Every summer, the Premier League becomes the protagonist of the transfer market. English clubs wield their checkbooks, often strengthening their squads at ridiculously inflated prices. La Liga, whose philosophy is diametrically opposed to that of the English, warns that they are creating a bubble on the verge of bursting that will drag everyone down with it. "If the English government does not act, Premier League clubs will disappear," declared Marta Alonso, an executive at La Liga, to AS.

According to the latest "Deloitte Football Money League 2026" report, La Liga's revenues stand at approximately €4.1 billion, while the Premier League's approach €8 billion, reaching €7.979 billion. This also means that, as La Liga president Javier Tebas has repeatedly stated publicly, English clubs' spending in the transfer market should theoretically be roughly double that of Spanish clubs, but reality tells a different story. La Liga's annual spending typically amounts to around €800 million, while the Premier League spent €4.062 billion in the 2024-25 season and has already reached €2.868 billion this season.

"This is extravagance," Tebas said. The problem is that English clubs rely on a deficit model to sustain these unchecked expenditures. La Liga's report shows that Premier League clubs collectively lost €2.027 billion in the 2024-25 season, with these losses ultimately covered by club shareholders. In Spain, this would not occur, as capital increases are restricted and strict financial regulations prevent repeating the deficit model that nearly destroyed Spanish football a decade ago.

Marta Alonso, deputy general director of La Liga, spoke about the Premier League model in an interview with AS: "The Premier League's financial controls are like La Liga's were 15 years ago. Clubs do whatever they want throughout the season and only account for it after it ends. As Tebas said, it's like confirming a patient's death—there's nothing left to do." She first highlighted the flaws in England's financial fair play rules: "Their financial controls had a fundamental flaw from the start: they didn't regulate market prices. Now they're introducing changes that we believe will fail.

They've set a squad spending ratio based on revenues. It's approximately 70% for clubs competing in European competitions, and rises to 80%-90% for others." She continued: "The Premier League allows them to spend more money and also permits greater losses, which will make the league more fragile, and clubs not playing in Europe could eventually go bankrupt. At 80%, you can spend more on the squad, but non-squad expenses still exist, as do structural costs. So total spending reaches 120%, even 130% of revenues. They're essentially saying clubs not in Europe with lower revenues can lose more money than those competing in European competitions."

To make accounts appear balanced, Alonso warned that the Premier League might employ certain tactics: "Revenues could include shareholder sponsorships, and it's hard to determine if these sponsorships reflect market value. We're concerned they may also include player transfer proceeds in revenue calculations. This will create market inflation. The more they sell, and the higher the sale price, the better their squad spending ratio looks. This will drive up transfer fees and lead to numerous player swaps.

If they only trade within the Premier League, they'll cannibalize each other, but this impact will also affect other leagues." This situation has already begun to emerge. Take this summer's most expensive transfer: Bournemouth paid €138 million for Morgan Rogers, 53.33% above his market value. Another example is Tottenham Hotspur's signing of Matheus Fernandes, priced 98% higher than his estimated Transfermarkt value.

To balance their books, they'll attempt to sell players at inflated prices, often through mutual transactions between English clubs. Alonso stated: "This is what we call 'swap deals.' I buy your player for 10, and you buy my other player for 10. The books show 100 and 100, everyone's happy, and a 100 profit is recorded. This already happened in Italy and even led to criminal charges because it distorts the market."

She continued deconstructing the heart of the English model: "If you buy a player at a very high price, amortization costs are incurred. If you then want to sell him, it results in a loss for the club. It's like drinking poison to quench your thirst. We don't believe this is the right way to maintain club sustainability. Remember, the Premier League already lost €2 billion last season. What needs to happen now is the Premier League corrects this deviation, because it drags everyone down with it." La Liga has warned for years that England's deficit model is unsustainable. Warnings akin to "the boy who cried wolf" have been sounded for some time, but the wolf hasn't truly arrived yet.

However, La Liga insists that consequences will eventually materialize, and there are already some signs: "Although not yet fully apparent, we're firmly convinced it will happen. You'll notice Premier League clubs have been frequently bought and sold in recent years. A shareholder arrives, the club loses money, they cover it, then sell to the next shareholder to recover their investment.

But in recent seasons, even the Saudi sovereign wealth fund has stopped acquiring Premier League clubs. Shareholders will gradually realize they're investing more and more money but can no longer recover it, because no one will buy their clubs. Over the past two or three seasons, acquisitions of English clubs have clearly stalled, meaning owners will begin to tighten the purse strings."

She concluded: "If clubs aren't financially healthy and can't sustain themselves with their own revenues, there will be a collapse. The British Parliament has become aware of this. Warning signs have also appeared for relegated Championship clubs. Once a team drops down, shareholders lose interest and people leave.

"Then the consequences will come: if a club is relegated to a lower division and shareholders withdraw, it will go bankrupt. In terms of financial fair play, judging by the British government's statements, they seem to be using these losses and this sustainability gap to rescue clubs. I believe if the English Parliament actually intervenes and regulates as they say, these consequences will be corrected sooner; otherwise, Premier League clubs will disappear." The threat is already evident, yet English clubs continue to rush into the transfer market without restraint.

Traduit par IA.

Le site web d'AF est désormais en ligne ! Actualités complètes, commentaires, détails des matchs et statistiques sur votre ordinateur. Visitez : www.allfootballapp.com