Sept. 3 - The UK's Premier League clubs have smashed their transfer spending record as soccer proves it's largely recession proof. Sonia Legg asks where the money is coming from.
ATTN CLIENTS - RESENT WITH IMPROVED SOUND £42 million, £35 million and £33 million - just some of the transfer fees agreed by the UK's Premiership soccer clubs. The League smashed its summer spending record - shelling out £630 million. The previous record was £500m in pre-crisis 2008. Arsenal, Manchester United and Tottenham were among the biggest spenders along with Chelsea and Liverpool. Deloitte's Alex Thorpe says it's largely down to television. (SOUNDBITE) (English): ALEXANDER THORPE, DELOITTE'S SPORTS BUSINESS GROUP, SAYING: "Clubs can afford to spend more this year - we are going to see a new broadcast deal coming to the Premier League with total revenue increases of around £600 million across the league so what we are seeing is that money being spent on new players and new talent." Gareth Bale's £85m sale to Real Madrid was the highlight of the final day's spending frenzy. But the fact that Tottenham Hotspur spent the cash they got, and more, is perhaps even more telling. (SOUNDBITE) (English): ALEXANDER THORPE, DELOITTE'S SPORTS BUSINESS GROUP, SAYING: "Football has been remarkably recession resilient - I think that's the best way to describe it. If you look at the latest figures, the revenue for the Premier League was £2.4bln. With the new broadcast TV deals we think 2013-14 will be around the £3bln mark so it's had a very, very strong recession compared to other industries." There's plenty of player movement in other European leagues - Brazilian international Kaka is back at AC Milan after four years at Real Madrid. But outside England net spending varies greatly. (SOUNDBITE) (English): ALEXANDER THORPE, DELOITTE'S SPORTS BUSINESS GROUP, SAYING: "England is the highest net spender with around £350m but if you look at La Liga or Serie A, La Liga has actually brought in more money than it has spent and Serie A has more or less broken even so England is way out in front in both gross and net where there is a slightly more mixed picture in the other leagues across Europe." Match day takings and commercial deals have also boosted revenues at English clubs. And there's certainly no sign of an end to boom even though one player is now paid twice as much as his prime minister.