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Simply put, everybody out there has taken a massive hit. UEFA puts pandemic-related losses at €7.2 billion ($8.8bn) for Europe’s top-flight leagues spanning the past two seasons. The bulk of those losses have come in the Premier League, largely because they made the most money. But it’s not just the headline numbers; it’s a question of cash, too. When the stadiums shut, so too did the cash flow. Sponsorships and commercial income were also affected, and broadcasters asked for rebates.

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Having established that there’s only a handful of clubs capable of pushing the boat out — hypothetically, Real Madrid, Manchester United, Manchester City and Chelsea — you run into another problem. If you assume any deal for Kane will cost £120m (€140m), then you start entering Erling Haaland and Kylian Mbappe territory. The former has a release clause — thought to be around €70m ($85m) — that kicks in next summer, which means if Borussia Dortmund wanted to cash in, they’d be far better off arranging his exit now and making twice that (if not more). The latter has one year remaining on his contract with PSG. The Parisian club are hoping to extend the deal, but if that doesn’t happen, rather than losing him for zero next summer, they too are better off moving him now.

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