gave a sheepish grin, but his thick skin showed through. "To be honest, we're all quite interested in Schneiderlin."
By "we," he clearly didn't mean just himself.
In European football, there are many players who can win the ball and many who can pass. But players who can do both are rare.
That's why Lass Diarra had such high expectations for himself.
And truthfully, he was talented and full of potential.
Schneiderlin was no different.
But unlike Lass Diarra, Schneiderlin was white.
This wasn't a racial issue, just a fact backed by data: white players often fared better in career planning and self-discipline.
So it wasn't surprising that Schneiderlin was in high demand.
Still, Gao Shen wasn't planning to make any decisions just yet.
Whether they sold or not, Leeds United had to maximize their return.
The club still had a very weak foundation. Gao Shen had to seize every opportunity.
Especially with the new Premier League season right around the corner.
Ferguson was absolutely right. "Elevator teams" could still be profitable. In fact, in the next few years, Championship teams' transfer spending each summer would rank sixth among Europe's top leagues—higher than the Eredivisie and Portuguese Liga.
So let me ask—under these conditions, who can guarantee promotion?
(To be continued.)