English top-flight spending ‘could top one billion pounds’

26 Aug, 2016 2:12 pm

LONDON – Spending by Premier League teams has already broken last season’s record and could exceed one billion pounds ($1.32 billion) by the time the transfer window closes at the end of the month.

The clubs had already splashed out 880 million pounds by Thursday, overtaking last season’s total summer outlay of 870 million, according to financial analysts Deloitte.

“With…a number of clubs keen to strengthen with a view to competing in European and domestic cup competitions, total spending in this window will likely break the one-billion barrier,” said Dan Jones of Deloitte’s Sports Business Group.

Spending has been fuelled by a new TV rights deal worth 5.1 billion pounds that runs from 2016-19.

Paul Pogba became the world’s most expensive footballer earlier this month when the France midfielder moved from Juventus to Manchester United for 89 million pounds.

Manchester City also bought England’s John Stones from Everton for 47.5 million pounds in August, making him the second costliest defender ever.

Some managers are less than happy with the overheated transfer market. New Chelsea boss Antonio Conte has called the situation “crazy” while Arsenal’s Arsene Wenger says it is important “to spend money the right way”. -Reuters

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