Exchange Rates

In late September 2022, the British pound dropped below $1.04 against the U.S. dollar, the lowest exchange rate in the pound's history. Many of their highest-paid players had wages contractually denominated in pounds, but the players themselves were European, South American and African, and the international transfer market priced in euros and dollars. Manchester City had just signed Erling Harland from Borussia Dortmund. The Norwegian striker's wages were set in pounds. Chelsea were preparing a January spending spree of close to £300 million. Liverpool, Tottenham and Arsenal all face the same problem. The transfer market is global. The currency a club holds is local. Manchester United had a different version of the problem. The American owners, the Glaser family, reported financial results in U.