A QUARTER of a century after it began, the English Premier League is unrecognisable. Just 13 foreigners appeared on its opening weekend in August 1992; the clubs’ collective revenue in its first season was €300m ($356m). By contrast, in the 2015-16 season players from some 65 countries were represented and earnings passed €4.8bn. The Premier League has amassed more than a billion fans, along with enormous sponsorship and broadcasting deals, which provide five-sixths of the income. It is by far the most lucrative product in the world’s most popular sport. Germany’s Bundesliga, in second place, earns barely half as much.

Yet the richest division is surprisingly mediocre. Though English clubs ruled the Champions League a decade ago, none has reached the final of Europe’s most prestigious knockout tournament since 2012. The beautiful game’s finest artists now earn their keep on the continent. A Premier League star last made the top five in the Ballon d’Or, an award for the world’s best player, in 2011.

Why have the teams weakened as their coffers have overflowed? Mostly because of healthy competition. Premier League clubs divide up their television booty more equally than do teams in other leagues, which prevents a monopoly from emerging: there have been four different winners in the past five seasons. Real Madrid, Juventus and Bayern Munich take a greater share of their leagues’ profits—indeed, each Spanish team negotiated its own television deal until 2015—allowing them keep up with England's richest sides and maintain their boringly dominant positions. In 2016 the German, French and Italian leagues endured a fourth consecutive year with the same champion, while lowly Leicester lifted the title in England.

The Premier League’s roulette makes for great entertainment, but risky transfers. A star player that moves to Barcelona or Paris Saint-Germain is more likely to win trophies than at Chelsea or Manchester City, and can earn as much. Spain’s two titans have raided English clubs at will: Real Madrid pinched both of its Ballon d’Or winners, Michael Owen from Liverpool and Cristiano Ronaldo from Manchester United. Attempts to lure Barcelona’s Lionel Messi in the opposite direction have proved futile. And an increasing dependency on second-rate imports has meant that English sides have neglected home-grown players, who were instrumental in past Champions League triumphs. Premier League clubs might be masters of commercial promotion, but they have been relegated from Europe’s top table.

Read more: A league of their own