Why isn't the British media talking about the destruction of the Southampton football team and what that says about the state of the game?

I think there are two points. Firstly I think there is significant coverage and comment. The owners have stated they don't want to sell and want to keep the squad intact. They appoint a new manager who posts a photo of an empty training pitch and the photos in his office. This is a club in crisis and it is being reported as such. The good news story here is that they have an amazing academy and they might, just might, be able to produce another team. The story of Southampton is possibly Ajax - a team which plays great football and exciting footballers but ultimately is a selling club. The second point is that this isn't news. Theo Walcott, Alan Shearer, Alex Oxlade-Chamberlain and Gareth Bale have made the journey before. I've long since abandoned taking any joy from winning things by spending money. Far from thinking Southampton now is a crisis I would rather think of Southampton last season as a sign of all that's good in football.

Most likely because the media would support such actions. If the bigger clubs have the best players then the best players play in the CL and their content is viewed more ; especially so in the case of the Murdoch empire with the Sun (midweek sales) & Sky Sports. As far as reporting from the angle of the bigger club, this is likely because the article would receive more online hits from the larger (international) fan bases of larger clubs, leading to greater revenue. An article about Man Utd is more likely to be read than one for S'oton for example.

Because it's not that interesting...and it exposes the perverse incentive system resulting from the EPL's television contract. British football rewards relegated clubs for their failure to such an extent that they are almost certainly assured to be among the frontrunners for promotion the following year. Southampton probably view their player sales as savvy business that may be vindicated by avoiding the drop this season or mitigated by securing promotion the following season. Low risk, high reward.