Fashion and Lifestyle

Every Football Fan’s Nightmare: When Billionaires Bought the Game We Love

The Beginning of a New Era

When Chelsea was bought by Russian billionaire Roman Abramovich in June 2003, it forever changed the face of the game we love (1). The deal, completed in a mere 15 minutes, saw Abramovich acquire the club for £140 million—£60 million for the purchase and an additional £80 million in debt that he immediately assumed (2). Previous owner Ken Bates, who had bought Chelsea for just £1 in 1982, walked away with a reported personal profit of £17 million.

Abramovich didn’t waste time. Before the 2003-04 season even began, he embarked on a £100 million spending spree, bringing in world-class players like Claude Makélélé, Hernán Crespo, Joe Cole, and Damien Duff (1). There was no way to compete unless your board was being bankrolled by, you guessed it, a billionaire. If your club had a fabulously good player, the worry was when would Chelsea swoop in?

Chelsea’s Spending Revolution

The financial might was unprecedented. In his first season, Abramovich’s Chelsea finished second in the Premier League—their best league finish in 49 years. For the 2004-05 season, he recruited José Mourinho from Porto and spent nearly £100 million more on players including Petr Čech, Arjen Robben, and Didier Drogba.

They took that money and bought themselves their first Premier League title in 2004-05, ending a 50-year drought. Chelsea won again in 2005-06. Argue whichever way you want; the club didn’t have the balance sheet to support all that spend. The investment, you could say, paid off, as they won further trophies: five Premier League titles, five FA Cups, two UEFA Champions League trophies, and numerous other honors during Abramovich’s 19-year reign. By the year ending June 2005, Chelsea posted record losses of £140 million, yet the trophies kept coming.

Arsenal’s Dilemma

Meanwhile, Arsenal was busy building a new stadium, the Emirates. Plans were announced in November 1999, planning consent secured in May 2002, and construction began in February 2004 (3). The entire project, completed in 2006, cost £390 million (4). Arsenal bid farewell to Highbury on May 7, 2006, with Thierry Henry fittingly scoring the final goal—a hat-trick to secure Champions League qualification over Tottenham with a 4-2 victory over Wigan Athletic (5). The first match at the Emirates was Dennis Bergkamp’s testimonial on July 22, 2006 (6).

That aside, no other club was able to match Chelsea’s spending power. While Arsenal was paying off stadium debt and operating under financial constraints, Chelsea was buying trophies with Abramovich’s billions. As a fan, what could you do? There was a time many Arsenal supporters hoped and prayed Alisher Usmanov would become our Abramovich. That would be tantamount to selling our souls.

The hurtful thing was watching Chelsea dominate all those encounters with Arsenal. Then their fans had the temerity to banter Gunners. “You will never sing that.” Call it capitalism or whatever type of economics you wish; for the ordinary fan it was a nightmare with no end in sight.

Manchester City: If One Wasn’t Enough

As if Chelsea’s financial dominance wasn’t enough, Manchester City was bought by Sheikh Mansour bin Zayed Al Nahyan’s Abu Dhabi United Group (ADUG) on September 1, 2008 (7)—not by the Saudi Royal Family as commonly misreported, but by the ruling family of Abu Dhabi in the United Arab Emirates. The takeover was completed by September 23, 2008, with Sheikh Mansour purchasing the club from former Thai Prime Minister Thaksin Shinawatra for more than £200 million (8).

The statement was immediate. On deadline day, September 1, 2008, Manchester City signed Real Madrid’s Robinho for a British record £32.5 million, beating Chelsea to his signature (7). It was just the beginning. Sheikh Mansour has spent over £1 billion on players and infrastructure since 2008.

They too would go on to win several titles: eight Premier League championships (including their first in 44 years in 2011-12), three FA Cups, six League Cups, and the UEFA Champions League in 2023. Roberto Mancini, Manuel Pellegrini, and Pep Guardiola built trophy-winning teams with virtually unlimited resources. The rise of the “noisy neighbours,” as Sir Alex Ferguson dismissively called them, was complete.

Financial Fair Play: Too Little, Too Late?

UEFA brought in Financial Fair Play (FFP) regulations, which were agreed upon in September 2009 and implemented at the start of the 2011-12 season (9). The premise was simple: clubs should not spend more than they earn, preventing them from falling into financial trouble. UEFA’s 2009 review had revealed that more than half of 665 European clubs suffered financial losses, with at least 20% in financial danger (10).

The regulations stipulated that clubs could lose no more than £60 million over a three-year rolling period (later adjusted). The Premier League’s Profit and Sustainability Rules (PSR), adopted in 2013, allowed losses of up to £105 million over three years.

But CFOs and their clubs got creative. Chelsea, Manchester City, and others found loopholes. Related-party transactions were scrutinized but difficult to regulate fully. Sheikh Mansour’s companies could sponsor City through Etihad and other UAE-linked entities, inflating revenue to meet FFP requirements. In 2014, both Manchester City and Paris Saint-Germain were sanctioned with €60 million fines (€40 million suspended) and squad restrictions, but it barely dented their ambitions.

The Punishment of Smaller Clubs

Meanwhile, smaller clubs like Everton—yes, Everton—got punished. In November 2023, Everton was hit with an unprecedented 10-point deduction for breaching PSR (later reduced to six points on appeal in February 2024) (11). They recorded losses of £124.5 million over the three-year period ending in 2022, breaching the £105 million limit by £19.5 million (12).

In April 2024, Everton received a second points deduction—two more points—for a breach of £16.6 million in the 2022-23 assessment period (13). Nottingham Forest was also docked four points in March 2024 for similar breaches. These clubs, struggling to compete, were made examples of while the truly wealthy clubs either evaded serious punishment or had the resources to weather any sanctions.

Manchester City faces 115 charges for alleged breaches of Premier League financial rules between 2009 and 2018, but as of late 2025, no verdict has been reached. The case looms like a specter over English football, with many fans cynical about whether meaningful punishment will ever come to the Abu Dhabi-owned club.

Abramovich’s Exit and a New Chapter

Roman Abramovich’s reign ended dramatically. Following Russia’s invasion of Ukraine in February 2022, he put Chelsea up for sale on March 2, 2022. On March 10, 2022, the UK government sanctioned Abramovich, freezing his assets and claiming proof of his links to Vladimir Putin.

After a complex three-month process, Todd Boehly’s consortium completed a reported £4.25 billion takeover on May 30, 2022—a world record for a sports team (1). The proceeds were frozen pending assurances they would go to humanitarian causes in Ukraine. Abramovich wrote off £1.5 billion in loans to the club.

Ironically, Boehly’s Chelsea has continued the spending spree, exploiting loopholes by signing young players to extremely long contracts (8-9 years) to spread transfer fees across longer amortization periods. UEFA eventually closed this loophole, capping amortization at five years, but not before Chelsea spent over £1 billion on player recruitment in a two-year period.

The Present State of English Football

And now? As of the 2024-25 season, the landscape shows intriguing changes. Liverpool and Arsenal—two clubs operating primarily on self-sustaining models without state or oligarch backing—are now dominant forces in the Premier League title race.

Liverpool, under Arne Slot following Jürgen Klopp’s departure, won the 2024-25 Premier League title through smart recruitment, excellent coaching, and sustainable financial management. Their success comes from matchday revenue, commercial deals, and strategic player sales, not from an owner’s bottomless checkbook.

Arsenal, having paid off much of their Emirates Stadium debt, are back challenging for major honors. Under Mikel Arteta, they finished second in both 2022-23 and 2023-24, pushing Manchester City to the final day. They’ve built their squad through careful investment within their means, developing young talent, and making astute signings. Arsenal’s revival proves that patience, excellent management, and a sustainable model can compete against the oil money.

Manchester City, despite their success, face existential questions. The 115 charges hang over every trophy they win. Their dominance, while impressive on the pitch, is forever tainted by the specter of financial irregularity. As Arsène Wenger once called it: “financial doping.”

Chelsea, under Boehly’s ownership, have spent astronomical sums but achieved relatively little, finishing 6th and 12th in their first two full seasons under the new regime. Their scattergun approach to recruitment has created a bloated squad and questionable team chemistry.

The Verdict

The nightmare isn’t entirely over. Billionaire owners still dominate the game’s upper echelons. Newcastle United was bought by Saudi Arabia’s Public Investment Fund in October 2021 for £305 million, adding another state-backed entity to the Premier League.

But there is hope. Liverpool and Arsenal’s recent success demonstrates that clubs built on sustainable models, passionate fan bases, and excellent football operations can compete. Financial Fair Play, while imperfect and inconsistently enforced, has at least created some guardrails. The heavy-handed punishments of Everton and Nottingham Forest, though arguably disproportionate, show regulators are willing to act.

Perhaps the true measure of a club isn’t its owner’s wealth but its ability to combine tradition, smart management, and authentic connection to its community. In that measure, Arsenal and Liverpool—for all their near-misses and heartbreaks—haven’t sold their souls. They’ve remained true to what football should be: a sport, not an investment vehicle for sportswashing or billionaire ego projects.

The game we love has changed, perhaps forever. But it’s not dead. And every time a sustainably-run club lifts a trophy, every time carefully-developed academy graduates shine, every time smart recruitment beats checkbook diplomacy—we’re reminded that football still has a soul. We just have to fight to keep it.

References

  1. Sky Sports. Chelsea takeover: Todd Boehly completes £4.25bn takeover as Roman Abramovich era ends [Internet]. London: Sky Sports; 2022 May 30 [cited 2025 Dec 28]. Available from: https://www.skysports.com/football/news/11668/12620985/chelsea-takeover-todd-boehly-completes-4-25bn-takeover-as-roman-abramovich-era-ends
  2. ESPN. Roman Abramovich sold Chelsea, but his legacy at the club and in England will endure [Internet]. Bristol: ESPN; 2023 Mar 1 [cited 2025 Dec 28]. Available from: https://www.espn.com/soccer/story/_/id/37628905/roman-abramovich-sold-chelsea-his-legacy-club-england
  3. Arsenal.com. When did Arsenal move to Emirates Stadium? [Internet]. London: Arsenal Football Club; [date unknown] [cited 2025 Dec 28]. Available from: https://www.arsenal.com/news/when-did-arsenal-move-emirates-stadium
  4. TFC Stadiums. Arsenal’s home grounds: Highbury & Emirates [Internet]. TFC Stadiums; [date unknown] [cited 2025 Dec 28]. Available from: https://tfcstadiums.com/arsenals-home-grounds-highbury-emirates/
  5. Goal. When did Arsenal leave Highbury? Last game at stadium, classic kit & move to Emirates explained [Internet]. Goal; [date unknown] [cited 2025 Dec 28]. Available from: https://www.goal.com/en-us/news/when-arsenal-leave-highbury-last-game-stadium-classic-kit-move-emirates-explained/bltdc73cc3b7808cd95
  6. Arsenal.com. Club moves to Emirates Stadium [Internet]. London: Arsenal Football Club; [date unknown] [cited 2025 Dec 28]. Available from: https://www.arsenal.com/history/the-wenger-years/club-moves-to-emirates-stadium
  7. Bleacher Report. The remarkable story of Manchester City’s rise under Sheikh Mansour [Internet]. San Francisco: Bleacher Report; 2016 Jul 18 [cited 2025 Dec 28]. Available from: https://bleacherreport.com/articles/2670212-the-remarkable-story-of-manchester-citys-rise-under-sheikh-mansour
  8. ESPN. How Man City changed football forever [Internet]. Bristol: ESPN; 2018 Aug 31 [cited 2025 Dec 28]. Available from: https://www.espn.com/espn/feature/story/_/id/24453863/how-man-city-changed-football-forever
  9. UEFA. Financial Fair Play: all you need to know [Internet]. Nyon: UEFA; [date unknown] [cited 2025 Dec 28]. Available from: https://www.uefa.com/news-media/news/0253-0d7f34cc6783-5ebf120a4764-1000–financial-fair-play-all-you-need-to-know/
  10. Howard Kennedy. Part 1: Balancing the books – an introduction to the UEFA’s Financial Fair Play rules [Internet]. London: Howard Kennedy; [date unknown] [cited 2025 Dec 28]. Available from: https://disputeresolution.howardkennedy.com/post/102i8q2/part-1-balancing-the-books-an-introduction-to-the-uefas-financial-fair-play-r
  11. Sky Sports. Everton points deduction appeal: Key questions answered as Premier League club’s deduction reduced to six points [Internet]. London: Sky Sports; 2024 Feb 26 [cited 2025 Dec 28]. Available from: https://www.skysports.com/football/news/11095/13081584/everton-points-deduction-appeal-key-questions-answered-as-premier-league-clubs-deduction-reduced-to-six-points
  12. Premier League. Commission publishes reasons for sanction [Internet]. London: Premier League; 2023 Nov 17 [cited 2025 Dec 28]. Available from: https://www.premierleague.com/en/news/3788486
  13. Premier League. Everton FC sanctioned for PSR breach [Internet]. London: Premier League; 2024 Apr 8 [cited 2025 Dec 28]. Available from: https://www.premierleague.com/en/news/3960088

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