Chelsea, Manchester United and even Nottingham Forest are among the world’s biggest transfer spenders this summer, but their insane budgets are set to be reined in.
This is due to a Premier League regulation change that will seek to follow a new UEFA financial regulation that restricts clubs to spending no more than 70 per cent of their annual revenue on transfers, wages and agent fees.
There may be some leeway, however, with transfer fees being received to increase budgets and English officials allowing a higher percentage to be spent anyway.
Premier League clubs are set to face limits on transfer spending and wages for the first time as the Premier League seeks to follow new UEFA financial rules. https://t.co/LSHjXMHEVT
– Times Sport August 30, 2022
“It makes sense to have the same system working in England as well as in Europe – but in different proportions,” the New York Times quoted a Premier League executive as saying.
The new Premier League rule could be part of an agreement to see more money flowing into the Championship, League One and League Two – although these clubs are also expected to abide by similar rules.
The new UEFA rule – which will see fines and points deduction when its restrictions are restricted – will be introduced in 2023, but the English equivalent has not been agreed upon by the participating clubs.
What clubs have spent the most money this summer?
Chelsea are leading the way among all clubs in Europe after a busy summer of transitional activity under new owner and sporting director, Todd Boehle.
Raheem Sterling, Kalidou Koulibaly and Marc Cucurella are all signed for a hefty sum, with Leicester’s Wesley Fofana spending totaling set to be close to €300m.
Barcelona have spent the next biggest sum – currently €153m which could add another €100m if Bernardo Silva arrives from Manchester City – but eight of the top 10 spenders are English.
Only Barcelona and Bayern Munich cut through the list, with Nottingham Forest’s new boys in the Premier League completing this financial platform.