FERNANDO TORRES has completed a £50m move from Liverpool to Chelsea. It has smashed the record for a transfer between British football clubs and will put £175,000 a week in the Spaniard’s pocket.

Liverpool say he left by mutual consent, Chelsea were willing to stump up big money for him, and Torres was in line for a substantial pay rise.

However, the deal wasn’t finalised until little over an hour before the transfer window closed. Apparently, the major sticking point in negotiations was over image rights.

In the lucrative world of advertising and sponsorship, the price tag of a footballer is no longer based solely on their abilities on the pitch.

For those who become household names, their fame now has its own value. They become a brand, and controlling their image rights is one way to profit from what that brand is worth.

By including them in contracts, the player ensures they receive a percentage of the money other people make from using his image.

The actual value of an individual’s brand is notoriously difficult to quantify, which is why it can often become a sticking point during negotiations. There is a market rate based on the value of other players of similar stature, but this fluctuates with each new transfer.

Ultimately, it comes down to the value the club sees in the player, versus the value the player sees in the club. In the case of Torres and Chelsea – a world-class player moving to a world-class club – there were bound to be expectations from both sides.

By now, the image rights agreement will be working hard. Merchandise featuring Torres’s picture will be winging its way to the Chelsea shop, his name will be emblazoned on the back of the club’s shirts, and joint commercial deals will be in negotiations. Torres has licensed the use of his image to Chelsea so he will get paid a chunk of what they earn from it.

It’s not an exclusive deal though, so Torres will continue to profit from licensing his image elsewhere too, including to personal sponsors like Pepsi.