From the point of view of club owners and bankers, the biggest distinction between the ESL clubs and the rest is their global appeal. The Big Six and their counterparts are effectively subsidizing other clubs. They do not need these other clubs to maintain their appeal - just each other. Seperating leagues in the long run into global marques and local ones is a by-product of this scheme from Wall St financiers, investors, and streaming giants. The audience in major markets for bottom half teams is not big enough to overcome any losses in viewership from forming an ESL - in their analysis. Keep the smaller clubs with their traditions and social functions in the domestic league, where they will continue to duke it out for local audiences. The ESL clubs have long grown past their local roots and are now owned by foreign investors and followed by billions of fans who have never set foot in Manchester, Barcelona, Madrid, or London. The city of their origin is still essential to the brand, but the rest of the league provides little additional value to viewers who would prefer to watch extra doses of the equivalent of CL quarterfinals, which would bring in more money in the long run. This is the business case when JPM shops the securities IMO.