It sells Sky TV Subs, it fills pubs
I think this isn’t so true anymore, the pubs I’ve spoken to recently said football doesn’t really bring in anyone anymore apart from for really large games like the Champions league final.
NB: Sky have lost the Champions league to BT, and I know quite a few folk cancelling Sky subscriptions as a result (will be interesting to see Sky’s reported figures by the end of the year).
Personally I think this latest round of bidding for TV rights will be the peak of the market and companies will realise they can’t pay that amount and make money.