Part 5/8:
Relegation represents a substantial risk for any Premier League club, where falling out of the top tier strips a team of critical broadcast revenues, which amount to around 120 million pounds annually. The historical reluctance to embrace television broadcast opportunities led to a massive shift when agreements with networks, notably Sky Sports, began to transform the league into a lucrative business. In recent years, the Premier League has leveraged its global reach, becoming the most-watched football competition in the world, but the inherent risks of relegation create a delicate balance for investors and owners alike.