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[Music]
Music
In another busy transfer window it's
In
another
busy
transfer
window
it's
clear there's no cost of living crisis
clear
there's
no
cost
of
living
crisis
in the Premier League as English football
in
the
Premier
League
as
English
football
has become even more lucrative.
has
become
even
more
lucrative
Clubs have dished out almost 3 billion pounds
Clubs
have
dished
out
almost
3
billion
pounds
in the last year on transfer fees.
in
the
last
year
on
transfer
fees
Four times more than any other country.
Four
times
more
than
any
other
country
So where is the cash from? Who's getting rich?
So
where
is
the
cash
from
Who's
getting
rich
And what do the spending rules allow?
And
what
do
the
spending
rules
allow
[Music]
Music
Yes the English Premier League has become
Yes
the
English
Premier
League
has
become
one of the biggest sporting brands
one
of
the
biggest
sporting
brands
In the world and with that status brings money.
In
the
world
and
with
that
status
brings
money
The Premier League
The
Premier
League
generates three and a half billion pounds
generates
three
and
a
half
billion
pounds
a season. Double closest rival La Liga in Spain.
a
season
Double
closest
rival
La
Liga
in
Spain
With more income now coming
With
more
income
now
coming
from overseas broadcasters
from
overseas
broadcasters
including Sky News parent company Comcast.
including
Sky
News
parent
company
Comcast
Some of the richest people and countries
Some
of
the
richest
people
and
countries
in the world are attracted to the
in
the
world
are
attracted
to
the
Premier League.
Premier
League
Recently Newcastle were bought by Saudi Arabia.
Recently
Newcastle
were
bought
by
Saudi
Arabia
Manchester city has seen
Manchester
city
has
seen
remarkable success in the past decade
remarkable
success
in
the
past
decade
thanks to investment from the UAE. And
thanks
to
investment
from
the
UAE
And
the club behind me, Chelsea, built the
the
club
behind
me
Chelsea
built
the
success from the money of Russian
success
from
the
money
of
Russian
billionaire Roman Abramovich until he
billionaire
Roman
Abramovich
until
he
was forced to sell up after the invasion
was
forced
to
sell
up
after
the
invasion
of Ukraine.
of
Ukraine
Some of the biggest transfer deals in
Some
of
the
biggest
transfer
deals
in
the Premier League have been in recent
the
Premier
League
have
been
in
recent
years with the likes of Jack grealish
years
with
the
likes
of
Jack
grealish
and Romelu Lukaku costing clubs close to
and
Romelu
Lukaku
costing
clubs
close
to
100 million pounds each.
100
million
pounds
each
It's not just the players and clubs
It's
not
just
the
players
and
clubs
raking it in.
raking
it
in
Football agents can receive tens of millions
Football
agents
can
receive
tens
of
millions
from a single transfer.
from
a
single
transfer
Agents are there to represent players and
Agents
are
there
to
represent
players
and
negotiate on behalf of them as clubs. The
negotiate
on
behalf
of
them
as
clubs
The
huge fees involved led to a rise in
huge
fees
involved
led
to
a
rise
in
so-called "super agents". The likes of
so-called
super
agents
The
likes
of
Jorge Mendes for example have made
Jorge
Mendes
for
example
have
made
millions for clinching lavish deals for
millions
for
clinching
lavish
deals
for
high-profile clients like Jose Mourinho
high-profile
clients
like
Jose
Mourinho
and Cristiano Ronaldo.
and
Cristiano
Ronaldo
While it sometimes feels that spending
While
it
sometimes
feels
that
spending
is out of control there are actually
is
out
of
control
there
are
actually
rules restricting how much clubs can
rules
restricting
how
much
clubs
can
splash out.
splash
out
UEFA launched Financial fair play in
UEFA
launched
Financial
fair
play
in
2011 to prevent unfettered splurges on
2011
to
prevent
unfettered
splurges
on
players. Clubs can still spend heavily
players
Clubs
can
still
spend
heavily
but counterbalance with legitimate
but
counterbalance
with
legitimate
sources of income. Losses allowed by
sources
of
income
Losses
allowed
by
clubs have doubled to about 50 million
clubs
have
doubled
to
about
50
million
pounds over three years. One accounting
pounds
over
three
years
One
accounting
mechanism to limit the impact is signing
mechanism
to
limit
the
impact
is
signing
up players to long-term deals as Chelsea
up
players
to
long-term
deals
as
Chelsea
have done to spread the cost.
have
done
to
spread
the
cost
Kylo Modric was signed for 88 million
Kylo
Modric
was
signed
for
88
million
pounds on an eight and a half year
pounds
on
an
eight
and
a
half
year
contract. So that appears around 10
contract
So
that
appears
around
10
million pounds each year on their
million
pounds
each
year
on
their
accounts.
accounts
[Music]
Music
The Premier League is facing challenges.
The
Premier
League
is
facing
challenges
The impact globally of the pandemic on
The
impact
globally
of
the
pandemic
on
the economy means bills are rising.
the
economy
means
bills
are
rising
Three years on from brexit, making signings
Three
years
on
from
brexit
making
signings
from Europe can be harder and British
from
Europe
can
be
harder
and
British
players can be costlier but there's no sign
players
can
be
costlier
but
there's
no
sign
of spending in English football
of
spending
in
English
football
slowing down.
slowing
down
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