The New Kings of Europe;

Football's Balance of Power; The summer transfer window has shut, leaving a collection of broken records over transfers and expectations which is in many ways almost unrecognisable from the world of football so close to three months ago. With clubs across the continent tallying losses and measuring gains, it has quickly become evident of one thing: The old order is in ruins while the remnants of a previous power structures burn down as a new hierarchy rises from the ashes.The Saudi Effect While it may not have eclipsed the moves up through here, arguably the biggest one of this transfer window has been the sudden ascent of the Saudi Pro League as a financial superpower. Saudi clubs have conducted one of the most aggressive transfer spends in football history, backed by the Public Investment Fund with wages that no-one could reasonably turn down.That Neymar Had been signed from Paris Saint-Germain for a reported €90 million turned European football into a frenzy, but that was just the headline. As if the signings of Karim Benzema, N'Golo Kanté and Riyad Mahrez were not enough transfer talent, but a storm against European football's centuries-old dominance. Far from being faded stars seeking their last big payday these are world-class performers still able to play at the top level.The big question Hanging over European football is whether this is a blip along the way or the opening of a consistent challenge to the status quo. Which seems supported by early signs -- spanning multiple months -- of the latter with Saudi clubs already having their second wave of foreign recruitment planned. The financial gap between teams is so great that even erstwhile giants like Manchester United and Barcelona are being priced out of positions to sign players they would have considered straightforward captures as recently as twelve months ago. Premier League Dominance; Even with the Saudi; Threat, the Premier League is still the financial behemoth in world football, clubs spending more than 2 £ billion during the window. Such levels of investment have only reinforced England's position as the world's most competitive and entertaining league, but greatly increased its distance from other European competitions.Declan Rice's £105 million transfer to Arsenal from West Ham looks to be a statement of intent, however the once-mighty "big six" is no longer set in stone. The Gunners be broke the bank — always with an eye on quality rather than quantity, plugging crucial gaps — but aim to retain the muscles of a side that pushed Manchester City all the way last season.Manchester City added Mateo Kovačić and Josko Gvardiol and sold Ilkay Gündoğan to Barcelona while, as is their wont, responding to Arsenal's challenge with the equanimity of a defendant in court awaiting sentencing. Signing the Croatian defender for €90 million is a clear statement of intent as City defend their Champions League title.Chelsea's Grand Experiment; No footballing story illustrates the shifting sands of its famously dynamic transfer market better than Chelsea, however, and their new ownership continues to outdo themselves in simply how absurdly they are willing to spend. In just three transfer windows, Todd Boehly and Clearlake Capital have already spent in excess of £1 billion on players — a figure so extreme it borders on the unbelievable.Moisés Caicedo's; £115 million British record signing — after a summer-long quest for the Ecuadorian midfielder — does not solve question of Chelsea recruitment Now, the club boasts more than 40 players on their books – a bloated squad which manager Mauricio Pochettino has been forced to deport countless first-teamers from the training ground. This speaks to a longer term approach – they have been signing young talented players on long contracts that ensure some availability and help alleviate concerns around Financial Fair Play – but there is also the very real danger Chelsea are collecting talent without any overarching plan of how it all fits together. Embarrassment of riches is a very good problem to have, especially for the Argentinian and his side—the early signs are indeed encouraging but this will be an effort of monumental task in turning this individual group into a team.Barcelona's Financial Tightrope ; The Catalan giants dusty summer run has been one of sheer chaos, a wild and desperately confronting end to their unique edge over this long-suffering financial pillar. There's questionable business with İlkay Gündoğan snapped up on a free transfer, and loan signing João Félix (at least he wanted to join from Atlético Madrid), but the biggest problem is summed up in one move – that they were unable or unprepared to go out and sign Portuguese forward full-time despite his desire to move there.Selling Ousmane; Dembélé to Paris Saint-Germain for €50 million relieved the pressure, but there hasn't been much net transfer spend as the club tries to balance their books. The loan signing of João Cancelo from Manchester City gives defensive depth, but the club is still a long way off from the financial health to compete with Europe's elite clubs for transfer funds.Barcelona's ongoing ; Financial struggles have already seen them need to engineer multiple wage restructures just to register their summer signings, an especially complex situation given La Liga's rigorous financial guidelines. The on-loan move abroad for Ansu Fati to Brighton is a sign of either an acceptance that not all the brightest young talents in the squad can stay or a start of painful decisions yet to come.The German Revolution; Bayern Munich's summer has been all but framed by a single transfer saga that took centre stage throughout July and August: the Bavarians have made Harry Kane their marquee signing this summer. Bayern's original recruitment model has deviated more than ever with the eventual acquisition of the England captain for €100m, which marked a break from precedent and their emphasis on youth over other attractive signings.Finally, the signing by Bayern Munich from Napoli for €50 million of Kim Min-jae makes it clear that Bayern are also willing to compete with the top of Europe financially and that they want to restore their place as a Champions League contender. So while Bayern are not immune to the Saudi threat -- losing Sadio Mané to Al Nassr proved that -- but they have dealt with it in typically ruthless fashion, reinforcing their squad.IIC: Bayern Leverkusen's inspired capture of Xabi Alonso as manager, with the Spanish tactician building an exciting young team containing players such as Florian Wirtz and Jeremie Frimpong. The arrival of Granit Xhaka from Arsenal made it clear Leverkusen meant business, and with Alonso having guided the squad's development, they could mount a serious title challenge as they did during the trophy-laden Bundesliga past few years. The Italian Resurgence After a few years; Of decline in the Serie A, this transfer window has seen even more ambition and investment; Italian football looks as if it is on the up. The Nerazzurri loyal are hoping to make a title challenge thanks to Inter's signings of Marcus Thuram and Davide Frattesi, as well as the loan signing of Romelu Lukaku.Newcastle's capture; Of Sandro Tonali from AC Milan for €70m was a huge hit for the Italian outfit but they have spent wisely so far with Christian Pulisic and Ruben Loftus-Cheek headline making arrivals already in the door. These signings inject Premier League know-how and quality into the San Siro and would also indicate that Milan look to have something interesting being built under Stefano Pioli.One of the biggest; Deals that Napoli has done this summer is to simply keep hold of Victor Osimhen and Khvicha Kvaratskhelia, with the club needing them both in order to mount a challenge against incredibly stiff competition for their Scudetto title. Losing Kim Min-jae to Bayern Munich was a big blow, but Eintracht's acquisition of players like Kristopher Lenz and Jesper Lindstrøm suggests the recruiting department is still among the best in Europe.The Financial Reality; But the headline-grabbing figures hardly tell the whole story about football finances right now. The Financial Sustainability Regulations from UEFA represent perhaps the most ambitious attempt yet to bring order into a crazy world characterised by exaggerated footballer prices and transfer fees, with limits on the ability of clubs to spend more than 70% of their revenues on wages, transfers for players and agents' commissions.But the gulf between their richest clubs and the rest is only widening, with plans for a new Champions League that promises to pour more money into the coffers of those already well off in Europe while deepening divides elsewhere. The Premier League's domestic TV deal alone is bigger than the entire revenue of some European clubs, creating what can often feel like an insurmountable financial gulf.This is compounded by the fact that the Saudi intervention allows Middle Eastern clubs to offer wages and transfer fees that European clubs simply cannot afford, or at least not in competition with the wealth of the Premier League. That presents the first major threat the game’s more-established place in European football – which UEFA and the Premier League are still to properly respond to.Looking ForwardTime will tell how that impressive transfer window truly affects the state of play as the season progresses. We'll find out how the Saudi challenge translates on the field and at their gates, while the Premier League's financial strength will keep getting challenged by Europe's other growing leagues.The transfer window has been the reminder of how quickly in football the landscape changes, how power can shift quicker than one thought possible and that change is perhaps the only constant we have to navigate through football, ie the beautiful game. Whether this summer's changes are permanent or temporary is something we have yet to know; one thing remains certain: the game that we will watch this season will be a stark contrast from the game we watched last year and the year before it.With the business of the transfer window now complete across Europe's major leagues, focus will turn from the boardroom to on-field as new signings are judged not by cost but performances. The true value of this summer's spending will only be determined on the pitch, the new kings of European football either crowned or exposed.The transfer window has now closed but the ramifications of this summer's spending will echo around the footballing landscape for years to come. Click here

The New Kings of Europe;

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