Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Money is the name of the game says Ferguson  Join our daily free Newsletter

MENAFN - Arab News - 05/09/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) NYON Switzerland: The huge sums spent on football transfers are 'amazing' but cannot be changed former Manchester United boss Sir Alex Ferguson said on Thursday.

Speaking two days after a study showed that transfer fee inflation in Europe's top leagues has hit 16% and that Manchester paid tens of millions of euros above the market rate for top purchase Angel di Maria Ferguson said that was part and parcel of the sport.

'My personal opinion is that it's never going to change the world is progressing and transfer fees with it and I don't know if there'll be an end to it' Ferguson said after a two day meeting with 18 top coaches hosted by European governing body UEFA.

'Fortunately I'm not at the hub of it nowadays. Certainly it's amazing the amount of money spent nowadays' said 72-year-old Ferguson who retired in May 2013 after 26 years as United boss.

Manchester sacked his successor David Moyes after just 10 months and new manager Louis van Gaal has been given a green light to splash out on big name players for the 20-time English champions who are looking to rebuild following a disappointing seventh-place finish last season.

The club set a British record last week by paying 59.7 million pounds (75.5 million euros) for Real Madrid midfielder di Maria.

As the transfer window closed on Monday they also signed Colombia striker Radamel Falcao on loan from Monaco and Holland international Daley Blind from Ajax.

Blind's arrival in a 14-million-pound (17-million-euros) transfer had been expected but the Falcao signing was a major coup.

United are reported to have agreed to pay Monaco around 10 million euros for the loan with an option to make the deal permanent for 55 million euros.

All told they have spent around 150 million pounds (190 million euros) on new players in the transfer window.

According to Swiss-based economic analysts the CIES Football Observatory the di Maria deal was a case-study of the breakneck inflation.

CIES said United paid 30 million euros over the right price for the Argentina international.

The issue of over-the-odds fees was not formally on the table at the UEFA meeting.

Pressed on whether it had come up at all Borussia Dortmund coach Juergen Klopp quipped: 'No we didn't speak about Great Britain!'

CIES also said the 62 million euros paid by French club Paris St. Germain to bring Brazilian David Luiz from Chelsea was 29 million euros too high.

The sum was a world record for a defender.

Spending has been a thorny issue for the French champions whose manager Laurent Blanc also took part in the UEFA meeting.

PSG's summer recruitment drive was effectively limited to Luiz. They abandoned their pursuit of di Maria because that would have meant selling someone first.

They have been sanctioned by UEFA for breaching Financial Fair Play rules namely accruing losses in excess of the 45-million-euro limit over the course of the past two seasons.

After Qatar Sports Investments bought PSG in 2011 the club spend huge sums over three years to become a European force culminating in the 64 million-euro recruitment of Edinson Cavani from Napoli in 2013.

On Tuesday PSG president Nasser Al-Khelaifi told AFP that UEFA's rules were 'unfair.'

Real Madrid meanwhile paid 25 million euros over the odds for World Cup Golden Boot James Rodriguez CIES said.

The Colombian moved from Monaco for 80 million euros.

Those deals were emblematic of the role of wealthy clubs in stoking inflation CIES said noting that overall European teams paid an average of 16% more than they invested in the five previous years for players with similar characteristics.

CIES examined football's 'Big Five' first divisions England Spain Italy Germany and France.

 


Arab News




  MENA News Headlines
 Sep 17 2014 - Kuwait Stock Exchange Closes on Green NoteQatar News Agency
(MENAFN - QNA) Main indices of the Kuwait Stock Exchange ended trading Wednesday in the green zone with the weighted, the price, and the KSX 15 indices up by 1.39, 14.07, and 5.63 points ...

 Sep 17 2014 - HE Assistant FM Receives Copy of Vietnamese Ambassador's CredentialsQatar News Agency
(MENAFN - QNA) HE Assistant Foreign Minister for Foreign Affairs Mohammed bin Abdullah Al Rumaihi on Wednesday received a copy of the credentials of Nguyen Hoang as ambassador of the Socialist ...

 Sep 17 2014 - HE Prime Minister Meets Chubu Electric Power ChairmanQatar News Agency
(MENAFN - QNA) HE Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa Al-Thani on Wednesday met with Toshio Mita, chairman of Chubu Electric Power company on the occasion of ...

 Sep 17 2014 - Italian President Receives Message from Kuwait's EmirQatar News Agency
(MENAFN - QNA) Italian President Giorgio Napolitano received a message from Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah pertaining to bilateral relations between the two ...

 Sep 17 2014 - US Vice President Ukrainian Prime Minister Discuss Minsk AgreementQatar News Agency
(MENAFN - Qatar News Agency) Moscow September 17 (QNA) - Russia and eastern Ukrainian independence fighters should fully observe provisions of the Minsk ceasefire agreement US Vice President Joe ...

 Sep 17 2014 - HE Minister of Culture Arts and Heritage Meets US AmbassadorQatar News Agency
(MENAFN - Qatar News Agency) Doha September 15 (QNA) - HE the Minister of Culture Arts and Heritage Dr. Hamad bin Abdulaziz Al Kuwari met here Monday with HE US Ambassador to Qatar Dana Shell Smith. ...

 Sep 17 2014 - 52 Taliban Militants Killed During CounterTerrorism OperationsQatar News Agency
(MENAFN - Qatar News Agency) Kabul September 15 (QNA) - At least 52 Taliban militants were killed following joint clearing operations by Afghan national security forces in various provinces of the ...

 Sep 17 2014 - One Policeman Killed Two Injured in Pakistan's militant attackQatar News Agency
(MENAFN - Qatar News Agency) Islamabad September 15 (QNA) - A policeman was killed and two others sustained injuries when unknown militants launched an attack on Tal Police Station on Monday morning. ...

 Sep 17 2014 - US Drone Strike Kills Seven on PakAfghan BorderQatar News Agency
(MENAFN - Qatar News Agency) Islamabad September 14 (QNA) - Seven suspected militants including two key commanders of Badr Mansoor group have been killed in a US drone strike according to Pakistan ...

 Sep 17 2014 - ISIS United Iraq Country's Deputy Prime Minister SaysQatar News Agency
(MENAFN - Qatar News Agency) Baghdad September 14 (QNA) - Iraq's Deputy Prime Minister Hoshyar Zebari said Sunday that ISIS organization has united the country rather than divide it. He said that ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help