Why Premier League's new deal is a warning, not a record

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You may have seen the headlines about the Premier League's new domestic "record TV deal" being worth £6.7 billion ($8.4bn) for the 2025-2029 cycle, and your eyes might have glazed over as they often do around big numbers.

You may have thought, "OK, it's the most successful soccer league in the world, they're making billions, no wonder they're raking it in. Everything's fine and dandy."

Except, it's not.

This new "record" TV deal confirms a trend that's been going on for a while: the value of media rights, both in real terms and as a percentage of club revenue, are diminishing. And while the Premier League is better prepared than most of its…