The harsh reality is La Liga clubs don't have the spending power of most Premier League clubs, even newly promoted sides. Valencia are following Málaga, Depor into financial meltdown. Barcelona, Madrid have no spending power this year. No proxy state ownership or big TV revenue. https://twitter.com/AurelNz/status/1300158885572075520

The model based around directing vast wealth towards Real Madrid and Barcelona, in preference to any reasonable measure of equality domestically, was always likely to prove unsustainable. Combine this with appalling club leadership and this is the outcome.

Spanish clubs have enjoyed superior levels of coaching and player development in the past 15 years, hence European success. But vast income being directly pumped in elsewhere and a perceived lack of marketability for many Spanish top flight clubs means is success unsustainable.

This explains why La Liga president Tebas is so critical of City and PSG's foreign investment. It is hugely damaging for Spanish clubs, who cannot attract that funding. His presidency has led to modest improvements in wealth share and ownership models, but it's not nearly enough.