The two clubs would sell the rights to screen their own matches, all of them, to their own fans, both at home and abroad. The clubs would pay the likes of Sky or virgin media to host their channels, and pay foreign TV companies like Fox etc to host their channel internationally For example Liverpool play West Ham Liverpool TV would show it live to its subscribers, and West Ham TV would show it live to its subscribers. The highlights may also be sold off to the likes of the BBC for more money, but they would have to do individual deals with each club, for example £1 million for the highlights to all Utd games, and £200,000 for the highlights to all Spurs games etc EDIT: The clubs individual websites would also show games to subscribers, as per the post above