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What are they exactly supposed to be doing / is it trying to achieve? If it’s an end to corruption in football and/or make it more competitive / look after the non rich 86 other clubs then…aren’t they pissing into the wind somewhat?

There's no hope and bob hope this regulation will do a damned thing in reality. It's like believing government can fix the NHS. Everything and everyone is in the hands of the wealthiest. Always have been. Always will be. Football is no different.