Chelsea don’t notice the cost of living crisis | Opinion

The cost of living crisis has not yet reached footballers. Chelsea, owned by a consortium led by American Todd Boehly, have spent a record €330m in the January transfer window, according to Transfermarkt. They are in total 600 million in players since the change of ownership, in May.

The figure shadows its rivals. Tottenham have only signed two footballers in January, for 8 million. Premier League spending this season is a record 3.1 billion, up from 2.1 billion in the 2017-18 season.

The Boehly consortium bought the club for 2.8 billion, no less than 5.7 times sales. Spending even more can increase athletic performance and merchandising revenue. The risk is that it will provoke scrutiny from UEFA and its financial fair play. It could be an own goal.

The authors are columnists for Reuters Breakingviews. Opinions are yours. The translation, by Carlos Gómez Abajo, is the responsibility of Five days