The font of all knowledge has a story here on the record spending in the transfer window. Now to some extent, this is a bit strong, as the transfer window as such has not been going all that long really; so any figures are from a very small statistical set.
However, there has been huge spending, Leeds have signed Richard Naylor and Vince Grella and some other clubs have done deals too.
At £160 million a lot has been gambled on new players by the various clubs. With £30 million at stake to stay in the premier league some of the spending has clear business justifications. Other spending will en up like Jo, £19 million signing loaned out. I doubt Man City will ever get more than a few quid for him.
So why is football recession proof - first of all this season is very close. The top four could all still win the title and the bottom twelve could go down. Pressure of success or failure is perhaps concentrating a few minds.
Less good for the bosses though is the law of unintended consequences. league managers last longer in their jobs these days, yet the new managers want to make lots of changes; see Harry Redknapp. New changes cost money and the old payers are shipped out at a loss. Noticeably, stable clubs like Arsenal make very few signings and changes.
Overall though, because of the last point I expect football transfers to go even more crazy than they already are; football agent, a perfect recession proof job, no qualifications needed.
UPDATE: No news re the bidding today for the new Premier League Rights - second round bids likley which means the moey will keep rolling in. Perhaps football can keep us going in a recession?
20 comments:
Just another bubble ready to burst.
Not for a while though, the media contracts are all sown up for another 3 years yet. Plenty of gullible billionaries still prepared to get involved.
Isn't it an indication that there is a lot of money floating around, but people would rather put it into football teams than into banking shares, Harry Rednapp and co being more reliable and honest than the banking/politico fraternity?
Leeds in 7th need 4 pts for the playoffs, so a punt on some 18 month contracts players seems reasonable.
But Robbie Keane + Jermaine Defoe? What is Tottenham doing?
bought for 6 or 7 million, Sold to Portsmouth for 9 million and taken back a year later for 16 Million.
Keane.. bought for 7 million from Leeds. Sold for £19 million and taken back a year later £12+ million.
Meanwhile 16 million Darren Bent sits on the bench and Roman Pavlyuchenko 14 million .. plays for the reserves?
Anyone would think football clubs were in the public sector.
Aren't the Premier League TV rights up for bidding again? From start of 2010 season I think. In which case we'll get a very clear indication of what football is worth in a recession.
Great Simpleton - we will find out today, although BBC paid the same for highlights recently. will update the post later when we get the news.
Circuses cheaper than bread for all?
"Harry Rednapp and co being more reliable and honest than the banking/politico fraternity?"
Ed, you are kidding right?
I must agree with TEV.
Look at the biggest club in the world Man Utd. bought by the glazers for £800 4 years ago, then had all that debt loaded onto it. The club's no doubt impressive profits (£50 mill approx for 2006/7) are contingent on continued good performances in the champions league, i.e. semi finals at least, and winning the league. what happens when they only come second a couple of years running? or heaven forbid, only win the carling cup? their continued dominance might even be self limiting in that much of the domestic audience that has been addded since gazza's tears in italia 90 may well start to get a bit bored. Hence game 39.....
But Leeds didn't sell Fabian Delph. That's the big story.
Having been a regular at Elland Road in the late 60's its just about enough to make me weep when I see what is going on.
You would think they would have been a salutary lesson in spending to chase dreams, but still supposedly level headed businessmen fall over themselves to buy football clubs. Madness.
What was it Sugar said about owning a football club? I know he describes it as a waste of his life but there was something about players having better cars than the Directors.
@Roym,
Football profit may not be the same as the business profit. United could - if things go wrong - be in big trouble
http://peter-bills.livejournal.com/1205.html
Tragic eh?
The Tories are cretins. The banner advert at the top of your 'blog informs me that the UK has "fallen behing Canada and Korea".
Firstly, in popular parlance, there's no such country as 'Korea', I take it they mean 'South Korea'?
Secondly, AFAIAA, both those countries have good reputations on education, so falling behind them is not an utter disgrace anyway.
For "The" read "Their", as in "The Tories' banner advert ..."
At least a lot of the players and agents are so daft as to spend it all on tat. If I was paid £5 million a year, I spend fuck all.
Elby - yes as you can imagine, my heart bleeds for them, as always!
Mark - I happen to think Gove is the best of the Cameroons intellectually. No idea whether he can run a department; but has to be better than Estelle Morris and Balls.
Dick - not even a WAG for your efforts; I don't think I could resist myself.
Gove is as corrupt as they some, something to do with carpets and academies.
Interesting fact: Gove was adopted.
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