Football governance sounds dry until you realize it decides whether your club survives. In this episode, Kareem Rae sits down with Mark O'Neill, a PhD researcher at the University of Westminster studying whether football's ownership regulations actually protect the people who matter most: the fans.Mark breaks down the cases that exposed the cracks in the system, including Dai Yongge's collapse at Reading FC, the Sheffield Wednesday saga, and why the owners and directors test can only act after the damage is done. He explains what England's new independent regulator changes, why English clubs remain a uniquely attractive asset class for American investors, and what the Wrexham story really tells us about buying low in a promotion and relegation system.The conversation also goes inside the Crystal Palace and Eagle Football case, with Mark, a lifelong Palace supporter, explaining UEFA's controlling influence test in plain terms and why Palace's demotion to the Conference League angered so many fans. Plus: nation-state ownership and the Abramovich precedent, why Mark would ban multi-club ownership outright, FIFA's tax exemptions and ticketing controversies heading into the 2026 World Cup, and the one piece of advice he'd give any first-time club investor.Topics covered:Why the owners and directors test only works after a triggering eventReading FC, Sheffield Wednesday, and the checked-out owner problemEngland's new independent football regulatorEnglish clubs vs American franchises as investment assetsUEFA's controlling influence test and the Crystal Palace caseNation-state ownership and the Chelsea saleThe case for banning multi-club ownershipWorld Cup 2026 governance, taxes, and ticketingMark O'Neill Links: Website: https://www.sportlawmusings.com/Substack: https://substack.com/@markoneill468207Twitter: https://x.com/markoneill122noLinkedIn: / markoneill3 -------------------------------------------------🔔 Subscribe & Stay Connected👉 Interested in appearing on the podcast? Apply Here: