Thanks to all for your responses.
@VZ Pro The domain in question was not londonfootball.com , this was just an example.
I personally have made a domain rank 2 years ago constantly for about 1.5 years on the top of Google, until the most recent Google update, with very little links, just by being an EMD, it was just a simple brochure site. Nothing spammy, and the business I was involved with made substantial amount of money through just this one domain. To make matters worse, this was a org.uk domain, which, for those in the UK, are often considered low value domains, and I think Google gives it far less weight then co.uk. So this proved to my that EMD's can be well worth it. This was also in a very small geographic niche, which probably made it easier to rank. I only paid around £6 ($10) for 2 years registration. The site stopped ranking because we made the mistake of using someone who got us some bad links, so the Google update hit it badly. But since disavow, it still continues to bring in some business.
Now currently I am negotiating with someone on a domain broking site for an EMD for a niche. I am hoping to I can negotiate him to $1,000. I was just debating in my head if there is still potential in the domains. Based on what you guys are saying, it seems like there is still quite a lot of potential. Especially if you make the site good, and make sure it has quality content and is not spammy.