ALL THAT GLISTENS IS NOT GOLD

So. The Community Shield is over, and the 11th encounter between Rafael Benitez's Liverpool Jose Mourinho's Chelsea went in favour of the Reds. A meaningless match for some, especially those Chelsea fans who stayed away and left the Blue half of the Millenium stadium unfilled, but there was plenty on display for the Premiership to ponder.

Inconceivable last year, but this season's Chelsea team looks thin on the flanks. Both in midfield AND defense. Geremi is a midfielder playing as a full-back, Paolo Ferreira looks uncomfortbale when run at, Joe Cole is a central midfielder played out of position on the wing, and Arjen Robben spends so much time on his backside one wonders if he has an inner ear problem.

On top of that, Frank Lampard has demonstrated that he has to be the dominant midfielder in the middle of the park, and his effectiveness is drastically reduced if this isn't the case. Given that Lampard had a disastrous World Cup alongside Steven Gerrard, the logic of signing Michael Ballack appears flawed. Lampard only shrugged of his torpor when Ballack went off injured in the 26th minute. By then however, he should have already received a red card for a petulant kick at Boudejiwn Zenden.

As at Real Madrid, it is painfully obvious that Claude Makelele is Chelsea's most important player, and that without him on the pitch they lack strength and discipline through the middle. It is unlikely that the dimunitive Frenchman would allowed John Arne Rise to pick up a headed clearance on the edge of his own box and run the length of the pitch before firing a 25 yard shot past Carlo Cudicini. A shot which Cudicini should have saved and Petr Cech would have. Even so, Makelele is 33 years old, and his motor will not continue to run forever.

According to some, Roman Abramovich's ambition - and so Chelsea's - this year is to win the European Cup. It is the one club trophy you really cannot win without Lady Luck on your side. All the money in the world cannot buy luck, and so come the end of the season Chelsea may still be looking enviously at the trophy with the big ears.

GOING ONCE, GOING TWICE.... HULLO? ANYBODY THERE?

Every summer, the opening of the transfer market is greeted with cries of pessimism. "The prices are overinflated," or "the top players only go to the top clubs, which is uncompetitive," they naysay. This year the Italian Serie A scandal threatened to turn the whole market on its head, with a veritable smorgasbord of talent hoping to leave Italy. As a result, prices should have been driven down, due to the laws of supply and demand. But has this actually happened?

To start with, just look at some of the players available at the start of the sales: Carlos Tevez, Javier Maschereno, Ruud Van Nistelrooy, Miroslav Klose, Michael Ballack, Franck Ribery, and Fernando Torres. And all those without even mentioning players based in Serie A! These players (Van Nistelrooy apart) all have one thing in common: they have all been linked with the Chelsea.

"The Chelsea effect: a transfer phenomenon where a club buys players it does not always need, or pays vastly over the odds for players because resale value is not considered. Observance of transfer regulations is not necessary. See Abramovich, Roman."

It is one of the worst kept secrets in football that Chelsea bought Shaun Wright-Phillips to prevent him for signing for Arsenal... £21 million for only 10 starts: not many clubs could afford that! Michael Ballack was also close to signing for Manchester Utd as a replacement for Roy Keane in a deep lying playmaking position, before an abrupt about-face brought him to Stamford Bridge. As soon as big clubs notice a player, his value triples as agents get involved and he is linked to Chelsea. A case in point: Franc Ribery. Playing in the French Lower leagues two years ago, two decent performances in the World Cup, one good season for Marseille, and he is linked with a move to Chelsea and valued at £24 million. Madness!

Prices have risen because of one club, or rather one man: Roman Abramovich. Within the Premier League, Man Utd have just paid £18.6 million for Michael Carrick. A fine player, but as yet unproven on the big stage. For that money, Alex Ferguson could have signed Patrick Vieira, Fabio Cannevaro, and David Trezeguet. All proven, high class players, in their prime, and capable of providing instant success. But the transfer fee itself is not the only problem. The players mentioned all command high basic wages in excess of £3 million a year. Not many clubs can afford that, especially now that the top Italian clubs (apart from Inter) have been removed from the mix.

Take the example of Atletico Madrid's Fernando Torres. The 22 year old striker has been long linked with a move away from the Calderon, but was never going to move from a club where he is first name on the team sheet in a World Cup year. Sitting on the bench at Chelsea or Barcelona is not known to help a claim for an international starting place! A decent showing during the World Cup has helped Torres keep his value, and Atletico let it be known that he would not be sold cheaply.Unfortunately for them, the Serie A scandal has meant that players like David Trezeguet or Luca Toni were available for less than the Torres' £25 million pound asking price. So there were no takers, and Torres has said that he will stay for the two years remaining on his contract. One can imagine the late Jesus Gil looking down in apoplexy! Effectively, this means that a little over 12 months from now, Torres can agree a pre-contract with whomever he wants, leaving Atletico with nothing to show for their nurturing of a potentially great talent.

Every post World Cup transfer market is usually extremely busy with players being traded to and fro, as the latest one tournament wonders are sold for big money. This year it hasn't happened. A combination of the Italian scandal and l'effet Chelsea looming over football like 2001's monolith has helped ensure that, in the short term at least, most clubs have managed to hold on to their coveted players. Although the Bosman law is an ever present danger, a lot can change in the next couple of years. Who knows, maybe salary caps and transfer budget controls will be in place sooner than we think...