Premier League winner Leicester City has found a novel way to its keep transfer fees as low as possible — it has partnered with foreign exchange provider FairFX to manage its overseas expenditure.
The 2-year sponsorship deal “will see FairFX provide an exclusive service for all of Leicester City’s foreign exchange requirements, offering the Club highly-competitive exchange rates,” Leicester says in a statement on its website.
Following its Premiership win, Leicester City is more flushed with money than ever and has already broken its transfer fee record twice over the summer period — including the signing of Ahmed Musa from CSKA Moscow for £15 million ($20 million).
Leicester’s commercial director Ian Flanagan told City AM that even saving a little on such astronomical fees was worth it:
“It’s fair to say that when you look at the fees involved now, a saving of only a couple of minor percentage points can actually mean a significant amount of money being saved. If we’re buying players from overseas territories and doing deals in euros or dollars, which is how a lot of deals get done, having FairFX as our partner will hopefully mean we get the very best possible rates.”
The UK’s recent vote to leave the EU — which saw the value of the pound tumble — has already had an impact on Premier League transfer deals. West Ham failed to get Marseilles’ Michy Batshuayi when its £28.25 million bid was suddenly worth a lot less after the June 23 referendum, and, eventually, Chelsea swooped in and signed the player.
Leicester City kicks off the first game of the new Premier League season when it visits Hull on August 13.