Word: chelseas
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...pumped so much cash into the franchise that City was able to make an audacious last-minute bid for Berbatov - and then topped that by spending a British record of $59 million to sign Brazilian striker Robinho, from Spain's Real Madrid. Snatching Robinho from under the nose of Chelsea confirmed City's sudden arrival as a major player in the high-stakes transfer market of European soccer...
...Given Manchester United's dominance of the Premier League in recent years and the money thrown around by clubs such as Chelsea and Liverpool, it's little wonder that the chance to finally compete has made City followers happy. Boosted by the sale of lucrative TV rights worldwide, Premier League clubs generated a little more than $3.1 billion in revenues in 2006-'07, making the league by far the world's richest and a magnet for overseas players, coaches and investors who are keen to cash in. (Foreigners now own eight of the league's 20 teams.) But making enough...
...Chelsea L. Shover '11, a Crimson news editor, is a resident of Cabot House...
...into the transfer markets as teams compete to gain an edge. It's a cutthroat game, precisely because revenues are closely related to a team's performance: only the top four teams of the 20 in the English Premier League qualify for the European Champion's League, and United, Chelsea, Arsenal and Liverpool have in recent years established a lock on those four slots. But they have to win consistently to get there, and failure to do so can be financially disastrous. Things are as treacherous at the lower end of the league, from which the bottom three clubs...
...economics is simply good business in the current market - the real estate experience reminds us that bubble-economy behavior is perfectly rational until the bubble bursts. But there are certainly risks. The current combined debt load of the English Premiership clubs is about $12 billion ($3 billion owed by Chelsea and Manchester United alone). Figures for the 2006-2007 season put the league's annual wage bill at about $3 billion and its total revenues a little over $3.8 billion, with only eight of the Premiership's 20 clubs reporting an operating profit. Revenues have increased, thanks...