Liverpool and the other top-six clubs in England could have financially damaged themselves in the long-term in their efforts to break away and form a Super League, a US chairman at a club elsewhere in Europe has warned.
Fellow US owner Jordan Gardner, who is managing director at FC Helsingor in Denmark, believes that FSG will have a big task on their hands moving forward and could suffer as a result of their decision to lead attempts alongside Real Madrid and Manchester United.
Gardner, who also has roles with Championship side Swansea City and Irish club Dundalk, explained on the latest Bottom Line podcast from Blood Red that all 12 of the breakaway clubs have a long road ahead in recovering their reputations.
That is true in the sense of repairing a relationship with fans, as well as with the rest of the English footballing pyramid.
"That is the leverage that the top six clubs thought they had," said European football executive and investor Gardner.
"They said 'they can't kick us out' - because without them the TV deal is worth a third of what it is, if that.
"So they overplayed their hand a bit there with the amount of leverage they were thinking they had.
"What is really interesting now is that if I am one of the other 14 clubs, I'm saying that I now have the leverage when they negotiate the domestic rights.
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"They can just say, 'if you don't like it, go and form your own league, and how did that work out for you last time?'.
"So I think it is really interesting how the leverage has changed.
"The big clubs will always have a certain amount of power but this misstep has changed the calculus a little bit."
The auction for the Premier League rights for seasons between 2022 and 2025 is to take place later this year, with current holders Sky Sports, BT Sport and Amazon all expected to be involved in the bidding again.
The Premier League pot dropped the last time that TV rights were auctioned, though it is still around the £5bn mark, and could well drop again.
Project Big Picture, which was floated last summer, was designed to give the so-called 'top six', who generate most of the income TV-wise with their audiences by far the largest, the greatest power.
Owners including John W Henry and FSG at Liverpool believe that they should take home more of the cash because they bring in more viewers.
But after the European Super League plan was quickly foiled, collapsing just 48 hours after it was launched, their bargaining power has just been significantly curtailed.
