Football finances have reached new levels of madness: but the economy benefits from these ridiculous transfer fees and fantasy wages:

Torres laughing all the way to the bank, but not worth £50million

One wonders was part of the purpose of invoking a football "transfer windows" to induce days just like February 1st: clubs making panic buys and paying ridulous sums for (very) good, but not "out of this world" players?

Football has always bucked economic trends — and indeed employment trends, with no freedom of movement as exists in other industries — but yesterday brought a level of spending that came as a surprise even to those in the game.

There will be public distaste for the idea of Chelsea buying Fernando Torres from Liverpool for a British record fee of £50 million and then paying him £175,000 a week over the course of a five-year contract. There will be even greater disbelief at Liverpool’s decision to reinvest that money by spending £35 million on Andy Carroll, a

Carroll: a very good striker, but worth £35m?

22-year-old who has scored just 14 goals in the Premier League and has made just one international appearance for England.

But football plays by its own rules. It has always invited public condemnation, as recalled on last month’s 50th anniversary of the decision to allow footballers the right to negotiate their market rate, which meant the abolition of a £20-a-week maximum wage.

Chelsea's billionaire benefactor Abramovich and players

Football's finances helps economy

There are those who complain about the exorbitant wages paid to top footballers and yet have no problem with top Hollywood actors getting paid $20million per movie. Both are in the entertainment industry, performing in front of millions, so what's the difference? If Hollywood actors are entitled to be paid ridiculous sums, then why not top footballers? Before you get too indignant, remember that the sums lavished on and paid to Torres and Carroll do not come from the public purse. Clubs are not bailed out by government in times of crisis. While there is justifiable anger when tax bills go unpaid by impoverished clubs protected by football’s “preferred creditor rule”, these are not the clubs who pay six-figure sums each week. Also, the money trickles down through the game and, ultimately, through the economy in the form of taxes. 

NO NONSENSE:  Lord Sugar

Lord Sugar once said that the tendency of football to splurge the money it creates — through broadcast revenue, commercial deals, merchandising and ticket sales — is “the prune-juice effect”. But when it comes out the other end, it helps to keep the economy moving.