What actually is a football club?

It’s the legacy fans
The club being the fans is a romantic notion that was shown to have no support with the game's administrators when they allowed Wimbledon to move to Milton Keynes.
AFCW may have been formed as a local phoenix club, but the EFL place and the players all made the trip north.
We are fortunate football franchising isn't part of English football culture, and that is unlikely to change as there are no significant conurbations without PL/EFL teams. Though I'd be happy if the rags built their new ground in London to get the tourist dollars.
 
This is a great question. OP said nothing is a constant but for me the club IS the constant, no matter what the team is or who the owners are or who the other supporters are, to me it's the same City I started supporting in the seventies. It's been up and downs and even though I don't manage to get to the games these days I still feel like I'm a part of something good.
The more successful a club is, the less it needs its fans.

A double sized advertising hoarding brings in more revenue than 2 rows of fans.

If no fans ever went to the Etihad, City would still get 90% of their current revenue, assuming engagement online was enough.

For clubs in league 1 and below, fans are the lifeblood and the clubs tend to be central to communities more.
 
The more successful a club is, the less it needs its fans
that is such a mental concept to get your head round, though.
lockdown possibly changed the business model.

for context,
when this photo of maine road was taken tony book was alive.
Maine_road_kippax_1930s.jpg
 

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