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It is like marmite you either love it or hate it. For me it has always invoked memories of violence, fighting, gang warfare, post match murder excessive drinking, racism and overcommercialisation and 50 years later it is still the same the only difference being the players are paid more in a week than most people earn in 10 years and managers also fall into that bracket and earn similar amounts of money whether they bring success to the club or not, yes it is popular which unfortunately does not say an awful lot for the society we have created to live in.You were doing so well up to that point. If it's the most boring sport on earth, why is it the most popular?
There is more than one source of verfying that figureI'm not sure the figure of £300k is correct. Graham Norton is reputed to earn £50k per chatshow appearance
Eurovision 2018: How much does UK pay to enter? How much does it cost?
Whilst to some extent I agree with your comment, I know it does not take into account the salaries of stars and how could it when they earn £1M+ there is a detailed blog analysis here on the viability of the production
https://www.adamsmith.org/blog/is-eurovision-worth-the-cost