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Don't agree with this at all Ghetto.
If anything, they have too much impact. For one, they shouldn't be bleeding you dry as you do not HAVE to pick a club.
The merchandising clubs from USA and Japan can give you millions of pounds return over a few seasons.
They improve the scouting knowledge of your team which increases the amount of players in player search.
They can also have an impact on the nationality of players coming through your ranks, not key but definitley a nice touch.
In fm08 after a few seasons the board can ask YOU for a recommendation of what type of feeder you would like.

That is indeed true, but when I started the game I already had around 5 feeder teams. I couldn't cancel any links with these clubs due to certain contracts. This mean that come the end of the season they'd taken nearly £2,500,000; between them, from my finances. In return I got virtually nothing and I'll explain why.
Three of the clubs were lower-league English teams (Southampton, Crewe and *forgets name*) whereas the other two were based in Ghana and Hungary respectively. Now admittedly I wasn't going to be able to expand my scouting knowledge from the English clubs. But I wasn't even able to expand my scouting knowledge of Ghana or Hungary due to the fact that you can't even send your scouts to those particular areas. Instead they have to be sent to 'Africa' or 'Eastern Europe' and even then it's incredibly rare that they'd come back with even one player listed in their report.
Although I wasn't too fussed about the scouting side of this I thought I'd be more than able to send a few fringe players on loan for a while in order to gain a bit of first-team football and/or keep them happy before I shipped them out. But nein, some players refused point-blank to go on loan to such a club because they feel it'd be a step down in their career. So instead I was stuck with unhappy players who complained about their position in the squad despite the fact I told them I'd find them a short-team loan and/or they weren't needed in my plans.
I'm not disagreeing at all with what you've listed above. I'm simply saying that in my first season the feeder clubs were more of a hindrance to me than a positive means of helping my club progress. Hopefully come the second season my board should give me more of a "broadened" choice in which to choose from.
*Fingers crossed*