Manchester City's allegations of a "Red Cartel" comprising Liverpool, Arsenal, and Manchester United have been questioned in a new analysis that examines historical performance, revenue trends, and financial regulations.
The claim gained traction after the Premier League charged City with 114 rule breaches over nine seasons, with supporters and executives like CEO Ferran Soriano suggesting a conspiracy by the traditional powers. Former Chelsea midfielder Joe Cole argued that current profit and sustainability rules (PSR) lock out ambitious clubs, unlike when Roman Abramovich bought Chelsea.
However, the analysis notes that City's domestic dominance under Pep Guardiola — including a 100-point season and a domestic treble — occurred while the club was found to have "systematically broken Premier League rules for nearly a decade" through sham contracts inflating revenue by over $1 billion.
Historical data shows that the last season all three of Arsenal, Liverpool, and Manchester United finished in the top four was 2008-09, the same year Sheikh Mansour bought City. Since then, the trio have rarely been simultaneous title contenders. In 2026-27, all three are set to play in the Champions League for the first time since 2009-10.
Revenue gaps have narrowed proportionally. In 2008, Manchester United earned €324.8 million, more than three times City's €104 million. By 2024-25, Liverpool led with €836.1 million, while the seventh-richest English club, Aston Villa, earned €450.2 million — less than double the top earner, compared to less than a third in 2008.
Football finance expert Kieran Maguire describes the Premier League as "the Super League," noting that nine of the 20 richest clubs globally are English. Clubs like Bournemouth, Aston Villa, Newcastle, and Brighton have broken into the top six recently without sovereign wealth backing.
The article also examines attempts by Liverpool, Manchester United, and Arsenal owners to reshape the game through Project Big Picture (2020) and the European Super League (2021), which Maguire characterizes as an "interest group" seeking greater influence and revenue rather than a cartel.
Brand Finance valuations highlight the enduring global appeal of Liverpool, Arsenal, and Manchester United, driven by historical success and cultural resonance. Arsenal's ownership aims to make the club the world's biggest sports brand, surpassing even NBA and NFL franchises in their portfolio.
Proposals for stricter financial controls, such as a hard cap with a "super tax" or an anchoring system limiting spending to five times the bottom club's broadcast revenue, have been rejected. Seven clubs voted for anchoring in November 2025; City voted against.
The analysis concludes that while no formal "Red Cartel" exists, the three clubs' brand power and history give them inherent advantages that financial regulations alone cannot erase, and the Premier League's majority voting structure prevents any small group from controlling the league.
