Uli Hoeness, honorary president of German football club Bayern Munich, expressed his shock at the recent deals in the international transfer market, describing the record amounts paid during the summer transfer window as madness.

The 73-year-old Hoeness said at a special event of the German Football League in Berlin on Tuesday: “I was speechless about what happened in the last six to eight weeks in the international football scene.”

Hoeness described the volume of money involved as “complete madness,” adding: “At some point, people will say: Have they completely lost their minds?”

Bayern recently failed in attempts to sign German Florian Wirtz, who joined Liverpool, and Nick Voltiamad, who joined Newcastle, due to the financial power of English clubs.

English Premier League clubs spent £3 billion (4 billion dollars) on new signings during the summer transfer window, surpassing the previous record of £2.6 billion in 2023.

Hoeness said the German Football League (Bundesliga) should chart its own course and take a leading role.

He said: “We must show strength and not take money from Arabs or American investment funds,” adding that Bundesliga clubs should not feel compelled to accept such financing.

Regarding Bayern, Hoeness predicted a tough European campaign, saying: “I look forward to the next season because we will enter the Champions League like Hoffenheim. We are not on anyone’s radar.”

The German Football League awarded Hoeness an honorary prize for his services to professional German football.