Global credit crunch affects Premier League finances

Arsenal chairman Peter Hill-Wood commented earlier this week about the expensive transfers football clubs are making. In light of the worldwide credit crunch, flexible spending is no longer that easy.

Hill-Wood stated, 'There is an awful lot of talk about big transfers and major demands of players but you will find throughout the UK and Europe that money is not quite as easy to obtain as it used to be.'

Regardless of the increasing gains for television broadcasting, financing may still remain tight for clubs.

Reports released by Deloitte & Touche stated that English clubs spent two-thirds more money on transfers last summer than the previous year. More than GBP 1 billion in wages was paid out in player salaries of the top 20 clubs. The overall debt increase between these clubs last season was GBP 2.47 billion.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.