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Kerotan said:

The European sides have weaker leagues so they value the champions league more.  The premier league is probably as valued by some English clubs as the champions league. 

"Weaker"? Less competitve is the word. There hasn't been an English team that convinced as being top club in Europe, since MU 2008. That Chelsea win 3 years ago was a fluke of all kinds.

CL is the highest regarded competition in Europe. Without CL, top teams would have no big sponsors, no big name players, etc...