Foreign exchange movements cost football clubs a Tevez

As Deloitte reported its Premiership club profit figures, foreign exchange specialist, Foremost Currency, says fluctuating euro exchage rates mean clubs could pay 18% more now for their European players than they were at the beginning of last season. The euro was 1.26 against the pound in September 2008, but rose to 1.03 at the end of the season last month. Consequently, the equivalent potential loss of £53m, based on KPMG's estimate that English clubs spent £295.6m in European leagues last year, means clubs missed out on the equivalent worth of a Kaka or Tevez, as a result of fluctuati...