too right it is a lot of money however the money is made back through prize money for league finishes, cup wins, attendances throughout the season, t.v rights, merchandise and most importantly overseas sales. Manchester Utd and Chelsea make hundreds of millions per year from sales of shirts and kits in places like Malaysia and China. That is why they go on pre season tours there. Sometimes these clubs will sign an Asian player to boost sales even though the Asian player hardly plays.
To me football is like religion. It has the ability to make vast amounts of money from its fans/congregation. For example Man Utd makes over three and a half million pounds for every home game played. You are right that they should have salary caps on players but then who gets the money? It would otherwise go to club execs, business men and owners. What really needs to happen is a reduction in costs across the board for match tickets and shirts etc but as long as fans are willing to pay the money, which they are, then nothing will ever change.
I can see by your coat my friend you're from the other side. Just one thing I got to know. Who won?