Transfer spending increases despite big losses
Premier League clubs have now spent more on transfers during the Covid-19 pandemic in this current transfer window than they did last year, according to the latest analysis of their player trading.
Confirmation of Wolverhampton Wanderers’ £27.6million signing of Nelson Semedo (right) has taken the total net outlay to £624.4million, surpassing the £614.8million that was spent during the summer of 2019 before Covid-19 struck.
The Premier League say that the clubs lost £700million last season due to the pandemic, and are losing £100million a month without fans, but there has been no obvious impact in the transfer market compared with last summer.
The £624.4million figure, calculated by financial analysts Vysyble, includes reported fees agreed, as well as sales, and so represents the total difference in collective outgoings and incomings.
Much of the spending has been driven by Chelsea’s desire to invest heavily again in the club’s playing squad, but there have also been sizeable deals throughout the division.
The timing of the spending, however, could be awkward, with the Premier League signing a letter to Prime Minister Boris Johnson which asked for a Covid-19 bailout across sport.
Yet with its £9.2billion three-year broadcast deal largely intact, the Premier League is currently also in talks with the Culture Secretary Oliver Dowden and the English Football League about whether it can provide financial help to rescue the wider football pyramid.
John Purcell, a financial analyst from Vysyble, said that the “transfer market had been buoyant” but also stressed that Premier League clubs had been accumulating significant economic losses and questioned whether they would be willing or able to bail out another group of economically loss-making football clubs in the EFL.