It’s no secret that Wall Street likes to test the rules. Mortgage-backed securities, options pricing, credit risk, SPACs — all have been subject to what’s known as financial engineering. Now, it’s the turn of football.
Ever since a US consortium led by Clearlake Capital acquired Chelsea Football Club for £2.5 billion ($3 billion) in May, co-owner Todd Boehly has led a charge to outbid rivals for star players. The result was close to £600 million this season alone, more than the total spent in the French, Spanish, German and Italian top leagues combined during the recent January transfer window.
