Premier League 2022-23: Premier League clubs continue spending spree as PL teams splurged $2.2 billion in Summer Transfer Window- English soccer teams are getting back into bad financial habits. The top 20 clubs splurged 1.9 billion pounds ($2.2 billion) to lure ace players this summer, says Deloitte, trouncing a previous 1.4 billion pounds record. It’s a step backwards in terms of fiscal discipline, after the coronavirus pandemic appeared to have tightened clubs’ purse strings. Follow Premier League 2022-23 updates on InsideSport.IN
Premier League 2022-23: Premier League clubs continue spending spree as PL teams splurged $2.2 billion in Summer Transfer Window, Check DETAILS
The Premier League collectively spent just 1.1 billion pounds last summer, or 10% of annual revenue, compared with 18% of Deloitte’s projected sales this year. Clubs splashed on average 14% of revenue between 2017 and 2019 on footballers.
One worry is that, unlike in previous decades, TV rights money is no longer spiralling higher. Sky, BT (BT.L) and Amazon.com (AMZN.O) simply rolled over their existing broadcast contract last year rather than going to auction.
Another concern is that cash-rich owners at Chelsea read more and Newcastle read more could raise the spending bar as they try to catch up with recent champions Liverpool and Manchester City. Soccer clubs are rarely great investments. Spiralling costs will only make that problem worse. (By Liam Proud)
Premier League 2022-23: Premier League clubs continue spending spree as PL teams splurged $2.2 billion in Summer Transfer Window, Check DETAILS
(The author is a Reuters Breakingviews columnist. The opinions expressed are their own.)
Capital Calls – More concise insights on global finance:
Disney’s synergy Force may stumble in Prime time
Crypto fans still live in a supervised world
New Saipem CEO’s recovery efforts will be a slog
PAG extends Japan adventure with theme park buy
Uniper credit request rests on hope it’s the last
Premier League 2022-23: Premier League clubs continue spending spree as PL teams splurged $2.2 billion in Summer Transfer Window, Check DETAILS
Follow Premier League 2022-23 updates on InsideSport.IN
Editors pick
