David Owen: Balancing a £1bn profit with reality

I don’t know about you, but I always thought that company accounts were supposed to reflect financial reality.

Not, it seems, when the value of professional footballers is concerned.

Over the five years between 2008 and 2012, clubs competing in England’s Premier League booked a cool £1 billion-plus in net profits from the sale of players.

This means, in effect, that those players were undervalued by the same amount in the clubs’ balance sheets.

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