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Chelsea wanted to break even – but they're breaking the bank first Chelsea wanted to break even but they are breaking the bank first
(35 minutes later)
Michel Platini held forth in Monaco's tax-free sunshine to promise Uefa will enforce "financial fair play" prudence on European football, before the clubs spent multi-millions in a last-day frenzy, and Roman Abramovich won his court case. This was another summer, another transfer window, another reminder that football revolves around big money and, in England, who owns a club. Michel Platini held forth in Monaco's tax-free sunshine to promise Uefa will enforce financial fair play prudence on European football, before the clubs spent multi-millions in a last-day frenzy, and Roman Abramovich won his court case. This was another summer, another transfer window, another reminder that football revolves around big money and, in England, who owns a club.
Abramovich, whose Chelsea were in Monaco for Uefa's Super Cup final, was judged not to owe the billions claimed by his one-time associate Boris Berezovsky, but the dispute gave further insight into how Abramovich made his money. London's commercial court ruled Abramovich never granted Berezovsky any actual share of the vast oil company Abramovich bought at a favoured price after lending Russia's then president, Boris Yeltsin, financial support. Instead he paid Berezovsky fortunes, including a $1.3bn final sum in 2001, for krysha, "political patronage and influence", which was "indispensable" to keeping his billions, in a country where, post-communism, most ordinary people were sunk into poverty.Abramovich, whose Chelsea were in Monaco for Uefa's Super Cup final, was judged not to owe the billions claimed by his one-time associate Boris Berezovsky, but the dispute gave further insight into how Abramovich made his money. London's commercial court ruled Abramovich never granted Berezovsky any actual share of the vast oil company Abramovich bought at a favoured price after lending Russia's then president, Boris Yeltsin, financial support. Instead he paid Berezovsky fortunes, including a $1.3bn final sum in 2001, for krysha, "political patronage and influence", which was "indispensable" to keeping his billions, in a country where, post-communism, most ordinary people were sunk into poverty.
Around £1bn of Abramovich's money, not far off that final payment for krysha to Berezovsky, has gone into Chelsea since 2003, the owner's triumphant smile beamed across Europe when Chelsea beat Bayern Munich in dramatic style to win the Champions League three months ago. Chelsea have always said they want to break even and comply with Uefa's rule that clubs can lose only €45m (£35.6m) in total from 2011 to 2013. But they closed this window having spent hugely once again: £32m buying Eden Hazard, £25m on Oscar, with Marko Marin (£7m), Cesar Azpilicueta (£6.5m) and Victor Moses (£9m) also signed.Around £1bn of Abramovich's money, not far off that final payment for krysha to Berezovsky, has gone into Chelsea since 2003, the owner's triumphant smile beamed across Europe when Chelsea beat Bayern Munich in dramatic style to win the Champions League three months ago. Chelsea have always said they want to break even and comply with Uefa's rule that clubs can lose only €45m (£35.6m) in total from 2011 to 2013. But they closed this window having spent hugely once again: £32m buying Eden Hazard, £25m on Oscar, with Marko Marin (£7m), Cesar Azpilicueta (£6.5m) and Victor Moses (£9m) also signed.
Manchester City, England's champions and other major club fuelled by oil money, around £1bn since 2008 from Sheikh Mansour of Abu Dhabi, approached the last day as if prudence had suddenly taken hold. After the £12m signing of Jack Rodwell, the addition of only a third-choice goalkeeper, Richard Wright, on the day of the Champions League draw, seemed to vindicate Roberto Mancini's grumbling that he was not being supported to strengthen his squad. Then City splashed on Maicon, Scott Sinclair and are close to agreeing a £22m deal for Benfica's talented midfielder Javi García, bringing their spending to almost £40m in the last hours of the final day, which suggests they are not trembling in Abu Dhabi about Uefa's accountants. Manchester City, England's champions and other major club fuelled by oil money, around £1bn since 2008 from Sheikh Mansour of Abu Dhabi, approached the last day as if prudence had suddenly taken hold. After the £12m signing of Jack Rodwell, the addition of only a third-choice goalkeeper, Richard Wright, on the day of the Champions League draw, seemed to vindicate Roberto Mancini's grumbling that he was not being supported to strengthen his squad. Then City splashed on Maicon, Scott Sinclair and were close to agreeing a £22m deal for Benfica's talented midfielder Javi García, bringing their spending to almost £40m in the last hours of the final day, which suggests they are not trembling in Abu Dhabi about Uefa's accountants.
City maintain that after Mansour financially supported the biggest loss in Premier League history, £197m in 2010-11, they are moving towards breaking even. Winning the league, Champions League lucre and partnerships including with Etihad, the Abu Dhabi airline – a deal which will be examined for arm's-length "fair value" by Uefa – have greatly increased City's income, but spending on players and their wages on this scale, even given the exits of Emmanuel Adebayor to Tottenham and, more recently, Nigel de Jong to Milan, will make compliance with financial fair play a surprise. City maintain that after Mansour financially supported the biggest loss in Premier League history, £197m in 2010-11, they are moving towards breaking even. Winning the league, Champions League lucre and partnerships including with Etihad, the Abu Dhabi airline – a deal which will be examined for arm's-length "fair value" by Uefa – have greatly increased City's income, but spending on players and their wages on this scale, even given the exits of Emmanuel Adebayor to Tottenham Hotspur and, more recently, Nigel de Jong to Milan, will make compliance with financial fair play a surprise.
Outside those bankrolled two, American ownership, of Manchester United, Arsenal and Liverpool, is very different. A £30m loan to Liverpool by John Henry's Fenway Sports Group last year, to aid recovery from the Tom Hicks and George Gillett era, is the only investment into a club by any of these owners. United's, the Glazers, have famously loaded debts on and caused £550m to be drained out in bank interest and fees since their takeover in 2005.Outside those bankrolled two, American ownership, of Manchester United, Arsenal and Liverpool, is very different. A £30m loan to Liverpool by John Henry's Fenway Sports Group last year, to aid recovery from the Tom Hicks and George Gillett era, is the only investment into a club by any of these owners. United's, the Glazers, have famously loaded debts on and caused £550m to be drained out in bank interest and fees since their takeover in 2005.
Stan Kroenke's Arsenal planned early this summer, spending a hearty £39m on Olivier Giroud, Lukas Podolski and Santi Cazorla to avoid any final-day desperation like the shopping which followed last year's departures of captain Cesc Fábregas, to Barcelona, Samir Nasri and Gaël Clichy to City. Yet for all Arsenal's arrivals, Robin Van Persie's departure to Old Trafford remains this transfer window's signature move, a snub to the line that Kroenke's "self-sustaining model" – which means owners putting nothing in – can claim a trophy while Chelsea and City are backed like this. Stan Kroenke's Arsenal planned early this summer, spending a hearty £39m on Olivier Giroud, Lukas Podolski and Santi Cazorla to avoid any final-day desperation like the shopping which followed last year's departures of captain Cesc Fábregas, to Barcelona, Samir Nasri and Gaël Clichy to City. Yet for all Arsenal's arrivals, Robin van Persie's departure to Old Trafford remains this transfer window's signature move, a snub to the line that Kroenke's "self-sustaining model" – which means owners putting nothing in – can claim a trophy while Chelsea and City are backed like this.
Van Persie's signing, £23m for the 29-year-old, rather contradicted Sir Alex Ferguson's insistence for years that United will only invest in youth. Perhaps linked to the flotation of a tenth of United's shares on the New York Stock Exchange, half of them sold by the Glazers to make £70m, Van Persie's arrival, with Shinji Kagawa and Alexander Buttner, made this United's highest spending summer for many years.Van Persie's signing, £23m for the 29-year-old, rather contradicted Sir Alex Ferguson's insistence for years that United will only invest in youth. Perhaps linked to the flotation of a tenth of United's shares on the New York Stock Exchange, half of them sold by the Glazers to make £70m, Van Persie's arrival, with Shinji Kagawa and Alexander Buttner, made this United's highest spending summer for many years.
Henry based his venture into English football on the faith that Uefa's rules will be strongly enforced, a promise to run massively-supported Liverpool well on its income alone. Yet Liverpool's most prominent moves have been to undo two of the huge deals FSG sanctioned just after their arrival on Merseyside, sending £35m Andy Carroll on loan to West Ham, and selling £8.5m Charlie Adam to Stoke. Despite billionaire ownership, the manager Brendan Rodgers talks like a man with no money to spend. Henry based his venture into English football on the faith that Uefa's rules will be strongly enforced, a promise to run massively-supported Liverpool well on its income alone. Yet Liverpool's most prominent moves have been to undo two of the huge deals FSG sanctioned just after their arrival on Merseyside, sending £35m Andy Carroll on loan to West Ham United, and selling £8.5m Charlie Adam to Stoke City. Despite billionaire ownership, the manager, Brendan Rodgers, talks like a man with no money to spend.
Outside Tottenham Hotspur, where chairman Daniel Levy has sought to show ambition, and a taste for getting the best of a deal, despite losing Luka Modric to Real Madrid, the notable activity was lower down the league. West Ham's owners David Sullivan and David Gold have allowed manager Sam Allardyce substantial cash to strengthen a squad, they hope, to stay up then take possession of the Olympic Stadium. Queens Park Rangers, their Loftus Road capacity still an earnings-limiting 18,000, have been startlingly acquisitive. Outside Tottenham, where the chairman, Daniel Levy, has sought to show ambition and a taste for getting the best of a deal, despite losing Luka Modric to Real Madrid, the notable activity was lower down the league. West Ham's owners, David Sullivan and David Gold, have allowed the manager, Sam Allardyce, substantial cash to strengthen a squad, they hope, to stay up then take possession of the Olympic Stadium. Queens Park Rangers, their Loftus Road capacity still an earnings-limiting 18,000, have been startlingly acquisitive.
Such frantic comings and goings generated huge interest, and money is pouring in; £3bn for Premier League UK TV rights from 2013-16 because BSkyB and BT are confident subscribers will fork out to watch it.Such frantic comings and goings generated huge interest, and money is pouring in; £3bn for Premier League UK TV rights from 2013-16 because BSkyB and BT are confident subscribers will fork out to watch it.
Platini, watching Abramovich's Chelsea play as Uefa's 2012 champions of Europe, has two more years before having to prove he is indeed serious about reining in the indulgence of owners.Platini, watching Abramovich's Chelsea play as Uefa's 2012 champions of Europe, has two more years before having to prove he is indeed serious about reining in the indulgence of owners.