So let's work this through using Liverpool FC as an example. In 2024/25 LFC reported £703m of revenue and a wage bill of £440m. LFC reported a £8m post tax profit once other costs had been accounted for. That wage bill would have generated around £240m for HMRC via income tax and NIC payments alone. LFC employed 1,100 full time staff and around 3,000 part time for match days etc. In the (highly unlikely event) that LFC's revenues remained as is, then the 10:1 cap would lower LFC's wage bill to about £45m [calculated by placing all playing and coaching staff on £200k per annum]. Based on last years revenue LFC's owners would see their profits rise from £8m to £403m. The tax take for HMRC would fall from c.£240m around £125m (income tax+NIC+corporation tax). Now in reality revenues would not stay as is. A maximum wage of say £200k per annum is mid Championship, top of League 1 level. So if that is the best quality of player EPL clubs could hire then revenues would fall accordingly. TV companies would presumably pay only Championship levels to show matches, and UEFA revenues would largely dry up as English clubs would be quickly eliminated - see Scotland. So for LFC, TV revenues would fall from c.£260m to say £20m. Commercial revenue would follow, say down from over £323m to £30m and UEFA revenue would at best be £30m. Last year LFC achieved £115m of match day revenue. Given the collapse of other revenue sources they would likely try and keep general admission prices as high as possible, but would have to lower hospitality prices drastically - so let's say match day = £50m [btw this would lead to a reduction in VAT payments of £13m]. So total revenue would now be less than £100m (stripping out UEFA revenue as that is uncertain) down from £700m. This is the sort or revenue earned by Celtic and Rangers in Scotland. LFC would no longer be able to employ 1,100 full time staff. Clubs in the Championship typically employ around 200-300 staff at most. Nor would they be able to afford to spend £20m per annum on its academy or subsidise its Women's team with £10m per annum. So the EPL would be reduced in quality and standing to that of the SPL. Across the 20 clubs probably 10,000 full time jobs would be cut, academies would be scaled back and support for Women's football drastically reduced. HMRC's tax take across the division would be down by at least £2bn to £2.5bn