LONDON, Feb 1 (Reuters Breakingviews) – The cost of living crisis has yet to reach soccer players. Chelsea Football Club, owned by a consortium led by American businessman Todd Boehly, spent a record €330 million in the January player transfer market, according to Transfermarkt. Los Angeles’ total spending on the footballer has exceeded his €600 million since his Dodgers owners bought the club last May.
Chelsea’s spending on players like Enzo Fernández and Mykhailo Mudryk puts rivals in the shadows. Tottenham Hotspur signed him just two players for a total of €8 million in January. Also, his total club spending in the Premier League this season was £2.8bn, surpassing his £1.86bn for the 2017/18 season.
A Boehly-led consortium has bought Chelsea from Roman Abramovich for £2.5 billion. Spending more money now can boost Chelsea’s performance and merchandising earnings. The risk is that it will trigger scrutiny from the Union of European Football Associations, the governing bodies of the sport in Europe. To ensure fair play, clubs have already curtailed the amount they can spend on wages and transfer fees, and the rules could be tightened further. If so, Chelsea’s binge may be an own goal. (Streisand Neto)
Follow @Breakingviews on Twitter
Show 2 more stories
Capital Calls – A more concise insight into global finance:
Vodafone’s woes require more than a caretaker CEO Read more
McDonald’s Finds Inflation’s Happy Place Read More
New Spotify release gives bull market vibes Read more
High inflation won’t go away Read more
TikTok trust me tours must have at least 50 stops.
Editing by Neil Unmack and Oliver Taslic
Our standards: Thomson Reuters Trust Principles.
Opinions expressed are those of the author. They do not reflect Reuters News’ commitment to integrity, independence and freedom from bias under its Trust Principles.