English football fans and the British press are transfixed by the legal battle to sell Liverpool football club, against the wishes of its deeply-indebted Texan owners. Even the FT carries the story prominently on today’s homepage.

In recent years, there has been a vogue for foreign owners to come in and buy English football clubs – perhaps it looks like fun, and some of the teams are global brands. . But – in a trend that is oddly emblematic of the way things are going in the global economy – it is obviously much better to be bought by an oil-rich Gulfie or Russian, rather than an American. Basically, the former have more money. Read more