Quotes: 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
 Jul 30 2015 - Egypt- Trial of businessman Ehab Talaat postponedqDaily News Egypt
(MENAFN - Daily News Egypt) The trial of prominent businessman Ehab Talaat was postponed to 26 December on Tuesday for an expert report on the matter.Talaat is being sued by the Al-Ahram Foundation ...

 Jul 30 2015 - Egypt participates in UN counter-terrorism meetingDaily News Egypt
(MENAFN - Daily News Egypt) An Egyptian delegation participated Tuesday in the UN counter-terrorism meeting in the Spanish capital, Madrid, and discussed efforts to tackle militancy.Egypt also ...

 Jul 30 2015 - Egyptian court postpones verdict in Al Jazeera journalists' retrialDaily News Egypt
(MENAFN - Daily News Egypt) A court in the Egyptian capital, Cairo, has postponed the verdict in the retrial of three Al Jazeera journalists, jailed for aiding a terrorist organization with false ...

 Jul 30 2015 - Egypt- 'Will justice be served this Thursday?' (1):JournalistsDaily News Egypt
(MENAFN - Daily News Egypt) An Egyptian court will conclude one of Egypt's most hotly debated cases since the ouster of the Muslim Brotherhood regime in 2013, and one of the longest trials the ...

 Jul 30 2015 - Al-Jazeera re-trial case adjourned to 2 AugustDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian court was to conclude Thursday one of Egypt's most debated cases since the toppling of the Muslim Brotherhood's regime, also among the longest trial the ...

 Jul 30 2015 - Egypt- Trial against Fatima Naoot continuesDaily News Egypt
(MENAFN - Daily News Egypt) The prosecution at the Sayeda Zeinab Misdemeanour Court decided on Wednesday to postpone the case against Fatima Naoot, who is charged with contempt of religion.In turn, ...

 Jul 30 2015 - Ooredoo Oman profit up 18.7 percent in H1MENAFN
(MENAFN) Omani Qatari Telecommuni-cations Company (Ooredoo), has reported an 18.7 percent increase in its net profit for the first half of this year.The company's revenues for the first half of 2015 ...

 Jul 30 2015 - Dubai real estate down, under pressureThe Arabian Post
(MENAFN - The Arabian Post) The Dubai residential market continues to face downward pressure as rents and sale prices decline. It's perhaps indicative of a systemic shift that the current phase's ...

 Jul 30 2015 - Consumer choice, innovation 'key drivers of aviation sector'The Arabian Post
(MENAFN - The Arabian Post) Consumer choice and innovation are the fundamental drivers of competition in the international airline industry, said Etihad Airways president and CEO James Hogan at the ...

 Jul 30 2015 - Qatar's transport sector posts double-digit growth in H1MENAFN
(MENAFN) Qatar's transport sector witnessed a healthy double-digit expansion in profitability in the first half of this year, mainly on the back of earnings in logistics segment.The cumulative net ...

more...


 






Google

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help