The theory that football clubs go bust because they overspend and are badly run has been called into question.

Stefan Szymanski, Professor of Sport Management at the University of Michigan, has examined the accounts of English Football League clubs between 1974 and 2010 and has discovered that it is not wealthy or optimistic owners overspending that is behind the problem.

And he also told Today business presenter Simon Jack that new rules to stop sugar daddies pumping money into loss-making clubs will not work.

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