The BBC's sports editor David Bond said the state of the game was brought into sharp focus last year by England's poor showing at the World Cup, followed by the failure of the 2018 World Cup bid and growing concerns over financial inequality and instability.

BBC: Former FA chief due at inquiry into football governance

The failure of England's World Cup bid is a "huge disappointment" for Birmingham's business community, the chamber of commerce said.

BBC: Birmingham reacts to failed 2018 World Cup bid

Deutsche Telekom's abortive bid for Telecom Italia, and especially the failure of the German firm's boss, Ron Sommer, to give his partners any warning of his plans, soured the atmosphere.

ECONOMIST: The telecoms end-game