Lowest spend on January transfers at £30m
Tue 2nd Feb 2010 | Money & Finance
Premier League spending in the January transfer window has dropped to a record low as debt-laden clubs cut back on new acquisitions.
According to research by Deloitte’s Sports Business Group just £32 million ($50million) was spent in the month-long window, which closed at 5pm (01/02/2010)
After several years of continued rises in the amount spent during the window, this year’s figures show an astonishing drop in the value of transfers being made. With over £170 million splashed out in last year’s window, the drop of £140 million highlights the extent of the financial squeeze is having on the football industry.
The £30 million figure spent this year is £5 million less than was spent during the first January transfer window back in 2003 which saw £35 million change hands.
The news was met with mixed reactions. Given the financial turmoil that many clubs are finding themselves it was anticipated that there would be an austerity approach and make do with the resources they have. However, the likes of Manchester City, Arsenal and Manchester Utd were all expected to spend after the clubs made it clear that there was money there to be spent.
It seems however, that Premier League clubs have suddenly realised they cannot keep borrowing and spending, to fuel rampant transfer inflation.
Then there is Arsenal, the one club to have generated a large pot of cash, have a manager who resolutely, for reasons of principle, is declining to spend it.
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