Fernandez move caps Premier League spending spree as clubs spend US$4.7bn on players
English Premier League clubs set a record by spending US$4.7 billion on players during the summer transfer window, with Manchester City leading the expenditure. The spending surge is attributed to lucrative broadcasting deals and updated financial regulations.
Why it matters
The massive financial outlay highlights the growing economic disparity between the English Premier League and other major European football leagues.
English football flexed its unrivalled spending power by embarking on an unprecedented US$4.7 billion outlay on players in the summer transfer window — and Manchester City saved the biggest signing of the lot right to the very end.
Argentina midfielder Enzo Fernandez became one of the most expensive players in the game’s history by completing a marquee move to City from Premier League rivals Chelsea for £125 million (US$169 million) in the final hours of the window that closed across Europe on Tuesday.
City’s spending alone on new players this summer — its first in the post-Pep Guardiola era — soared past US$600 million, a record splurge by a club in a single transfer window. With the expenditure of Chelsea and Tottenham also more than US$400 million, England’s top-flight clubs showed they’re in a league of their own when it comes to financial might.
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