Where's the Money Gone: The Battle for the Soul of English Football

by Adrian Goldberg

Oil sheikhs. Hedge fund billionaires. Media moguls. How did the so-called ‘people’s game’ fall into the hands of a wealthy global elite—and what does that mean for the fans left behind?

In Where’s The Money Gone, BBC and Byline Times investigative journalist and lifelong West Bromwich Albion supporter Adrian Goldberg sets out on a deeply personal and sharply reported journey to uncover how English football was transformed from a community asset into a globalised, billion-pound business.

Drawing on decades of experience—from his early days editing fanzines to leading national campaigns and interviewing insiders—Goldberg traces the murky trails of club ownership, political compromise, and regulatory failure. With the long-awaited appointment of an Independent Football Regulator, the book lands at a pivotal moment for the game’s future.

Urgent, accessible and fiercely passionate, this is essential reading for anyone who cares about the soul of English football—and whether its soul can still be saved.

357 pages, Kindle Edition

Published October 7, 2025

Reviews

[Jonathan Balog · Rating 5 out of 5]

Telling the story of how football finance has evolved (or devolved, depending on your perspective), starting with West Brom and moving to other well known cases in England, Goldberg provides probably the most succinct reference for football finance in print (as of writing). Note that Sheffield Wednesday’s saga is not discussed due to occurring later in 2025 and the discussion on the independent regulator is small but substantial (a second edition in 5-7 years expanding on this might be very interesting).

At the heart of this book is the struggle between clubs as community assets and as commercial entities. When clubs are bought and sold, what is the value really based on? The name? The physical assets? The revenue stream? The fans and those in the community that support the club? The 3rd space that the club provides people? I’d say that Goldberg paints a pretty good picture that fans and communities have been failed/let down by governing bodies…but that they are finding their voice and pushing back, albeit with the late recognition by some that these entities aren’t going to regulate themselves and thus must be dictated to. The cases of privatizing profits while publicizing losses will probably continue, but fans, communities, and regulatory bodies will be going better armed into the fight than before. Football fans are passionate, and that passion can/will be powerful when the fight comes.

This book is extremely thoughtful in touching on how communities and fans have been changed by the money surrounding the game at the highest (but increasingly lower) levels. How do you balance the desires of local fans who bring the noise, joy, community, and spirit to a stadium atmosphere with the demands for revenue growth and tourist fans? Do you accept questionable owners for their $$$? How does a community move on when a cherished part of it looks like it will disappear? Goldberg may not answer these exactly, but the people he talks to and their stories show that the answers aren’t straightforward and won’t be one-size fit all, but they are out there.

Thanks to the “Price of Football” team for interviewing Adrian and making me aware of this book. As Kieran from the pod and Roger Bennett from Men In Blazers say, football is most important least important thing; here’s to making sure these community gems allow us to keep making memories with friends, family, and complete strangers!

[Simon Duncan · Rating 5 out of 5]

If you’re a football fan, this is a lovely, if at times, depressing read. This is especially true if you still subscribe to the idea that the team you support should remain the heartbeat of your local community, key to your heritage, memories, happiness, sense of self, hopes, dreams and mental health etc. (I’m a Spurs fan, so although I first went when I was six years old, I didn’t come from the area and perhaps, therefore, am not so “misty eyed”). So “Where’s the Money Gone” is a well researched (and well-written) examination of how large sums of money (some honest, some maybe not so) have exploited fan’s extreme loyalties to the detriment of specific football clubs and their local communities. Through its easy to read prose and amusing anecdotal style, it attempts to ask how this has been allowed to happen, raising interesting questions as to the future of the game. Really enjoyed it, which, in spite of the subject, is a fun read. Full of background, stories, intrigue and anecdotes I’ve not come across before.

[Harry Handley · Rating 4 out of 5]

Decent read but needs a good edit. Some basic errors in there (Girona is in Spain, not Italy; the NFL player is Tom Brady, not Tom Hardy).

[Alex Carroll · Rating 5 out of 5]

Brilliant summary of most of the issues with English football.