Legally they'd work, the players would be employed by a company (the FAI for example) and there would be set guidelines on salaries etc. No club would hire players they couldn't afford and funds received from transfers out of the league would go centrally with a chunk to the selling club and the rest divided for different purposes. In addition taxes would be paid centrally (from source) and a salary cap would be perfectly permitted under company rules/regulations. It means that clubs would be tightly regulated.
http://en.wikipedia.org/wiki/Major_League_Soccer This is an obvious path (scroll down to organization)
It would and could and should work in Ireland, but it's rarely that turkeys vote for Christmas. There are too many egos and grubbers grabbing small change to let it live.
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