Premier League teams broke the record for summer spending on player transfers, with a flurry of trading taking their combined outlay to £1.9 billion ($2.2 billion), three times more than Italy’s Serie A clubs and four times more than those in Germany’s Bundesliga.
(Bloomberg) — Premier League teams broke the record for summer spending on player transfers, with a flurry of trading taking their combined outlay to £1.9 billion ($2.2 billion), three times more than Italy’s Serie A clubs and four times more than those in Germany’s Bundesliga.
Underscoring the disconnect between football and the harsh economic backdrop in the UK, England’s top teams surpassed the previous high set in the 2017 summer transfer window and spent 67% more than the same period last year, according to accountancy firm Deloitte.
Chelsea, under new American owners after sanctioned Russian billionaire Roman Abramovich was forced to sell, was the most prolific in the market. By the Thursday deadline, the London club’s expenditure reached £255 million, according to Deloitte. Manchester United, whose ownership group is under pressure from fans, spent £202 million.
Elsewhere, newly promoted Nottingham Forest shelled out £126 million on a whole new roster of players in an attempt to defy the betting odds and remain in the top flight. Saudi-backed Newcastle United spent £122 million, according to website transfermarkt.
Deloitte said the business models of Premier League clubs were rebounding after the pandemic, though the firm urged clubs to make sure their spending policies are sustainable.
“Recent years have demonstrated the risks of clubs sustaining high levels of spend while failing to get their financial house in order,” Tim Bridge, lead partner in Deloitte’s Sports Business Group, said in a statement. “Particularly in the current economic climate, as costs begin to rise, the importance of retaining financial stability off the pitch should be as much a focus for clubs as ensuring their success on it.”
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