Slothrop
Tight but Polite
But they failed at least partly because they weren't in competition with anyone anyone had heard of. Whereas if you bought a mid-level french or german team and poured in cash, you could be seriously challenging for the CL, playing clubs that everyone's heard of and so on.French sides would certainly be cheap, but you'd be starting from scratch and it would be one hell of a risk. When I was a kid there was a fleeting moment when everyone was saying NY Cosmos would soon be the most popular team on earth. Man, did that hunch cost Steve Ross some moolah!
I'd imagine this might start to happen in the next few years - the Premiership's got to be giving diminishing returns, given the amount of money you need to spend to even have a decent chance of getting into europe...