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There were professional football leagues in the eastern bloc, this gives an overview. This is the wiki of the GDR league.
They also played in European competitions and were competitive. If you, for example, look at Dynamo Dresden you can see that they even went to Semi-Finals in the second biggest European Club competition and quarters in the biggest.
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I mean the way the Soviet bloc did things in ways, at least when it comes to their national team(doping and hard training from childhood age on), that definitely were not the ideal we should strive for.
But I do think it shows that it is possible to have competitive sports on a high level even though they are not motivated by enormous financial gain.
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