I'm not sure of the specific rules, but I wrote to Connah's Quay Nomads about their link with Manchester United, and they mentioned things like pre-season friendlies and coaching links, but also said that the link was pretty tenuous (i.e. no first option/loan agreements). The closest thing to being a 'feeder' club would be them giving Man Utd the nod about any promising youngsters (which to me implies a scouting link).
This means than Man U would be informed about promising players, but would still have to compete against any other clubs for those players, if it came to that and therefore not a feeder/parent situation.
I've been researching the real-life clubs for a series of guides and have yet to find any instances of full on 'first option' type feeder/parent situations between British clubs, so I assume that the home FAs all operate under similar guidelines.
It is clear, however, that clubs within the UK do set up links between each other, but of a much more tenuous nature than the feeder/parent relationship as modelled in the game.
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