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Cost of living crisis? What cost of living crisis? As the British public tighten their belts, the Premier League’s fat-cat owners are opening wallets like never before.
When the transfer window finally closed at 11pm on Thursday, more than £2billion had been splurged, smashing the 2017 record of £1.45bn. Here, Sportsmail explains the reasons behind this summer’s outrageous spending spree.
NEW OWNERS
It is fair to say Todd Boehly has made the most of his first transfer window at Chelsea. Assuming the role of interim sporting director as well as owner, the American has acted like a ‘kid in a sweet shop’, according to Gary Neville, splashing out a Premier League-high £258.5million on seven players.
Newcastle also have new owners, and their Saudi backers have spent £122m on four players, including striker Alexander Isak for a club-record £60m.
‘New Premier League owners tend to spend big and that is driving the market,’ Kieran Maguire, a football finance lecturer at the University of Liverpool, tells Sportsmail.
Another owner who has joined the Premier League is Evangelos Marinakis. While the Greek media mogul has had the keys to Nottingham Forest for five years, this is the first time he has been in the big league and Forest have brought in 19 players for £150.9m.
New Chelsea owner Todd Boehly (left) has splashed the cash on transfers this summer
RECORD REVENUES
The combined revenues of clubs dropped during Covid, from £5.2bn in 2018-19 to £4.5bn in 2019-20. It was the Premier League’s first year-on-year fall.
Since then, they have been back on the rise. Accounting giant Deloitte estimates revenues will hit a record £6bn this year, surpassing pre-pandemic levels.
‘If you look at the revenue generated by the clubs, the message is overarchingly positive in terms of how they’ve come through the pandemic,’ says Tim Bridge of the Deloitte Sports Business Group.
Liverpool have continued to reinvest in their squad after years of tremendous success
‘They haven’t…
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Source : dailymail
