In the United States, one private company ranks youth soccer teams from the age of nine. It shapes who gets seen. It never measures the player.

In the United States, youth soccer leagues of the same age and level compete for the same players in the same towns. Here is what that overlap costs one girl's family in a year.

On Tuesday I wrote that "academy" has no meaning here because no one audits it. This is what the unaudited system costs — and what the record still won't show you.

Investors have already repriced the club. The market is repricing the player right now. The last layer still mispriced is the one that develops her. The value is there. The mechanism to pay for it is not.