Transfer spending involving Premiership clubs in the summer transfer window is expected to total £450m, down 10 per cent on last summer’s £500. Moreover, Manchester City alone accounted for more than a quarter of the total buying eight players for more than £120m. Another £80m was accounted for by the sale by Manchester United of Cristiano Ronaldo to Real Madrid. The value of transfers from overseas clubs is about 40 per cent down on each of the past two summers.
Transfer spending involving Premiership clubs in the summer transfer window is expected to total £450m, down 10 per cent on last summer’s £500. Moreover, Manchester City alone accounted for more than a quarter of the total buying eight players for more than £120m. Another £80m was accounted for by the sale by Manchester United of Cristiano Ronaldo to Real Madrid. The value of transfers from overseas clubs is about 40 per cent down on each of the past two summers. The top four clubs spent only moderately with the result that Premier League clubs’ net transfer spending will be £80m, compared with £215m last summer and £240m in the summer of 2007, according to figures compiled by Deloitte’s sports business group.
The falling value of sterling against the euro and introduction of a 50 per cent tax rate for the highest earners next year has weakened the bargaining power of Premiership clubs. Even Manchester City confined their purchases to players already earning a living in the Premiership. Nearly half the sums involved were between Premier League clubs, while money paid to overseas clubs was down £95m to £155m. Clubs are relying much more on the stock of overseas players already here who have proven themselves in the Premiership. Financial pressures have not stopped the newly promoted Premiership clubs from spending. Birmingham and Wolves have been high net spenders, as have Sunderland, who do not want to dice with relegation again.