Karen Egan, an analyst at Enders Analysis, said the Iliad offer was attractive. “Take the money and run,” she said of Vodafone. “That’s a very full takeover multiple and it definitely includes a share of the upside from consolidation,” referring to improved market conditions for companies operating in a market with fewer competitors.

She added that a sale to Iliad could potentially “resolve Vodafone’s leverage issues”, noting that even a sale valuing the business at 5.2 times ebitda could cut Vodafone’s net debt-to-ebitda ratio from 2.9 times at the end of the first half of the year to around 2.65 times.

“For me, the United Kingdom is off the agenda for DAZN,” says Francois Godard, a senior media and telecoms analyst at Enders Analysis. “They have a small operation, which they have in several countries with second and third-tier sports rights, and they can carry on doing that. To sell directly to consumers, you need real scale because consumers won’t bother otherwise."

“If I were in the management in DAZN, I would not spend too much time worrying about the UK. I would have a country manager trying to do the best with what they have in the UK, because this territory will not drive their business at this point.

"Amazon is also growing and is likely to grow further in the UK as a sports broadcaster. In that context, DAZN had one opportunity and it did not work.

While most streamers are already spending enough to meet the investment obligations relatively easily, François Godard of Enders Analysis warned that may change.

“At some point in the future, where they are in a position they need to cut a bit and fall back on a more sustainable model, it becomes a burden,” he said. “The regulation has thrown sand in the engine.”

Alice said that the deal is big news for the music industry, and said: “Catalogues are uniquely suited to being high quality “bonds” due the stability of the return due to their scope, as well as the upside from streaming.” 

But, she did raise the fundamental question of who would manage the rights to produce the income to bond holders.

Karen said "This means they can be opportunistic. The UK is actually not that significant a part of the value these days.Shareholders probably aren’t that bothered about whether it’s their home market or not.”

Francois said "This operation could prefigure others in Europe."

Francois said he was surprised by BT’s decision to form a joint venture but said the deal made sense for both parties, particularly in light of Discovery’s decision to combine with WarnerMedia to compete in the streaming wars.

“Discovery is merging with Warner, so it’s becoming a global superpower in content,” he added. “They see sports as a way to differentiate and to score points in an arena where Disney and Netflix don’t have a footprint.”

James said that having non-executives with telecoms experience helps, in areas such as tackling scepticism about industry “fads”, but that “a good mix of industry experience is ideal in a board and the benefit of this experience would be gradual and long term."