FOMO drives Premier League clubs to new record summer spending of over £3bn
Premier League clubs set a new record for transfer spending in the summer window as soaring revenues and FOMO drove outlay past £3bn for a second year in a row.
While some deals are still to be confirmed by tonight’s 11pm deadline, the gross total shelled out by the division’s clubs is set to pass last year’s £3.1bn.
Newcastle United completed one of the most eye-catching deals by signing Belgium attacker Matias Fernandez-Pardo in a £51m transfer from French side Lille.
Aston Villa were among the most active, signing £29m defender Taylor Harwood-Bellis from Southampton and £47m winger Ibrahim Mbaye from Paris Saint-Germain.
Fulham were also busy pursuing moves for midfielders Manuel Angel and Hugo Larsson, while Crystal Palace swooped for Honest Ahanor on loan and were among those chasing Malick Fofana.
At the time of writing Manchester City were locked in negotiations with Chelsea over Argentina midfielder Enzo Fernandez for a fee that could reach a British record £137m.
Football finance experts pointed to intra-Premier League business causing “a ripple effect in the market” and nine teams in European competition needing bigger and better squads.
Premier League clubs ‘afraid of standing still while rivals strengthen’
Other driving forces included “nine new managers who have their first window and will be trying to recruit players for their style of football” and “promoted clubs spending £100m-plus to try to stay up after seeing Sunderland’s success last season”, said Price of Football author Kieran Maguire.
Professor Rob Wilson of UCFB said: “£3bn for the second summer running is pretty extraordinary – even more so that it’s beginning to feel normal. It wasn’t that long ago that £2bn felt like a huge window.
“There’s clearly a genuine fear of missing out driving prices. Premier League clubs know that standing still while rivals strengthen can cost far more than overpaying by £10m or £20m, whether that’s missing Europe or getting relegated. That creates an arms race and sellers know English clubs have the money.
“Ultimately the Premier League’s revenues and financial advantage keep growing, but there’s a psychological element too. Once everyone believes they have to spend to keep up, £3bn stops looking exceptional and starts becoming the new normal.”