Imagine you received a letter from HMRC, saying they’d like you to pay £1,000 in tax, but that a) the amount is open to negotiation, b) there’s no deadline for payment, c) no penalties for delay and d) you might not have to cough up in the end anyway.
Would you hand over the cash? Or keep it in your pocket and hope the problem disappears?

That is exactly what the Premier League are doing with regards to financial distribution. The football regulator does not yet exist. The threat of government intervention is distant and ill-defined. A general election is coming.

There’s no incentive curr...