On June 30th 1992, Ley 10/1990 del Deporte came into effect, forcing all but 4 professional Spanish football clubs to convert to private limited liability companies and sell shares on the market. The objective? To add an extra degree of accountability to ensure Spanish clubs managed their books without compromising the quality of the game. The outcome? A vicious circle of private investors throwing money at the game with skyrocketing costs that distance average fans from the running of their clubs. In 3 decades, dozens of great clubs in Spain have fallen foul of incompetent owners, dodgy business deals and mountains of debt while Real and Barca consolidate their duopoly. But new legislation passed in 2022 ostensibly designed to protect employees in Spanish sport has thrown an unintended lifeline to aspiring fan-owned football clubs from Spain's lower leagues. Thanks for listening!