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MPs will begin investigating the state of football's finances today. They may not exactly be discussing whether David Beckham's move from Manchester United (LSE: MNU) is worth £35m, but they will be putting the spotlight on the spiralling cost of players' wages. The All Party Parliamentary Football Group will also be examining the widening gulf between the top clubs and those in the lower divisions. MPs are concerned about the number of footie clubs that have gone into administration. These include Notts County, which has been in the hands of the administrators since June last year, and Wimbledon, the latest club to call in the debt doctors. Others in financial trouble include Leicester City, Queens Park Rangers and Leeds United (LSE: LUFC), to name just three. If truth be known, there are very few football clubs that are profitable. So precisely what the All Party Parliamentary Football Committee hopes to achieve from their enquiry is a complete mystery to me. That is apart from sticking their noses into matters that don't concern them at all and wasting taxpayers' money. It is highly unlikely that a bunch of headline-seeking politicians will be able to put right what egocentric businessmen have gotten wrong for years. We have written on a number of occasions about investing in the football sector. In August last year, TMFMayn commented that football is in financial crisis. Of all the listed football clubs, only five have managed to report a pre-exceptional, pre-tax profit over the past five years. My colleague added that until return on capital is given priority over league points, shareholders in the football sector are likely to remain as sick as parrots. However, football and common sense are diametrically opposed, and will remain so just as long as football club chairmen continue to have more money than sense. As the available cash of one football chairman dwindles, another media-hungry mogul will eagerly step in to take his place and provide some more funding, allowing the whole cycle to start again. This is the so-called "Greater Fool Theory" of investing. Sensible investors should stick to valuations. Whether you are selling a winner or a loser, the reason for selling should be the same. That means preserving your capital, and re-allocating your money into more profitable investments. But who said football was ever meant to be sensible? As the recent bid for Beckham proves, the Greater Fool Theory is alive and well. Sadly, that is how speculative bubbles are formed.