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
Premier League
Arsenal Paint London Red with Premier League Victory Parade Despite Champions League Heartbreak
Thousands of jubilant Arsenal supporters flooded the streets of north London on Sunday as the club celebrated its first Premier League title in 22 years, putting aside the disappointment of losing the UEFA Champions League final just 24 hours earlier.
The celebrations came less than a day after Arsenal suffered a penalty shootout defeat to Paris Saint-Germain in the Champions League final in Budapest. Yet the setback did little to dampen the spirits of the club’s faithful, who turned out in huge numbers to honour a historic domestic triumph.
Players and coaching staff paraded through north London aboard an open-top bus, proudly displaying the Premier League trophy that Arsenal had finally reclaimed for the first time since Arsène Wenger’s legendary “Invincibles” side lifted it in the 2003-04 season.
Arsenal had wrapped up the title before the final round of fixtures after establishing an unassailable lead over defending champions Manchester City, who eventually finished seven points adrift of Mikel Arteta’s side.
The league crown marked Arsenal’s first major trophy since Arteta guided the club to FA Cup success in 2020 during his debut season as manager. It also ended years of frustration after the Gunners had finished runners-up in the Premier League in each of the previous three seasons.
Red flares, fireworks and the sound of vuvuzelas filled the air as supporters celebrated a long-awaited return to the summit of English football.
“We’re not European champions, but we are champions of England, and that’s what matters right now,” said Arsenal supporter Julien Guillenenat. “We’re happy to celebrate with everyone.”
Another fan, 44-year-old Mathieu Garnier, believes the Premier League triumph has finally removed the psychological burden that had weighed heavily on the team.
“Three years in a row we finished second, and now that pressure is gone,” he said. “These players are going to be flying next season. I really believe that.”
Adding to the festivities was Arsenal’s women’s team, who joined the celebrations after their successful FIFA Champions Cup campaign this season.
Midfielder Declan Rice, signed from West Ham United in 2023 for a club-record £105 million, said the title triumph had silenced many of the club’s critics.
“People were pointing and laughing at us before,” Rice told Sky Sports. “What happened? They’re not laughing anymore. I love this team, I love this manager, and to see the joy we’ve brought to the fans is incredible.
“Next season we’re coming back for more.”
Despite the pain of falling short in Europe, many Arsenal supporters remain optimistic that the club will soon challenge again for continental glory.
Twenty-two-year-old fan Theo Grant believes the Champions League disappointment will only strengthen the squad’s resolve.
“Honestly, this loss will give the players even more motivation,” he said. “We’ll be back. I believe we’ll reach the final again next season.”
For Arsenal supporters, however, Sunday was not about what might have been in Europe. It was about celebrating the end of a 22-year wait to be crowned champions of England once again.
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Tottenham Hotspur lost 2-1 at Chelsea on Tuesday and still face the risk of relegation from the Premier League in their final game of the season this weekend after goals either side of halftime from the home side’s Enzo Fernandez and Andrey Santos.
Fernandez let rip with a dipping shot from over 25 metres that Antonin Kinsky could not get close to in the 18th minute, electrifying the atmosphere at Stamford Bridge as the home fans revelled in the misery of their North London rivals.
The Argentina midfielder turned provider for Chelsea’s second goal in the 67th, cushioning a high ball into the feet of Santos, who scored from close range.
Richarlison got one back for Spurs in the 74th minute, but the defeat means Tottenham remain two points above West Ham United, who currently occupy the last relegation spot.
However, Spurs have a much better goal difference, meaning a draw at home to Everton on Sunday would all but guarantee their Premier League survival.
Chelsea, fresh from announcing former Real Madrid coach Xabi Alonso as their next manager after a limp 2025/26 campaign, climbed to eighth place, which offers a berth in the UEFA Conference League next season
The Blues, who lost to Manchester City in the FA Cup final on Saturday, are one point behind Brighton & Hove Albion, who currently occupy the last of the Europa League spots.
Spurs had only themselves to blame for Tuesday’s defeat.
After Mathys Tel hit the post with a header in the 11th minute, they allowed Chelsea to dominate until Richarlison’s goal raised their hopes of rescuing the point they needed.
Substitute James Maddison looked sure to equalise in the 84th, but Chelsea defender Jorrel Hato stretched out a leg to block his angled shot.
The win was Chelsea’s first in the Premier League since March 4, giving their fans something to celebrate after a miserable run that included six consecutive league defeats.
It also means Spurs have only won once at Stamford Bridge since 1990.
-Reuters
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Arsenal F.C. have been crowned Premier League champions for the first time in 22 years after Manchester City F.C. were held to a 1-1 draw by AFC Bournemouth, ending the most dramatic title race of recent seasons and completing a remarkable transformation under manager Mikel Arteta.
The title triumph marks Arsenal’s first league championship since the legendary “Invincibles” side led by Arsène Wenger went unbeaten throughout the 2003-04 campaign.
For Arteta, it represents the crowning moment of a rebuilding project that began when he replaced Unai Emery in December 2019. The Spaniard inherited a struggling Arsenal side but gradually rebuilt the club into genuine title contenders, guiding them to second-place finishes in each of the previous three seasons before finally ending Manchester City’s dominance.
Arsenal appeared in danger of suffering another late collapse after surrendering a nine-point lead earlier in the campaign, particularly following City’s crucial victory over them at the Etihad Stadium in April.
However, the momentum shifted again when City stumbled with a draw against Everton, allowing Arsenal to seize control of the race.
The North London club responded impressively, winning four consecutive matches without conceding a goal, including Monday’s tense 1-0 victory over Burnley F.C. that piled pressure on Pep Guardiola’s side heading into their trip to Bournemouth.
City’s failure to secure victory finally confirmed Arsenal as champions, triggering emotional celebrations among supporters gathered around the Emirates Stadium.
Fans watching the decisive match in nearby pubs poured onto the streets at the final whistle, while thousands more marched toward the Emirates within minutes of the title being secured.
Arteta had admitted before the match that he expected it to be difficult watching City’s game because of the enormous stakes involved, but the Spaniard ultimately witnessed the completion of one of the most significant managerial achievements in modern Arsenal history.
The Gunners will officially receive the Premier League trophy after their final game of the season against Crystal Palace F.C. at Selhurst Park on Sunday.
Arsenal’s triumph could yet become part of an even greater achievement.
The club now have the opportunity to complete a historic double when they face Paris Saint-Germain F.C. in the UEFA Champions League final on May 30.
Only five English clubs have previously managed to win both the league title and the European Cup in the same season, with Manchester City the last side to achieve the feat in 2023.
The title success also signals a changing of the guard in English football.
With Guardiola expected to leave Manchester City after a decade in charge, Arteta — once his assistant at City — is poised to become the longest-serving manager across England’s top four divisions, underlining how dramatically his status has risen since arriving at Arsenal less than seven years ago.
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