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    Liverpool FC Is Up For Sale by Fenway Sports Group

    Months after its Premier League rival Chelsea traded hands in a deal worth $3 billion, Liverpool’s owners hired bankers and said they would entertain offers for the club.The American owners of Liverpool F.C., one of soccer’s most storied teams, have hired Goldman Sachs and Morgan Stanley to explore a sale of the club, a six-time European champion, according to two people with direct knowledge of the team’s plans.The people spoke on condition of anonymity because they were not authorized to speak publicly about the potential sale.Word that Liverpool’s owners are mulling a potential sale comes only months after a group led by the California-based investment fund Clearlake paid a record $3 billion for Liverpool’s Premier League rival Chelsea. That deal was forced after Britain’s government slapped Chelsea’s former Russian billionaire owner with sanctions, but the sale price was high enough that it may have reset the market for the world’s biggest soccer teams.Fenway Sports Group, which also owns the Boston Red Sox, the anchor of its portfolio of sports holdings, resurrected Liverpool into a dominant force after acquiring the team following a forced sale in 2010 by its lenders as Liverpool teetered on the brink of bankruptcy.That £300 million price tag (roughly $400 million given exchange rates at the time) was described by its previous owners as an “epic swindle” that year; now looks like a steal in the other direction, with the club’s valuation soaring on the back of significant increases in broadcast and sponsorship income as Liverpool returned to the summit of domestic and international soccer.In 2019, under the guidance of its inspirational German coach, Jurgen Klopp, Liverpool added its sixth European Cup, before adding its first Premier League title a year later. That was a trophy its fans craved more than any other, as it came 30 years after the last of its previous 18 English league championships.Last season it fell just short of winning both when it lost the Premier League to Manchester City by one point and was defeated by Real Madrid in the final of the Champions League.F.S.G., led by the financier John Henry, has been exploring selling strategic stakes in Liverpool for much of the past half decade. Last year Redbird, a private equity company with stakes in several other sports teams, secured an 11 percent share of F.S.G. for $735 million. At the time, the owners talked about looking to secure further growth opportunities without putting its most valuable asset up for sale.John Henry’s Fenway Sports Group has owned Liverpool since 2010.Michael Regan/Getty ImagesNews of the potential sale was first reported by The Athletic, a New York Times company. Liverpool’s response later on Monday only fueled more speculation about the ownership’s intentions..css-1v2n82w{max-width:600px;width:calc(100% – 40px);margin-top:20px;margin-bottom:25px;height:auto;margin-left:auto;margin-right:auto;font-family:nyt-franklin;color:var(–color-content-secondary,#363636);}@media only screen and (max-width:480px){.css-1v2n82w{margin-left:20px;margin-right:20px;}}@media only screen and (min-width:1024px){.css-1v2n82w{width:600px;}}.css-161d8zr{width:40px;margin-bottom:18px;text-align:left;margin-left:0;color:var(–color-content-primary,#121212);border:1px solid var(–color-content-primary,#121212);}@media only screen and (max-width:480px){.css-161d8zr{width:30px;margin-bottom:15px;}}.css-tjtq43{line-height:25px;}@media only screen and (max-width:480px){.css-tjtq43{line-height:24px;}}.css-x1k33h{font-family:nyt-cheltenham;font-size:19px;font-weight:700;line-height:25px;}.css-1hvpcve{font-size:17px;font-weight:300;line-height:25px;}.css-1hvpcve em{font-style:italic;}.css-1hvpcve strong{font-weight:bold;}.css-1hvpcve a{font-weight:500;color:var(–color-content-secondary,#363636);}.css-1c013uz{margin-top:18px;margin-bottom:22px;}@media only screen and (max-width:480px){.css-1c013uz{font-size:14px;margin-top:15px;margin-bottom:20px;}}.css-1c013uz a{color:var(–color-signal-editorial,#326891);-webkit-text-decoration:underline;text-decoration:underline;font-weight:500;font-size:16px;}@media only screen and (max-width:480px){.css-1c013uz a{font-size:13px;}}.css-1c013uz a:hover{-webkit-text-decoration:none;text-decoration:none;}What we consider before using anonymous sources. Do the sources know the information? What’s their motivation for telling us? Have they proved reliable in the past? Can we corroborate the information? Even with these questions satisfied, The Times uses anonymous sources as a last resort. The reporter and at least one editor know the identity of the source.Learn more about our process.“There have been a number of recent changes of ownership and rumors of changes in ownership at EPL clubs and inevitably we are asked regularly about Fenway Sports Group’s ownership in Liverpool,” the club said a statement. “FSG has frequently received expressions of interest from third parties seeking to become shareholders in Liverpool.”“FSG has said before that under the right terms and conditions we would consider new shareholders if it was in the best interests of Liverpool as a club. FSG remains fully committed to the success of Liverpool, both on and off the pitch.”In hiring Goldman Sachs and Morgan Stanley, Liverpool’s owners have hired two banking giants, known for extracting significant fees for mergers and acquisition transactions. F.S.G. had by contrast used the same boutique firm it had used when it purchased Liverpool to sell the minority stake to Redbird last March. The sale is being handled out of London, where Liverpool also has an office. Both banks declined to comment.The price paid for Chelsea was at the time more than had been spent on any franchise in any sport, and has only been bettered by the price secured by the outgoing owners of the National Football League’s Denver Broncos. Liverpool is more popular than both those teams, and most other clubs anywhere.Other soccer teams have also been sold for significant sums in recent months. In August Redbird, the minority investor in F.S.G., bought AC Milan for the equivalent of $1.2 billion, the highest fee for a soccer franchise outside of the United Kingdom. John Textor, another American investor, has agreed to lead a buyout of Lyon for about $800 million, the most ever paid for a French team.Forbes values Liverpool at $4.45 billion, about ten times what F.S.G. paid.The Boston-based group has also invested in the team’s infrastructure, revamping its historic Anfield stadium with two new stands and also built a new practice facility.But there has been growing concern privately among the ownership about whether the team can continue competing at the top of the league and in European competition against teams owned by Gulf states. Manchester City, which has been the dominant English team for much of the past decade, is owned by the brother of the ruler of the United Arab Emirates, and recently Newcastle was purchased by Saudi Arabia’s sovereign wealth fund. While Qatar has powered Paris St.-Germain’s rise to superiority in France.City’s spending has been particularly hard to match, with Liverpool among a group of Premier League clubs frustrated at the pace of an ongoing investigation into allegations City breached the league’s financial rules to fuel its success.Should a sale go through, Liverpool would yield an enormous profit for F.S.G., which has invested relatively little into the club compared to its biggest Premier League rivals in the decade it has owned the team. Sound management, smart appointments and success in the often fickle player trading market have instead allowed the team to compete atop English and European soccer.Since hiring Klopp, the team has managed to compete with City by improving its roster largely through money raised by selling other players, a process that has not been universally popular, with some fans believing the ownership’s prudence has stunted prospects for sustained success.The success has also been marked by moments of missteps, including an effort to raise ticket prices that was reversed following a fan revolt. But the biggest backlash came in 2021 when Liverpool joined 11 other top clubs in attempting to breakaway and create a new European Super League. Liverpool and American-owned Manchester United, Liverpool’s main domestic rival when it comes to global popularity, were at the forefront of those talks.“I want to apologize to all the fans and supporters of Liverpool Football Club for the disruption I caused over the past 48 hours,” Henry said at the time, making a rare public statement. “It goes without saying but should be said that the project put forward was never going to stand without the support of the fans. No one ever thought differently in England.”Those same fans now face new uncertainty.Michael J. de la Merced More

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    Man Utd set to trigger extension for Diogo Dalot to ward off interest from Barcelona and AC Milan

    MANCHESTER UNITED are ready to trigger a one-year extension with Diogo Dalot amid interest from two European powerhouses.The Portuguese defender’s current deal at Old Trafford expires next summer having been signed by Jose Mourinho back in 2018 from Porto for £19m.
    Diogo Dalot is set to stay at Manchester United beyond next summerCredit: Reuters
    Dalot has started every Prem game this season under boss Erik ten HagCredit: EPA
    Under Erik ten Hag, the 23-year-old has cemented the right-back position ahead of the maligned Aaron Wan-Bissaka – starting all 12 of United’s Premier League games this season.
    After coming close to leaving the club last summer, Dalot is now being monitored by both Barcelona and AC Milan in the hope of snatching him on a free next year.
    But SunSport understands United are determined to keep hold of Dalot while contract negotiations continue – and will extend his stay until at least the end of the 2023/24 campaign.
    Carlos Goncalves – Dalot’s agent from the age of 15 – is in constant dialogue with United over his client’s future.
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    The Portugal international hopes to be heading to Qatar this month after being named in his country’s 55-man preliminary World Cup squad.
    He said in a recent interview: “Personally, I’m not one to make long-term plans.
    “I live season by season, month by month and just want to help the team as much I can.
    “Right now, my ambitions are to be at the World Cup to help my national team, and in the end of the season to give trophies to [United] fans because they deserve it.”
    Most read in Football
    Dalot spent the 20/21 season on loan at Milan after falling out of favour under Ole Gunnar Solskjaer, scoring twice in 33 appearances and impressing in Serie A.
    Since then, he has been a regular in the side, first under Ralf Rangnick before Ten Hag’s appointment in May.
    Dalot scored his first Old Trafford goal against FC Sheriff in the Europa League last week, while only Bruno Fernandes (29) has created more goalscoring chances for United in the league this season (20).
    After United’s 1-0 win over West Ham on Sunday, Ten Hag said of Dalot: “His defending positions are growing from game to game. His timing, also his duels.
    “In possession, I think he’s really good and he has the breath to go up and down [the wing]. His development is really good.”  More

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    Arsenal interest in Facundo Torres ‘CONFIRMED by agent with imminent talks over move for Orlando City winger expected’

    ARSENAL are set for imminent talks with the agent of Facundo Torres as their interest in the winger intensifies, according to reports. The Gunners have had an outstanding start to the season and continue to lead the way in the Premier League after a weekend trouncing of Nottingham Forest.
    Facundo Torres has caught the eye after a very good season in the USCredit: Getty
    Their foundation has been built on young players and an attacking brand of football under Mikel Arteta.
    Torres, 22, has been linked with a move to the Emirates as Arsenal look to build more squad depth.
    ESPN report that Torres’ agent Edgardo Lasalvia has confirmed talks are set to be held with the London club.
    The Uruguayan has enjoyed an outstanding season in the MLS with Orlando City and Arsenal have taken notice.
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    Lasalvia will reportedly hold talks with Arsenal scout Toni Lima to discuss a potential move.
    The agent revealed that there were still no advanced talks but interest existed from the Premier League table-toppers.
    Lima was hired in 2021 and is known to specialise in South American talent.
    He is credited with being one of the first to spot the talent of Neymar and Philippe Coutinho when they played in Brazil.
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    Torres has thrived at Orlando City and has scored nine goals and recorded 10 assists in his debut season.
    The attacker signed a four-year deal from Uruguayan club Penarol in January for a fee of around £7.75million.
    Orlando City finished 7th in the MLS Eastern Conference table. More

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    How Arsenal Found Its Voice

    LONDON — On the night before the biggest game of Arsenal’s season so far, the fans slipped inside the Emirates Stadium to make sure everything was in place. Their leader and a handful of friends had spent weeks drawing up their plans: raising money, contacting suppliers, brainstorming themes, designing images, cutting out stencils, spray-painting letters.Now, late on a Friday night, there was just one job left to do. They had to check that every seat in Block 25 of the stadium’s Clock End contained a flag, either red or white, for the culmination of the display.The next day, they saw their vision realized. As the players of Arsenal and Tottenham took the field at the Emirates, Block 25 was transformed. “We Came, We Saw, We Conquered,” read one banner. “North London Is Red Since 1913,” ran another, a reference to Arsenal’s controversial relocation to this part of the city — and Tottenham territory — a century ago. Hundreds of flags fluttered under a clear blue sky.The display lasted barely more than an instant, all those hours of effort expended for a single, fleeting moment, a reverie that broke as soon as the whistle blew. Its impact, though, lasted substantially longer.After the game, Arsenal’s manager, Mikel Arteta, described the atmosphere inside the Emirates that afternoon as “probably the best I’ve seen in this stadium since I’ve been involved with the club,” a relationship that covers more than a decade. His captain, Martin Odegaard, made a point of thanking the fans, too. “It was amazing to play out there,” he said.In part, of course, that can be attributed to the result: Arsenal had beaten Tottenham, and victory in the North London derby is always something to be celebrated. The context helped, too: The win ensured that Arsenal remained at the summit of the Premier League for another week, a point ahead of Manchester City heading into this weekend, when Liverpool visits the Emirates.Color and crowds are part of every stadium matchday, but at Arsenal it’s the sound that is new.But this was not an isolated case. Over the last year or so, it has not been uncommon for Arteta and his players to gush over how noisy, how passionate, how ardent the Emirates has become. Inside the club, there is a sincere belief that the raucous atmosphere is a cause, rather than a consequence, of the team’s surge in form.In a stadium long derided as among the quietest in English soccer, a crowd that had come to be seen as an advertisement for the dangers of the game’s gentrification — too posh, effectively, to push its team — has suddenly found its voice.That transformation can be traced not only to the energy and impetus provided by the group that has coalesced around a handful of founders — the Ashburton Army, inspired by the ultra faction factions common in European and South American soccer but still relatively rare in England — but to the determination of the club itself to allow them to solve a problem that dated back at least a generation.After all, the night before the biggest game of the season, as they sought to put the finishing touches on their work, someone had to let them in.Fans were never the problem at the Emirates. The atmosphere was.Ray Herlihy of RedAction, an Arsenal fan group.The blame for Arsenal’s reputation as a sedate, subdued sort of place is often placed on its departure from its longtime home at Highbury for the grand, sweeping bowl of the Emirates in 2006. Arsène Wenger, the manager who oversaw the relocation, always felt that Arsenal had “left its soul at Highbury.”It is a poetic, faintly romantic telling of history, but it may not be an accurate one. “The reputation started at Highbury,” said Ray Herlihy, founder of RedAction, a group that has been working to improve the atmosphere at Arsenal for two decades. “It was at Highbury that I got involved. That was where the Highbury Library nickname began.” All that was lost in the move, it turned out, was the rhyme.Unquestionably, the new stadium accentuated the issues. Clusters of fans who had sat together at Highbury suddenly found themselves separated. The Emirates’ design meant there was no obvious focal point where the noisiest, most fervent fans could gather. Highbury had boasted the twin poles of the Clock End and the North Bank; the Emirates had no natural equivalent.Most damaging of all was the divergence between the cost of tickets and the success of the team. The Emirates, famously, was home to the most expensive season ticket in English soccer. With younger fans priced out, the crowd started to skew older. “For a while, I think we had the highest average age of season-ticket holder,” Herlihy said. “And you’re not as animated at 65 as you might be at 25.”At the same time, Arsenal’s fortunes were waning. Wenger’s later years were marked not by title challenges but by an annual struggle simply to qualify for the Champions League, a decline that gave rise to a bitter, internecine debate over whether the Frenchman had outstayed his welcome.“There had been years of the Wenger Out campaign,” said Remy Marsh, a founder of the Ashburton Army (though he has, he said, subsequently “stepped away” from the group.) “There was an undeniable toxicity.” Much of it was captured, every week, by the cameras of Arsenal Fan TV, full of furious rants and factional squabbles. “It ruined a whole generation,” Marsh said.By the end of the last decade, pretty much everyone agreed that the atmosphere at the Emirates was in dire need of repair. One described it as “flat.” Herlihy admitted the club’s games “struggled” to generate much noise. Marsh called it “lackluster.”“The chants were lacking,” Marsh said. “There wasn’t much variation. It had become a stigma for the club.”Arsenal, it turned out, was harboring much the same thought.The Ashburton Army, at the outset, was hardly a heavyweight organization. It was an attempt to bring elements of the ultra spirit to Arsenal — the big tifo displays, the pyrotechnics; “they were always singing, always supporting,” one of the group’s leaders said, “and I didn’t see why we couldn’t have that here” — but it was based around a single group chat. The Army, then, had barely more than a dozen members.That was enough, though, to catch the club’s eye. Arsenal was not unique among Premier League clubs in trying to solve the riddle presented by the league’s global appeal: how to maintain an atmosphere when its stadium was, increasingly, filled by corporate guests and day-tripping tourists there to sample the experience, rather than contribute to it.Its solution may offer a blueprint to other teams with precisely the same problem. “We encourage our staff to listen informally to fans,” said Vinai Venkatesham, Arsenal’s chief executive.When Marsh emailed the club to outline what the group hoped to achieve, they were invited to meet with the fan liaison team. The Ashburton Army wanted to remain independent, but the club was happy not only to tolerate them, but to help.Flags placed by the Ashburton Army before the Tottenham match.A band playing the fans out after the home team’s 3-1 win.That resolve was only strengthened, Venkatesham said, by the coronavirus pandemic. “We had 62 games without fans,” he said. “It gave us perspective and time to evaluate ourselves, to ask if we were listening enough, if the fans felt like they were at the center of every decision.”The sight of the Emirates “standing silent” for a year, he said, reinforced the idea that “fans were not just an ingredient for football, they were the ingredient.” We want fans to feel close and connected to the club,” Venkatesham said. “The Emirates Stadium is the epicenter for that, and from there it spreads out across the globe.”Herlihy, a veteran of Arsenal’s fan outreach programs, had long felt the club paid lip service to the idea of listening to their views. “They talked a good game,” he said. “But there was no real engagement.”That changed, Herlihy said, after the onset of the pandemic and the controversy over Arsenal’s involvement in the short-lived European Super League. “You know what they say: The streets don’t forget,” he said. “After that, there was a real change of tone. They engaged properly with these issues.”The effects of that have been many and varied. The club has, at the instigation of the players, embraced the work of Louis Dunford, a local songwriter; one of his songs, known as “North London Forever,” has become a sort of unofficial Arsenal anthem, played before the start of every game at the Emirates. “It happened organically,” said Venkatesham. “None of it can be forced.”Arsenal officials think the increasingly raucous atmosphere at the Emirates is a cause, rather than a consequence, of the team’s surge in form. Arsenal leads the Premier League heading into a weekend visit from Liverpool. Other changes have been small, barely perceptible — the club has made it easier for fans to sell tickets for games they cannot attend, and has warned that season-ticket holders who regularly leave their seats empty will be stripped of their rights to them — but have contributed, Herlihy said, to a sense that fans are being heard.None more so than the Ashburton Army. When fans returned to stadiums, the club helped to move its growing ranks — now comprising a couple of hundred members — en masse. “When we started, we were sitting at the back of a block,” one of the group’s leaders said. “That made it hard for the noise to travel.” Their new slot, in what has been known since 2010 as the stadium’s Clock End, is at the very front. The acoustics there, they say, are much better.“We try and support fan groups however we can,” Venkatesham said. The banner RedAction unfurled at the North London derby — spanning the width of the stadium — had, for example, been financed by the club. Arsenal does not have the same relationship with the Ashburton Army, but it does, he said, “give them access to the stadium so they can set up before games.”After two decades of trying, the approach seems to have worked. Nobody is under any illusions: It helps, of course, that Arteta has put together not just a bright, young team, stocked with homegrown players, but a winning one, too. But just as they have driven the atmosphere at the Emirates, so the atmosphere has driven them.“The Ashburton Army have shown the rest of the stadium how it should be done,” Herlihy said. His seat, at the opposite end of the stadium, affords him a perfect view of the group in action: 90 minutes of “noise and movement,” every single one of them dressed not in club colors, but in the black uniform of any self-respecting ultra.“They’re doing what we all did years ago, and what we thought you couldn’t do any more,” he said. “They’re going to the football with their mates, and they’re having fun. And it’s more fun to have fun at football.” More

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    In Premier League, Crisis Is a Constant

    Change at Chelsea. A loss at Liverpool. Chaos is part and parcel of the Premier League story line. But it doesn’t have to be that way.Chelsea managed to cycle through it all in nine hours, give or take. First, bright and early on Wednesday, came the announcement that the club’s owners had decided to dispense with the services of Manager Thomas Tuchel, after a reign encompassing a mere 19 months and one measly Champions League title.The window for shock was a relatively brief one. Chelsea had only just concluded a summer of spending unlike anything the Premier League had ever seen — two months of shock and awe and photos of Todd Boehly, the club’s co-controlling chairman and interim sporting director — most of it seemingly conducted in accordance with Tuchel’s wishes.But no matter: An explanation emerged swiftly, centered on the desire of Boehly and the rest of his consortium to change the culture at Chelsea and their belief that Tuchel was not the right figurehead for that shift. Quite what form that new culture will take, and quite why the 49-year-old Tuchel could not be part of it, has not been adequately explained, at least not yet.Still, there was no time for questions. Graham Potter, the impressive coach of Brighton, had been installed as favorite to succeed Tuchel by lunchtime on Wednesday. Chelsea had been in touch with his current employer by dinner. He had “verbally agreed” to take the job — as opposed to agreeing by interpretive dance, presumably — by the time darkness fell.Welcome to the Thunderdome, Graham Potter. Rui Vieira/Associated PressAnd just like that, Chelsea’s crisis — one that had been difficult to discern, from the outside, before Tuchel was dismissed, and one that seemed to be entirely of its own making — had come and gone. Just like nature, though, soccer abhors a vacuum.So it was fortunate, in many ways, that by 8:46 p.m. Italian time, Liverpool had stepped forward to produce arguably the worst Champions League performance of Jürgen Klopp’s tenure. Within 45 seconds of kickoff in Naples, Napoli had broken Liverpool’s holographic back line and hit the post. It went, it is fair to say, downhill from there.By the time the game ended, Liverpool had officially occupied the chaos space so recently vacated by Chelsea. Klopp, the coach who guided the club to two trophies — and a Champions League final — barely four months ago, was asked in his news media conference after the game if he was worried about being fired.Even by the standards of the Premier League, this was pretty good going: not just one major team in crisis, but two, and both of them on the same day. It is only a couple of weeks since Manchester United was afforded that status, a consequence of Erik ten Hag’s losing his first two games as coach, but that already seems to belong to the dim and distant past. Ten Hag’s stock is soaring: He has collected two more points than Tuchel, and three more than Klopp.Napoli 4, Liverpool 1: a single defeat, or an existential crisis?Ciro De Luca/ReutersIt is not ridiculous, of course, to suggest that both Chelsea and Liverpool have disappointed a little this season. Both have stuttered, in the Premier League and the Champions League alike. Both have seemed to be less than the sum of their parts. Both are not meeting the standard they set for themselves.Analyzing and interrogating why that might be is a legitimate exercise. Tuchel had seemed a little frostier, a little more downbeat than habitual in recent weeks; he seemed to chastise his team on a fortnightly basis in what proved to be the last couple of months of his tenure at Stamford Bridge. Rarely, if ever, did he indicate that he knew quite what was wrong, or how to fix it.That is the challenge facing Klopp, too. Liverpool, ordinarily so dogged and so fearsome, has looked distinctly fatigued through the opening weeks of the season. It has stirred itself only in patches, succumbing for vast periods of most of its games to a form of stagnant ennui, as if the players were running on fumes after six exacting years under Klopp.In those circumstances, it is in the nature of the world’s biggest teams that the scrutiny should be intense. That, in essence, is the bargain. Chelsea, like Liverpool and Manchester United, has been complicit in creating a sporting ecosystem in which it is expected to win all of its games, in which almost any defeat is unacceptable. The pressure, the hyperbole, when it comes, is the flip side of the bargain.And yet it was difficult not to be struck by the speed with which crisis descended. Liverpool was humbled in Naples, it is true, but it was still only the second defeat of the club’s season, and only its fourth of the calendar year. Chelsea had stumbled against Leeds and Southampton, but it is only five points adrift of Arsenal, the Premier League leader. It would be a stretch to suggest that, for either team, all is lost.Part of that rush to judgment can be attributed — point your fingers here — to the news media, to the breathless coverage of the major powers of the Premier League, to the desperate need to fill the bottomless digital maw, to the talking-point culture that has slowly consumed soccer (and then everything else) in the past two decades.Marcus Rashford and United beat first-place Arsenal on Sunday. Problems solved?Oli Scarff/Agence France-Presse — Getty ImagesPartly, too, it is because these clubs expect the best and have paid handsomely for it. Chelsea invested $300 million on players this summer and happily would have spent more if possible. Liverpool spends more on the salaries of its current squad than all but three or four teams in the world, one of which is Manchester United. Those fortunes are paid out, essentially, to ward off things like teething problems and dips in form. That, again, is the deal.And, partly, it is because of the game that these superclubs have created: one in which the default assumption, now, is that the team that claims the Premier League title will do so with an almost impossible points tally, in a league in which Manchester City continues to roll on, seemingly unstoppable, Erling Haaland trampling opponents underfoot, and everyone else knows that losing any ground at all now means spending the season treading water, waiting for a chance to start again. There is a fragility, a desperation, an awareness that there is no room for error.It is difficult, though, to believe that any of this is healthy: not for the players and coaches commanded to maintain almost superhuman standards or risk being branded failures and not for the fans, always awaiting the moment the gloom descends.Most of all, it is not in the best interests of the game as a whole, which increasingly seems to exist on a bloodthirsty knife-edge, eagerly awaiting its next victim, the next chance to cry crisis, to dissemble its latest false idol, knowing full well that it will not have to wait very long at all.The Romance BusinessCeltic Park on Tuesday.Andy Buchanan/Agence France-Presse — Getty ImagesFor an hour, Celtic Park was the stage of one of the great Champions League nights. It bubbled and simmered and, as Real Madrid struggled to contain Celtic’s delicately cultivated spirit of adventure, it boiled and roared. Callum McGregor hit the post, and for a moment the noise was such that even the reigning European champion struggled to regain its composure.The Champions League would be diminished beyond recognition without these occasions, of course. There is something visceral, something compelling about the precise sound generated inside one of Europe’s great stadiums — Celtic Park and Ibrox in Glasgow, Napoli’s Stadio Diego Armando Maradona, the Velodrome in Marseille — when one of the continent’s self-appointed elites rolls into town.It is important to note, though, that the root of all the son et lumiere that makes those nights so special is an inequality so deeply entrenched that it can make Celtic — one of the world’s great clubs — feel like an impossible underdog, as if it were a part-time outfit made up of cobblers and dental hygienists on an unexpected cup run.It is an inequality that has, to a large extent, been created and intensified by the Champions League itself, as it funnels more and more money to fewer and fewer clubs. As stirring, as emotive as those games can be, they come with a grim irony, too: At least part of the appeal of the Champions League can be traced to its ability to take the consequences of imbalance and turn it into spectacle.How to Solve a Problem Like the Premier LeagueToni Kroos, at least, is not worried.“The television money has been significantly higher in England for years,” Kroos, a Real Madrid midfielder, said this week, when asked about the yawning chasm between the spending of the Premier League’s clubs and everyone else. “It hasn’t resulted in English teams’ winning everything.” Europe’s three club competitions last season, as he pointed out, were won by teams that were conspicuously not English.Kroos is as articulate and thoughtful a player as they come — although he does harbor a worrying admiration for the music of Robbie Williams, a personal stain that cannot be disregarded — but his interpretation on this matter is a little glib. The contrast between the financial strength of the Premier League and the fragility of its rivals is a cause for concern.It is something, though, that can be addressed, should UEFA find the will or the conviction to do so. There is nothing it can do, of course, about the amount of money that flows into the Premier League, either from television networks or from external investors, be they private equity firms or nation states.But it can regulate the way that money can be spent. It has already imposed limits on the number of players a club can send out on loan. It could also increase the number of locally reared players each team must name in its squad or the number of players under a certain age. It could investigate the idea of regionalized leagues, too, to help decrease the competitive imbalance.It should, though, do something. Because the alternative is that the major clubs of continental Europe will determine that the only solution — the only way to try to keep pace — is to cut UEFA, and their national leagues, out of the equation altogether.CorrespondenceAs the adage has it, if there is one thing journalists like talking about — apart from other journalists, behind their backs — it is journalism itself. The craft. The art. The mission. The diminished expense accounts. Thanks, then, to Tim Lott for affording me the opportunity to clear my throat.“Reading all the coverage of Chelsea, I’m struck by the narrative that (I suppose) Todd Boehly and his folks are selling,” he wrote. “There are certain themes common in all stories: Thomas Tuchel’s detachment behind the scenes, a minor spat over Cristiano Ronaldo, so many attackers wanting out.“This has got me wondering about the sausage-making: How does everyone end up with mostly the same story? And why hasn’t anyone been able to report it beforehand?”The universal symbol of a club in crisis: the corner flag photo.Neil Hall/EPA, via ShutterstockTim is right: There are times at which various lines are pushed by various interested parties, all of them effectively competing to make their version of the truth the one that takes hold (but none of them, for the most part, are actually willing to put their name to it). The journalist’s job, on those occasions, is to pick through the morass, to find the common themes, to try to work out what is most cogent.Tuchel’s dismissal is a little different. The reason most of the reporting covers similar ground this time is because — as far as my own investigation could gather — that is, largely, what happened. That it might have been reported earlier is a valid point, but there is a tendency, in soccer as in so much else, to reverse-engineer explanations, to determine cause only when consequence is clear.We had an anonymous question, too, on one of the finer points of transfer reporting. “You mention that Erling Haaland’s true cost was approximately $100 million,” the Mystery Correspondent wrote. “Does this mean the published fees are regularly less than the actual cost?”The answer to this is: kind of. As a rule, the fee that is reported has always been the amount the buying club pays the selling club. Increasingly, though, that convention seems inadequate, not just because salary is often the bulk of the cost to the purchaser, but because — as the Haaland deal illustrates nicely — a cheaper price can mean a higher cut goes to the agent(s). It is, perhaps, time to discuss transfers in terms of their total cost, rather than simply focusing on one aspect.A great point, meanwhile, from Tom Karsay. “Maybe it should be pointed out that the money Manchester United [and everyone else] spent doesn’t come from owners’ pockets,” he wrote. “It comes from the advertising revenues of the television networks, which comes from our labor, the sweat of our brows. Maybe fans, keeping that in mind, would be less likely to cheer new acquisitions.” More

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    The Problem With Chelsea (Hint: It May Not Be the Manager)

    Six days after spending more in a single transfer window than any club in history, Chelsea’s new owners fired the team’s coach, Thomas Tuchel. Now what?The caveat, right from the start, was experience. The consortium, fronted by Todd Boehly and bankrolled by the private equity firm Clearlake, had the money. That much was plain. They had, after all, paid $2.8 billion to buy Chelsea in a frantic, opaque auction, making it the most expensive acquisition in the history of sports.They had expertise in the business, too, or some form of it: Neither Boehly nor Mark Walter, a comparatively late addition to the ownership group, was a sporting neophyte. Both own a slice of the Los Angeles Dodgers, and that investment, in recent years, has proved a relatively adroit one.No, the only thing that could be held against the new owners, the only thing that gave Chelsea’s fans pause for thought as they considered what a post-Roman Abramovich future might bring, was that none of them — Boehly, Clearlake, Walter or Hansjorg Wyss, the octogenarian Swiss billionaire who had brought the group together — knew the first thing about English soccer.Three months in, those doubts have been overcome. Scarcely 100 days have elapsed since the group took official control of Chelsea. In that time, it lavished more than $300 million on new signings — more than any club had ever spent in a single transfer window — and then, with the ink still drying on the last couple of contracts, decided to fire its manager only a half-dozen games into the season.If they carry on like this, Chelsea’s new owners will fit into the Premier League’s hyperbolic soap opera just fine.Todd Boehly and his partners have been remaking Chelsea all summer. Change has not been cheap.David Cliff/Associated PressFrom the outside, Chelsea’s decision to part company with Thomas Tuchel in the early hours of Wednesday felt distinctly, comfortingly familiar. The team had lost the previous evening in its opening Champions League engagement against Dinamo Zagreb. That defeat came on the back of a stuttering start to the Premier League campaign that has left Chelsea in sixth, just 5 points behind first-place Arsenal but already smarting from losses to Leeds United and Southampton.This was, then, the new Chelsea behaving precisely as the old Chelsea always had, with a short-termism so ruthless it almost qualified as proud. Spending an unimaginable sum of money to furnish a manager with the team he desired only to dismiss the manager at the first hint of trouble? Roman would be proud.Internally, the picture was a little more nuanced. Tuchel’s brief reign — he was in place for only 19 months — had hit its peak early, in the uncanny valley of lockdown soccer, when he took a team that had been struggling to qualify for the Champions League under his predecessor, Frank Lampard, and turned it into the champion of Europe in four months. Rarely, if ever, has a coach had such an immediate, spectacular effect.The 49-year-old Tuchel, though, failed to build on that starburst. He was presented, a year ago, with the $111 million signing of Romelu Lukaku, theoretically the player who could catapult Chelsea to a first Premier League title since 2017. It did not quite work out like that. Lukaku was allowed to leave the club this summer on loan.Though Tuchel steered the team to two domestic cup finals in his first full campaign — losing both on penalties against Liverpool — and handled with poise and dignity the geopolitical storm that engulfed the club in the wake of the British government’s decision to sanction Abramovich, Chelsea’s season petered out, with the German’s side eventually finishing 19 points behind Manchester City.Tuchel in better days. Last year.Susana Vera/Pool Via ReutersThat malaise had not gone unnoticed by the club’s newly installed hierarchy. Nor had Tuchel’s demeanor over the summer, which grew more detached, more disaffected with every passing week.In July, he bemoaned that his players’ “level of commitment, physically and mentally,” was insufficient. By August, he described them as “not tough enough.” On Tuesday, after losing in Zagreb, that had metastasized into admitting that “everything was missing” from his team’s performance.Those public complaints betrayed a growing unease in private. Tuchel had come to be known at Chelsea as a gregarious, warm, affable sort — at a club with plenty of managers to compare him to, he fared well — but a number of players felt he had become more truculent, more distant in recent months, particularly with those he did not consider his most reliable lieutenants.Boehly and Behdad Eghbali, the co-founder of Clearlake, noticed the same thing. As they attempted to retool the squad this summer, they had sought Tuchel’s counsel frequently, asking the manager — in the absence of a technical director — to direct them to his preferred targets.That was not a role that Tuchel relished particularly; he was far happier to be left alone to coach. As the transfer window gathered pace, Boehly and Eghbali found that Tuchel had a tendency to prove difficult to contact at critical junctures. Whatever relationship they had been able to establish in their few weeks working together began to fracture and fray.Kalidou Koulibaly and the rest of Chelsea’s players, new and old, opened the Champions League with a loss on Tuesday.Antonio Bronic/ReutersAs the relatively curt statement released by the club to announce his departure suggested, Boehly and Eghbali did not feel they had acted rashly. They had, instead, reached the decision to part company with Tuchel even before defeat in Zagreb. The travails of the early part of the season were supporting evidence for their conclusion, rather than the thrust of their case.For all the mitigating circumstances, though — and while the owners have been swift to identify Graham Potter, the intelligent, affable and talented Brighton manager, as Tuchel’s likely replacement — it does feel as if his dismissal fits a pattern.Boehly has taken on the role of interim sporting director with vigor and determination. Those at the club have been stunned by his work ethic, and he has made an effort to establish a rapport with many of the game’s most influential agents, inviting some of them to watch games from his box at the club’s stadium.In some cases, that has borne fruit. Chelsea spent a lot of money this summer, but it spent much of it well. Wesley Fofana may have been expensive, but he is also one of the most promising defenders in world soccer. Raheem Sterling has for years been one of the Premier League’s most devastating attacking players.The deals that did not come off tell a story too, though. There was the offer for Romeo Lavia, a player who had made just a handful of appearances for Southampton since moving from Manchester City in July; Chelsea offered to pay at least double what he had cost in August.Then there was an attempt to sign Edson Álvarez, a Mexican midfielder at the Dutch club Ajax, which bubbled to the surface as the transfer window was closing. The approach came so late, in fact, that Ajax was able to use it as proof that Chelsea was not spending to any plan, but rather for the sake of it — an argument that worked sufficiently well for Álvarez to decide to remain in Amsterdam.As they reached the (entirely artificial) watershed of their 100th day in charge of the club, Boehly and Eghbali reportedly spent considerable time contemplating the sort of culture they wanted to establish at Chelsea.They wanted to shift away from the urgency and the uncertainty of the Abramovich years and build something more sustainable, they decided, and they felt that Tuchel was not the right sort of figure to oversee that change. He was better suited, they determined, to the old ways, when nothing lasted forever, and Chelsea’s manager lived each day as if it could be the last.And yet here we are: Six games into the season, six days after the end of the transfer window, Chelsea has fired its manager on the back of a few poor performances and because of rumblings of discontent among the playing squad. Perhaps this will be the last hurrah of the old Chelsea, the final break with the past. Or perhaps a culture, once embedded, is not an easy thing to change, no matter how much money and ambition you have. More

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    Money to Burn: Lessons From the Premier League’s Transfer Window

    English teams awash in cash broke records for players and prices this summer, proving again that they operate on a plane apart from their rivals.To take just one snapshot from just one day in a whole summer of indulgence and excess, there was a point, last week, during which all of these things were happening at the same time:There were representatives of West Ham United pressing $58 million into the grateful palms of Lyon in exchange for Lucas Paqueta, a mercurial Brazilian playmaker. Their counterparts from Newcastle were offering Real Sociedad $72 million for the Swedish striker Alexander Isak.Chelsea’s self-appointed sporting director, Todd Boehly, meanwhile, had given up on his brief pursuit of the Manchester United captain, Harry Maguire, and was instead buffeting Leicester City with bids for Wesley Fofana. United, in turn, was peppering Ajax with offers for Antony, yet another Brazilian wing, working their way toward an unmoving asking price in what appeared to be increments of $10 million.This is what the Premier League does every year, of course: Every summer, and most winters, its clubs descend on Europe, the cash from infinitely spiraling television deals burning a hole in their pockets, and proceed to hose an entire continent with money. They swamp it, they flood it, they drown it with their wealth.And then, at the end of August, they go home, armed with a few more Brazilian playmakers and Swedish strikers, ready to play the games that will earn the money for them to do it all over again in a few months.The Swedish striker Alexander Isak scored in his Newcastle debut after joining from Spain’s Real Sociedad.Phil Noble/ReutersThe ritual, the great ceremonial spending of broadcasters’ money, is not just familiar — an annual tradition that has long since lost its power to shock, the figures involved now so inflated and improbable that they seem to mean almost nothing at all — but, in England at least, actively celebrated.The amount the Premier League’s clubs have spent is, without fail, heralded as a triumph by a variety of not entirely neutral onlookers: accountancy firms for whom the rude health of English soccer is a central plank of their business; the broadcasters who have, at heart, paid for it all; the league itself. The total sum is used as a proxy measure for power, a gauge for how big and strong English soccer has grown and, by extension, how weak and small everyone else must be.This summer has brought even more flexing than normal. The figures have been even more eye-watering than usual. By the time the transfer window closed on Thursday evening, the Premier League’s teams had burned their way through $2.3 billion, gross, in the space of just a couple of months.That is a record, of course, and not by a little: The previous high-water mark was almost $600 million lower. To suggest, too, that it is more than all the money spent by the rest of Europe’s so-called Big Five leagues — Italy, Spain, Germany, France — combined does not quite capture the full picture. Chelsea spent more money this summer than any English club has spent previously. Nottingham Forest signed more players than any English club has ever signed in a single window. Nine teams spent more than £100 million. English teams spent three times as much as their nearest challengers. It has been a wild and unrestrained festival of consumption.And yet, while that speaks volumes for the financial power the Premier League now wields over all of its competitors on the continent, the image it has created is not of a competition bristling with strength, but rather of one addled with desperation, filled by clubs consumed by fear, and so suffused by riches that it has, in some quarters at least, apparently divested itself of thought.There are clubs, of course, that have acquitted themselves well in the transfer market: Manchester City, say, surgically picking off Erling Haaland and Kalvin Phillips and then, at last moment, spying an opportunity to sign Manuel Akanji from Borussia Dortmund for a reduced fee and taking it. Or Crystal Palace, judiciously adding only a couple of new faces who might help its young, intriguing squad develop. Or Brighton, selling high and buying cheap and getting better in the process.But for the most part, there has been a wantonness to the spending: Chelsea, spraying money at almost anyone it could think of to sign any player who might be available, the club’s new owners apparently so confident of the rising tide of broadcast rights and merchandise deals that they are willing to write off a couple of hundred million here or there.Or Manchester United, who tried to cut a deal with Ajax for Antony but, when that didn’t work, simply paid what it had long regarded as an inflated asking price anyway, without so much as blinking. Or Fulham, signing the 34-year-old Willian on the final day of the window for, well, for some reason.Some of those signings will, of course, prove to be wise, worthwhile investments. Perhaps Antony will provide Manchester United with the balance its attack has lacked. Maybe the 20 players Forest has acquired — no, that is not a stray zero — will help it remain in the top flight. Chelsea may be improved by the presence of Raheem Sterling, Kalidou Koulibaly and the rest.The now former Ajax wing Antony, definitely not displaying his asking price to Manchester United.Maurice Van Steen/EPA, via ShutterstockThe broader impression, though, has not been of clubs smartly addressing their shortcomings, gradually tending to their needs. It has, instead, been of a reckless mercantile zeal, of acquisition for its own sake, of a gross hedonism at a time when the country which the Premier League takes as its host is in the grip of soaring energy prices and rampant inflation and wondering whether it will be able to afford to get through the winter. The Premier League’s clubs are not just inured to that, they stand as a direct contrast to it. It is almost as if they have internalized the idea that spending is, indeed, a measure of strength, a virtue in and of itself.Many of the deals, certainly, possess a transience, a fleetingness, an inherent futility. They offer an immediate reassurance, a jolt of excitement, a dose of adrenaline, but the suspicion is that, as the season plays out, the urgency to sign them — the clauses met and the demands accepted — will seem a little rash. Did Chelsea really need Marc Cucurella? Is Lucas Paqueta notably better than what was already available at West Ham? Had Manchester United not spent quite a lot of money on a winger last summer, too?On one level, it does not matter, of course. The Premier League’s coffers will be refilled over the course of the next few months. There is always enough money pouring in to cover any missteps. The league’s clubs always have the option of buying themselves out of trouble.But that is not to say there are no consequences. Each one of those signings represents a chance denied to a young player, one hoping to make the breakthrough, to find their way in the game.Kalidou Koulibaly, part of Chelsea’s most recent summer of splurges. Andrew Redington/Getty ImagesChelsea might have given time, this season, to Levi Colwill, a defender the club regards as one of its brightest prospects in years. Instead, he has been farmed out to Brighton, just so the club could bring in a senior left back to compete with Ben Chilwell. Liverpool could have used its mounting injury problems to blood the promising Stefan Bajcetic; instead, it moved to sign Arthur on loan from Juventus.That is the thing with soccer, the thing that the majority of clubs on the continent have to accept and that England’s teams do not seem to have noticed. There are always more footballers. They are, for all intents and purposes, an unlimited natural resource. Often, they are right there, under your nose, just waiting for an opportunity.England’s clubs rarely offer that. Others, though, do. Ajax will find another Antony soon enough. Lyon will unearth another Paqueta. The urgency, the desperation, to sign any of these players is misplaced; there will be another one next year, just as good. And when they emerge, the English clubs will be ready again, drenching the teams who have discovered them and nurtured them and helped them shine with a great fire hose of cash, thinking only about today, and never about tomorrow.Great Business. For Now.Carlos Soler, on his way from Valencia to P.S.G.Jose Jordan/Agence France-Presse — Getty ImagesCarlos Soler was the last of them. With a few hours left of the transfer window, Paris St.-Germain confirmed it had reached a deal with Valencia to sign Soler, a 25-year-old midfielder who has quietly been one of the most impressive performers in La Liga in the last few years, for somewhere in the region of $20 million.It was typical of the business the French champion has done this summer, under the guidance of Luis Campos, the recruitment guru hired to overhaul a bloated, incoherent squad: uncharacteristically quiet, undeniably competent, surprisingly good value. P.S.G. should be careful. People might start thinking it is a serious club.As well as Soler, after all, Campos has used his contacts in Portugal, in particular, to sign Vitinha, from Porto, Lille’s Renato Sanches and, perhaps most adroitly, Napoli’s Fabian Ruiz. In doing so, he has revamped the P.S.G. midfield, and all for less than $100 million — excluding agent fees — no mean feat given the club’s reputation and the looming specter of counteroffers from the rather less parsimonious Premier League.Only one doubt remains. To accommodate Campos’s cavalry, P.S.G. has had to unmoor Leandro Paredes, Ander Herrera, Georginio Wijnaldum, Idrissa Gueye, Julian Draxler, Ángel Di Maria and Xavi Simons this summer, too. Some, like Wijnaldum, will not be missed. Others, like Draxler, required a change of air.The nature of P.S.G.’s business might have changed, then, but it remains to be seen if the nature of the club has. It is not hard to imagine at least one of the players acquired this summer being on the market again next year, a deal that looks like a bargain now cast by hindsight as an error. P.S.G. has never had a problem recruiting good players. Its issue, for the last decade, has always been working out what to do with them.CorrespondenceSpeaking of Haaland — as we will be doing frequently this season, I suspect — Shawn Donnelly has a question. “I still can’t get over how Manchester City picked him up for just 60 million euros,” he wrote. “Did Borussia Dortmund get robbed? Couldn’t they have got two or three times as much?”They could, Shawn, if only Haaland had not been in possession of a contract with a release clause written into it. All City had to do was match it, and Dortmund was powerless to hold out for a higher figure. The frustration should be tempered, though, by the fact that the release clause was the only reason Dortmund was able to get him at all. Haaland signed for the club in the first place only on the understanding that, sooner rather than later, it would let him go.Erling Haaland, already looking like a bargain.Andrew Yates/EPA, via ShutterstockThere is one other point to be made on that transfer, though: It is more than a little misleading for it to be presented as a deal worth only 60 million euros. It was, in reality, substantially higher: All of the money City saved thanks to his release clause was incorporated, instead, to the fees paid to Haaland’s representatives. That gets you close to $100 million, which is far closer to his real value.Hopefully, we can provide Matt Bilello with similar clarification. “Can you please explain the difference between a ‘cynical’ foul and a professional one?” he asked. “Commentators use them interchangeably, but it seems to me that a cynical foul is a dirty one, whereas a professional one is ‘necessary’ to prevent an advantage to an opponent.”In my understanding, this is basically right. Any common-or-garden foul can be a cynical one, but a professional foul is something very specific: bringing down an opponent to deprive them of an immediate chance to score. (In my head, a professional foul is tackling someone from behind as they charge through on goal.) More