Last week we all flocked to defend Premier League footballers from the Conservative politician Matt Hancock and his pathetic, nakedly populist attempt to garner the praise and respect that his own watery intellect, failed promises and obfuscations cannot muster, by singling out footballers and suggesting they put their hands in their pockets for the NHS.
Why do people think Premier League footballers are overpaid? Mostly because the numbers are just so you-can-never-spend-it-all high, but also because being on a Joelinton-style six-year contract means the club has to pay your money regardless of if you are on top form or rubbish.
If you get injured for a few months, you still get your money. If you are ill, you still get your money. You have access to a gym, pool, massages and sauna at no cost. Most clubs even have a priest you can see for spiritual guidance. Because football is the most popular sport on earth, thus in the forefront of a lot of minds. Also, and importantly, the money they earn is guaranteed wages as opposed to winnings. Golfers, tennis players and boxers earn most of their income from prize money, or from endorsements which are a result of being a winner.
But what about F1 drivers? There are just a lot more footballers than F1 drivers and only six F1 drivers earn more in a year than Joelinton, who earns more even than Kimi Raikkonen, who has won 21 races and a championship.
On average, he is now 10 per cent of the club. People love him and his music. But what about movie stars then? Because they are contracted to perform to a standard based on past performances and their own personal commerciality.
Their remuneration is contingent on reaching that standard. If Joelinton never scores another goal in the duration of his six-year deal — which is his job as a striker — Newcastle United cannot expect such legal remedy.
Why is that a problem for people? Because other important elites who have also spent years honing their talent are rarely paid anywhere near as much. A political football is normally the cliche of choice when something that has nothing to do with football is booted back and forth between agencies attempting to deflect blame.
These are far from normal times, however, and in the past week football became political even though its practitioners are now self-isolating and invisible. Season suspended or not , Premier League players rounded on by a health secretary struggling to equip his own nurses know exactly how it feels to get a public kicking. There are, of course, wealthier institutions around the country than football clubs, and many millionaires and corporations that pay less tax.
But even when out of sight, the recipients of the stratospheric salaries common in the Premier League — and to a lesser but still significant extent in the EFL — are clearly too obvious a target to be ignored when the rest of the population is being asked to make sacrifices. As Gary Lineker bravely pointed out, though the scorn Tottenham and Newcastle attracted by cutting the wages of their non-playing staff while protecting the incomes of players was completely justified, it was a decision that came from the boardroom rather than the dressing room.
Self-inflicted public relations damage does not get much more glaring, yet it was the players who bore the brunt of the resentment, not the billionaire owners. Forcing pay cuts on the players, for instance, does not automatically free up money for the groundstaff or the caterers, much less for frontline health workers.
This makes it even harder to become a professional in a system that makes sure that everyone who makes it to the pro level is actually very skilled in playing the game. If you are interested in becoming a pro check out the article I wrote about How to Become a Professional Soccer Player. Supply and demand is one of the most basic theories of economics that helps you understand all the markets around you.
It also explains why soccer players are being paid so much. Have you ever asked yourself how the price of something is determined? Supply and demand is basically a relationship between the players skillful enough to become pros for the best teams in the world, and the clubs that hire those players. There might be a lot of players practicing the game,. What makes something valuable?
Something valuable is an item that everybody wants but not everyone can get because there are few of those. In technical words, when there is little supply but a huge demand the prices go up. On the other hand, when there is a lot of something, but nobody wants that something, the prices go down. So, big supply and small demand means prices are low. Remember that because it will be helpful for everything in your life from now on.
In soccer, there is a HUGE demand for skilled soccer players, which means that big clubs like Real Madrid, Liverpool, Bayern Munich are actively searching for players that might make a positive impact on their team. However, the supply of these players is scarce, meaning it is very hard to find a very skilled player. According to the rule of supply and demand when there is a huge demand and little supply the prices go up.
In fact, most of their wealth comes from multiple sources outside of soccer like advertisements, partnerships, and sponsorships. Having a big audience is important and definitely explains why soccer players are paid so much, but the big money is in sponsorships and they not only value how much audience you have but also see who is your audience?
This is because the audience of these sports are perceived as a luxury audience, which means players can get partnerships with luxury brands that are the ones that pay the big bucks.
The greatest example of this is tennis player Roger Federer. I wanted to give this example because it demonstrates that sponsorships have an enormous impact on how much an athlete can earn.
However, Roger is a unique example because, even though he is an excellent player, he has demonstrated magnificent skills managing his money outside of the pitch. The best example of this in my opinion is Cristiano Ronaldo.
Inside the soccer field, he is one of the best players in the history of the game, but outside he is also an underwear supermodel, a huge businessman, hotel owner, and philanthropist.
Cristiano has more than million followers on Instagram! He is the most followed person in the world. Just imagine how many millions he charges for sponsoring someone on his account. Soccer is different from golf and tennis, which is why historically soccer athletes are not the 1 best paid.
While golf and tennis sponsorships focus on the luxury target market, soccer sponsorships focus on reaching the biggest number of people possible. One advantage soccer has when analyzing endorsements in comparison to other sports is that the image soccer players project is more versatile and flexible. As a soccer player, you can promote a streetwear brand as well as a luxury brand like Rolex with few limitations because your audience spectrum is extremely diverse considering the number of people around the globe that watch soccer.
Put into simple words, inflation is the sudden increase in the prices of products. Instead, it is because money is devaluating from its past value. In the case of soccer, players are not necessarily getting any better and becoming more expensive because of that. Soccer is simply being affected by inflation, as well as every other aspect of the economic environment we all live at. Because money worths less now you need more of it to buy the same thing. I remember when Real Madrid bought Cristiano Ronaldo back in
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