Premier League clubs transfer spending drops considerably

London: Premier League clubs spent 119 million pounds less on transfers this close season compared to last year, according to a report into their transfer dealings.

Geoff Mesher, head of the Forensic Sports Industry Team at accountants KPMG, told Reuters in a telephone interview that Premier League clubs` net spending fell significantly from 210 million pounds in 2008 to 81 million pounds this year before the deadline closed on Tuesday. "There are a number of reasons, but it is not just because of the world financial situation," he said. "Football clubs are very powerful, independent businesses but, apart from Manchester City in England and Real Madrid in Europe, most clubs have spent significantly less.”"As far as English clubs are concerned there are a number of reasons, including the exchange rate between the pound and the euro and the tax situation in England.” "Even though you may be a player earning 100,000 pounds a week, those matters can affect whether you come to England or move to Europe and some big names have decided to stay in Europe." He added in the report: "Generally, clubs have been acting with greater financial care in the current economic environment.” "The lack of big name players arriving in the England might appear strange given the recent success of English clubs in Europe, with three of the four semi-finalists in the last three years of the Champions League being English, but the reasons are purely financial." Bureau Report