As beloved Apple TV+ comedy “Ted Lasso” celebrates its Season 2 return just one week after earning a whopping 20 Emmys nominations, the real-life English soccer world in which it’s set is in turmoil.

Before Ted Lasso, there was Terry Smith. And English soccer's first American owner appeared to have a Lasso-esque plan ready to roll on day one. But, as Kevin Ratcliffe, then-manager of Chester City, ...