I've no problem with the competitive aspect of sport, in fact I embrace it. Neither do I have a problem with talented children being coached by talented coaches. My issue lies with the early association with a professional club.
The path to professional football is littered with players discarded in their late teens. some of whom effectively jacked in their high school academic career chasing the dream. I can very much imagine scenarios when 10 year olds are giving up on primary school under the misapprehension that they've somehow made it.
However, by biggest concern is to do with the murkier side of being associated with a top club. How long before you have primary school kids with agents acting for them, if only in an "unofficial" capacity? The two Manchester clubs, for example, both want a local 7-year-old kid, do the parents get financial inducements for them to come to them? Don't bet against it.