The commercialization of sport since the 1990s has had a number of consequences. The market forces that have defined commercialization, notably pay-per-view television, whilst initially welcomed as important new sources of revenue, have also had the unanticipated consequences of de-stabilizing many sporting competitions and institutions, undermining the financial future of clubs in their traditional role as key social and cultural institutions. This has been manifested in the paradox of chronic financial loss-making amongst professional sports’ clubs in an era of exponential revenue growth, a trend exemplified by the experience of Italy’s Series A and the English Premier League – both cases examined in detail in this book.