Manchester City's assertion that a "Red Cartel" of Liverpool, Arsenal and Manchester United conspires to keep them from the Premier League's top table has been challenged by a detailed analysis of the league's financial and competitive history. The claim gained traction after the Premier League charged City with 114 rule breaches over nine seasons, including allegations of "sham" contracts that inflated revenue by over $1 billion. Chief executive Ferran Soriano dismissed the charges as a "Premier League conspiracy theory," a narrative echoed by some supporters and pundits such as former Chelsea midfielder Joe Cole, who argued that current financial regulations lock out ambitious clubs.
Financial Landscape Shifts
However, the financial gap between the traditional elite and the rest of the league has narrowed significantly. In 2008, Manchester United's revenue of €324.8 million was more than three times City's €104 million. By the 2024-25 season, Liverpool led English clubs with €836.1 million, while the seventh-richest club, Aston Villa, earned €450.2 million – less than double the top earner. Nine of the world's 20 richest clubs are now English, and half of the top 30. This broader wealth distribution has enabled clubs like Bournemouth, Brentford and newly promoted Ipswich Town to sign players from top European leagues, a scenario football finance expert Kieran Maguire describes as the Premier League effectively becoming a "Super League."
Historical Context
The period when Arsenal, Liverpool and Manchester United all finished in the top four simultaneously has been rare. The last such season was 2008-09, the same year City were bought by Sheikh Mansour. The 2026-27 season will mark the first time since 2009-10 that all three qualify for the Champions League together. Between 1996 and 2009, they occupied top-four spots in 10 of 11 seasons, but outside that window the pattern resembles earlier eras. City's unprecedented four-year domestic dominance under Pep Guardiola, including a 100-point season and a domestic treble, occurred while the club was found to have "systematically broken Premier League rules for nearly a decade."
Brand Power and Competition
Brand Finance valuations show a chasm between the global commercial appeal of Liverpool, Arsenal and Manchester United and the rest of the league. Their historical success, amplified by the Premier League's global expansion, created a self-reinforcing fanbase and sponsor interest. Arsenal's ownership under Kroenke Sports & Entertainment explicitly targets becoming the world's biggest sports brand, surpassing even their own NBA and NFL franchises. This brand power attracts players, managers and commercial deals regardless of financial regulations.
Regulatory Proposals Rejected
Attempts to introduce stricter financial controls, such as an anchoring system limiting squad spending to five times the bottom club's broadcast revenue, were voted down in November 2025 with only seven clubs in favor; Manchester City voted against. Maguire proposes a hard cap with a "super tax" held in escrow, but acknowledges resistance from both the traditional powers and clubs like Brighton whose owners cannot match the spending of Newcastle or Aston Villa. The Premier League's relatively equitable TV revenue distribution remains a choice by the majority of clubs, who could outvote any perceived cartel under the "tyranny of the majority."
