So far this pre-season, we haven’t seen a transfer merry-go-round in the Premier League. We’ve witnessed more of a transfer bombardment by 20% of clubs.
It’s early days of course, a number of clubs needing to wait until the beginning of July for PSR reasons. That date symbols a sort of ‘reset’ – clubs’ losses over a rolling period now beginning again.
Newcastle Hold on to Young Stars
Not only does doing so mean avoiding points deductions and fines, but in the case of Newcastle United for example it means not having to sell players of the quality of Elliott Anderson and Yankuba Minteh as they did this time last year.
There has been some unrest on Tyneside as it goes, but many fans are exercising patience. Bids went in for Nottingham Forest’s Anthony Elanga and Burnley’s James Trafford, but were rebuffed.
⚪️⚫️ More on Newcastle and Anthony Elanga exclusive story.
Club optimistic to get final green light from Nottingham Forest after £55m bid revealed tonight.
Personal terms also close to being agreed as #NUFC want to get it done as soon as possible. pic.twitter.com/7vUnswREFf
— Fabrizio Romano (@FabrizioRomano) July 3, 2025
It appears the players believe these moves will happen. Elenga wore a Newcastle jersey while on holiday and has been hanging out with Will Osula, while Nick Pope wrote on James Trafford’s social media “see you soon”.
Until any of that happens at Newcastle, or crucially at Aston Villa, we have to wonder whether last season’s top four will simply clear away? Not only did Liverpool, Arsenal, Man City and Chelsea take up the top four positions, but that have also been the most active in the transfer market during June and early July.
PSR rules supposedly set up to make things fairer are yet again doing the opposite. High revenue clubs, something they achieved in the past under very different rules, continue to be allowed to spend when others can’t.
Champions League Sides Spend Big
Of particular interest when it comes to the subject of money is the transfer of Joao Pedro from Brighton to Chelsea. A long-term target for Newcastle, Eddie Howe and co. bid for Pedro but were denied. Chelsea suddenly thought “yep, he’s good”, then put in a bigger bid both to Brighton and the player. He now joins as one of what, eight recognised strikers at Chelsea? Is that what the Premier League meant by fair competition?
Man City had the most valuable squad going into last season, then spent €200m in January. Already this summer they have signed Rayan Cherki (€36.5m), Rayan Ait-Nouri (€36.8m) and Tijjani Reijnders (€55m). About right.
Liverpool, forever seemingly talking about net spend, don’t seem to realise as a fanbase that it doesn’t matter how you got the money, you got it, and you can spend it. Others can’t. They have added Jeremie Frimpong (€40m), Milos Kerkez (€46.9m) and Florian Wirtz (€125m) to last season’s title-winning squad.
Arsenal have spent utter fortunes since bringing in Man City’s assistant manager. They have added to that with the signing of Kepa Arrizabalaga (€6m) so far. Undoubtedly there will be more. Hopefully their fans are happy with their achievements.
Chelsea, jumping through PSR loopholes left, right and centre, continue to tap their gold card against the reader with not only Pedro (€63.7m) but also Liam Delap (€35.5m). Oh, and Estevao (€34m), Dario Essugo (€22.3m), Mamadou Sarr (€14m) and Kendry Paez (€10m). For now, anyway.
Villa have signed a 19-year-old defender and Newcastle, for the first team, nobody. Neutrals will surely be praying that the patience of these clubs and others will ultimately pay off. Here’s hoping.