Premier League
ENGLISH PREMIER LEAGUE’S TRANSFER MARKET BUBBLE SET TO BURST
The financial squeeze put on English Premier League clubs by the coronavirus crisis could be felt across Europe in the coming months as the well to fund massive transfer fees runs dry.
For each of the past four summers, Premier League clubs have flexed their financial muscle to splurge over £1 billion (S$1.78 billion) on transfers.
That has helped spread the wealth of television contracts worth billions across Europe and crucially down the divisions to cash-strapped clubs in England.
Now, even the world’s richest league is facing economic meltdown.
Premier League matches have been suspended indefinitely with no return expected before mid-June at the earliest.
Broadcasters could be due a rebate worth a reported £762 million if the season is not completed and, even when the games do recommence, they are likely to be behind closed doors, quashing income from gate receipts.
Moreover, a number of major sponsors such as airlines and gambling companies have been just as badly hit by the Covid-19 shutdown, which is expected to lead to a curb on commercial revenue.
Rather than the usual arms race for talent, Premier League clubs are fretting about just meeting their wage bills for the next few months.
“Many clubs could be threatened by insolvency and transfer plans came to a standstill for most clubs because of the many uncertainties,” said Matthias Seidel, founder of Transfermarkt, a website specialising in transfer values.
According to Transfermarkt, €1.8 billion (S$2.78 billion) has already been wiped off the value of Premier League squads.
“There’s no doubt the actual value of players right now has gone down in all squads,” said Brighton owner Tony Bloom. “How much less, I have no idea. It depends on how the next few months play out.”
Such uncertainty has led for calls to do away with transfers entirely to avoid the unseemly sight of clubs, who have asked staff to take pay cuts and in some cases relied on government money, spending money on new players.
“If you’re trying to get 30 per cent pay cuts from existing players, you may have to put a transfer embargo in place,” former Manchester United captain Gary Neville told Sky Sports.
However, embargoes may only accelerate fears that clubs lower down the pyramid will not survive the crisis.
Proceeds from transfer sales are commonly used in the lower leagues to cover running costs and will be needed even more without the regular income of gate receipts to rely on.
“I think there will be significant transfer fee deflation,” football finance expert Kieran Maguire told AFP. “There will be a significant number of clubs that when some form of transfer market returns, they will be close to going out of business and therefore will accept fire-sale prices.
“The vultures and predators will pick off good players for very modest fees.”
The fear for those reliant on transfer fees, though, is that the damage has already been done.
Given the vast sums involved, transfer fees are very commonly paid over the course of a player’s contract.
Based on accounts published to the end of the 2018-19 season, Premier League clubs owed £1.6 billion in outstanding transfer payments, £900 million of which was to foreign clubs.
Maguire warns of the domino effect whereby if one club fails to meet its transfer debt, it could spark a series of defaulted payments on other deals or even worse, force clubs into insolvency.
“The concern is that financial problems in one league could spread throughout the industry, just like the pandemic,” he said.
Bundesliga chief executive Christian Seifert told the New York Times earlier this month that the transfer market will “collapse” and that “some leagues will understand that money is nothing that is coming automatically every month from heaven”. That may have been a slight on the Premier League’s overindulgence on transfer fees.
But as the biggest spender, the economic earthquake felt by English football will ripple across Europe for some time to come.
-AFP
England and Manchester United defender Harry Maguire has been handed a 15-month suspended prison sentence by a Greek court over a 2020 incident in Mykonos, Sky Sports reported on Wednesday.
In 2020, Maguire was found guilty of repeated bodily harm, attempted bribery and violence against public employees after his arrest in a brawl in which two police officers were assaulted.
Maguire, who was detained for two days following the incident and denied any wrongdoing, was handed a suspended prison sentence of 21 months and 10 days but was granted a full retrial after appealing against Greek court convictions on multiple charges.
In accordance with the Greek judicial process, the filing nullified Maguire’s conviction before a full retrial in a more senior court. His retrial was postponed many times.
Maguire faced allegations of non-serious assault, resisting arrest and attempted bribery. The 32-year-old was convicted on all three counts but will face no prison time. His legal team will appeal against the guilty verdict, Sky Sports reported.
Maguire’s brother Joe and friend Christopher Sharman were also found guilty of offences related to the incident and received suspended prison sentences in 2020. They also denied any wrongdoing.
-Reuters
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Arsenal maintained control of the Premier League title race as they chiselled out a nervy 2-1 win over London rivals Chelsea to open up a five-point lead at the top of the table on Sunday.
Jurrien Timber’s 66th-minute header from a Declan Rice corner ensured Arsenal took three precious points, but it was a nervy afternoon in north London.
Mikel Arteta’s side moved to 64 points from 29 games, with Manchester City, who have played a game fewer, on 59.
Arsenal’s Jurrien Timber celebrates scoring their second goal with Gabriel Magalhaes REUTERS/Jaimi Joy
Defender William Saliba had given Arsenal the lead in the 21st minute from a trademark corner routine.
But it had looked as though an own goal by Piero Hincapie just before halftime would prove costly for the hosts until Timber came to their rescue.
Chelsea, whose six-match unbeaten league sequence under new manager Liam Rosenior was halted, ended the match with 10 men after Pedro Neto was sent off for a second yellow card.
-Reuters
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Premier League
Manchester United climb to third in Premier League table with come-from-behind win over Palace
Manchester United produced a stirring second-half comeback to defeat Crystal Palace 2–1 at Old Trafford on Sunday, with captain Bruno Fernandes inspiring the turnaround that lifted the hosts into third place in the Premier League standings.
Trailing inside four minutes after a dominant start by Palace, United responded through a Fernandes penalty before his pinpoint free-kick was headed home by Benjamin Sesko to seal victory against the 10-man visitors.
The win extended interim manager Michael Carrick’s unbeaten run to seven matches since taking charge in mid-January. United now have 51 points from 28 games and are unbeaten since the January 5 dismissal of Ruben Amorim, climbing into third for the first time since May 2023. Palace remain 14th on 35 points.
“It feels like a big result, we were behind and had to show some character,” Fernandes told Sky Sports. “There are a lot of games to go still, and it is important that we don’t feel that we are in the position that we need to be. We need to make as many points as we can.”
Palace, under Oliver Glasner, were electric in the opening half hour, capitalising on sluggish United play. Defender Maxence Lacroix powered home a header from a corner after muscling past Leny Yoro, scoring the earliest goal United have conceded this season.
The visitors nearly doubled their advantage when Daniel Munoz latched onto an Ismaila Sarr through ball, but goalkeeper Senne Lammens produced a crucial save.
United gradually found their rhythm before the break. Sesko forced Dean Henderson into action with a header from a Fernandes cross, and the Palace keeper also tipped a Fernandes free kick over the bar.
The turning point arrived in the 57th minute when Fernandes converted from the penalty spot after Matheus Cunha was dragged down by Lacroix. Following a lengthy VAR review, Lacroix was shown a red card, reducing Palace to 10 men.
Eight minutes later, Fernandes’ delivery again proved decisive as Sesko rose highest to nod home the winning goal.
United pushed for a third, with Casemiro’s volley drawing a diving save from Henderson and substitute Amad Diallo testing the keeper from distance in stoppage time. Joshua Zirkzee saw efforts blocked, while Kobbie Mainoo’s fierce strike drifted narrowly wide.
Carrick praised his team’s resilience. “The biggest thing for us to take from the game is really the first time that we have been in that situation going in at halftime,” he said. “Being in that position and how we react and showing that personality and belief… to then come back as we did in the second half is the biggest thing for me today.”
Palace pressed late but could not find an equaliser. Glasner admitted his side had let the game slip. “It feels like there was more possible today. A great first 30 minutes, but the red card changed it completely. The second goal just happened too quickly.”
For United, the victory reinforces growing belief under Carrick that a top-four finish—and a return to Europe’s elite competition—is firmly within reach.
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