English clubs spend a staggering $4.7B in transfer window as Fernandez signing caps $600M City spree
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English soccer flexed its unrivaled spending power by embarking on an unprecedented $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 soccer history by completing a marquee move to City from Premier League rival Chelsea for 125 million pounds ($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 $600 million, a record splurge by a club in a single transfer window. With the expenditure of Chelsea and Tottenham also well over $400 million, England’s top-flight clubs showed they’re in a league of their own when it comes to financial might.
That’s mainly down to the competition’s huge domestic and international broadcasting deals, which dwarf those of its less-watched European rivals, but also because of a recent tweak to Premier League’s financial rules that now allows clubs with the biggest revenues and turnover — like City and others who regularly benefit from Champions League largesse — to have greater spending power in the transfer market.
