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How exchange rates affect the Prem

Four months ago, the British pound stood at around £1.30 against the Euro. On Tuesday, it slipped as low was £1.09. Around the same time, a pound was worth $1.49, whereas this week it slipped to $1.21. As I write this on Wednesday, it's around £1.11 with the Euro and $1.23.

Why does this matter in a football column? Well, because the single biggest expense for most football clubs is player costs, both transfer fees and wages. And Premier League clubs tend to acquire a disproportionate number of players from abroad with fees negotiated almost exclusively in Euros or dollars -- the latter especially in South America.