The percentage of struggling and over-leveraged clubs has gotten so great that UEFA has passed a sweeping regulation that it plans to enforce beginning in 2013, which essentially requires clubs to operate without losing money.
In one of his recent Reith lectures entitled the Darwinian economy , Professor Ferguson argued the financial crisis was not the result of de-regulation but rather a failure to enforce the regulations that existed.
It can only operate as it does because contract law and financial regulation provide a way for the community to enforce its decisions against members, and this is true for other online services.
Mr Sarkozy threatened to legislate to enforce these, but he has since accepted a form of self-regulation in the shape of a code of good governance for companies.