2000-present Financial polarization

In England, as in Europe in general, the early 2000s saw the financial bubble burst, with the collapse of ITV Digital in May 2002 leaving a hole in the pockets of the Football League clubs who had relied on their television money to maintain high wages. Although no football league teams collapsed (no team has done so since Maidstone United in 1992), many entered administration, including Leicester City and Bradford City. From the 2004-05, administration for any Premier League or Football League club would mean a 10-point deduction. Most of the non-league divisions adopted a similar penalty.

Another club that faced financial ruin was Leeds United; having reached the Champions League semi-finals in 2000-01 they looked set for dominance on the domestic and European scene, but after failing to qualify for the competition the following season, they were unable to cover the loans they had taken out to fund their spending. They were forced to sell their ground (and lease it back) and many of their best players. They were relegated at the end of the 2003-04 season and three years later slipped into the league's third tier for the first time in their history, although their debts have since been substantially reduced.

At the same time, the country's richest clubs continued to grow, with the wages of top players increasing further.

Manchester United's outstanding success has continued, though to a slightly lesser degree than the success they had previously enjoyed. Arsenal won a third Double in 2002 and clinched the title in 2004 without losing a single league game all season. In 2003 and 2005, when they missed out on the title, they had the FA Cup as compensation. United still managed to win another FA Cup in 2004 and the League Cup in 2006, as well as league titles in 2000, 2001, 2003 and 2007. Chelsea's success continued to grow, with Roman Abramovich - a Russian oligarch - purchasing Chelsea in a £150m takeover in 2003. Abramovich, whose move to England made him the country's richest man (he has since been overtaken), made substantial transfer funds available to manager Claudio Ranieri. After finishing second in 2004, Chelsea won the League Cup and league title under Ranieri's replacement José Mourinho in 2005, and another title in 2006.

While unable to challenge for the league title, Liverpool achieved success in other competitions, including a treble of League Cup, FA Cup and UEFA Cup in 2001. Another League Cup followed in 2003, but the biggest triumph of the decade so far was a Champions League win in 2005, with a memorable comeback from 3-0 down against AC Milan in the final; Liverpool became the second club since the Heysel ban to take the trophy. The season after Liverpool won the FA Cup, winning on penalties after drawing 3-3 with newly-promoted West Ham United. Tottenham Hotspur have also resurged under new manager Martin Jol, narrowly missing out on a Champions League place in 2006 after finishing fifth.

The England national team during this time became managed by a non-English national for the first time in their history when Sven-Göran Eriksson took charge. He achieved respectable results in international tournaments, going out to eventual winners Brazil in the 2002 World Cup, hosts Portugal in Euro 2004, and Portugal once again on penalties in the 2006 World Cup having reached the quarter-finals. Arguably due to pressure over the lack of actual victories in major tournaments, Eriksson announced his resignation prior to the 2006 World Cup. Steve McClaren was selected by the FA as his replacement, and took over as manager on 1 August 2006, on a 4-year contract. England's failure to qualify for the 2008 European Championships led to McClaren being sacked on 22 November 2007, after only 16 months in charge. He has been replaced but Italian Fabio Capello.

2006-07 has seen Manchester United establish a comfortable lead at the top of the Premiership, with Chelsea in close contention. The likes of Liverpool, Arsenal and Everton are competing for the remaining European places. West Ham have endured a surprisingly difficult season which saw manager Alan Pardew sacked six months after guiding them to their first FA Cup final in 26 years, his successor being Alan Curbishley (who had quit Charlton Athletic the previous summer after 15 years in charge). Charlton have also struggled since Curbishley's departure, his successor Iain Dowie lasting a mere five months at the helm before being axed in favour of Alan Pardew.

The big news in the Championship has been the surprise emergence of Colchester United as playoff place challengers, as many observers had written them off as relegation certainties before the start of their first season at this level. Their 10th place finish in 2006-07 wasn't quite enough for a playoff place. The promotion places that season went to champions Sunderland, runners-up Birmingham City and playoff winners Derby County. Sunderland's success was the most spectacular. They had been taken over by former Niall Quinn just before the start of the season, and he had installed himself as chairman-manager. Sunderland lost their opening four league games of the season, sparking fears of a second successive relegation. By the end of August, however, Quinn had handed over managerial duties to his former Ireland team-mate Roy Keane. Sunderland's form improved dramatically, and they clinched the title on the final day of the season.

In League One, Scunthorpe United finished champions and gained promotion to the league's second tier after an exile that had lasted more than 40 years. Runners-up Bristol City finally gained promotion after a string of near misses in the eight years since their relegation. Playoff winners Blackpool booked a place in the league's second tier for the first time since the 1970s. Missing out on promotion were Nottingham Forest and Oldham Athletic, whose late season struggles cost them promotion at the end of a season during which they had looked like achieving their first major successes since the 1990s.

In League Two, Walsall gained promotion as champions to ensure that their first basement division campaign in over a decade would last just one season. They were joined in League One by runners-up Hartlepool United, third-placed Swindon Town and playoff winners Bristol Rovers. Going down were Torquay United and financially-troubled Boston United.

In the Conference National, Oxford United got off to a flying start in their first season outside the Football League for 45 years, but a lean mid-season saw them pipped into second place. A 10-match winless won ended in February, but they couldn't catch new leaders Dagenham and Redbridge, and their promotion dream was ended in the playoffs, where Morecambe F.C. triumphed.

Oxford had been relegated to the Conference after losing their final League Two game of the 2005-06 season, making them the first former winners of a major trophy (the 1986 Football League Cup) to be relegated to the Conference. Two years later earlier Carlisle United had become the first former members of the top flight to slip into the Conference, although they regained their Football League status at the first attempt and then won a second successive promotion.

League Two promotion-chasers Wycombe Wanderers achieved an impressive run to the semi-finals of the League Cup, where they gave Chelsea run for their money before bowing out in the second leg. Their league form suffered afterwards, and they finished the season without even a place in the playoffs.

The 2008 UEFA Champions League Final is the first all English club final in European Cup/Champions League history.

Wembley Stadium re-opened for this May's FA Cup final after seven years, with Chelsea beating Manchester United thanks to a Didier Drogba goal.

Star players rising to prominence this era have included Wayne Rooney (Everton, Manchester United and England), Thierry Henry (Arsenal and France), Frank Lampard (Chelsea and England), Steven Gerrard (Liverpool and England) and Joe Cole (West Ham United, Chelsea and England).

Michael Owen, Rio Ferdinand, Ryan Giggs, David Beckham and Sol Campbell are some of the prominent players still active in the game during the 2000s after rising to fame during the 1990s, though Beckham has not played in England since 2003.

Legendary players whose illustrious careers have come to an end during this decade include Alan Shearer, Dennis Bergkamp, Denis Irwin, Paul Ince and Roy Keane.

Successful managers of this era include Alex Ferguson, Jose Mourinho, Arsene Wenger, Gerard Houllier, Rafael Benítez, Steve McClaren, Alan Curbishley, Sam Allardyce, David O'Leary and Bobby Robson