LONDON - 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.
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. "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.
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. 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.
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.
Good! Then reduce the players salaries to realistic levels, by way more than the 30% or so some have reported, stop the rip-off prices for team shirts and other gear, drastically cut the ticket costs, and we have an affordable working man's (person's) sport for true fans again.