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Premier League transfer spending falls
Business Digest: Free transfers and high income tax rates to blame
Premier League club spending in the summer transfer window has plummeted 22 per cent from last year.
The 20 football clubs in England's top flight spent a total of £350m this summer, down from £450m last year, business analysts Deloitte said.
Big spenders Manchester City made up 36 per cent of the total, splashing £126m, but they managed to recoup a reported £12m with the last minute transfer of Robinho to AC Milan.
Among the many factors weighing on the clubs' spending, director of Deloitte's sports business group Paul Rawnsley noted, was the financial failure of Portsmouth FC and higher income tax rates on players' pay packets.
This summer had also seen a number of high-profile players move on free transfers, including Joe Cole from Chelsea to Liverpool and William Gallas from Arsenal to rivals Tottenham.
Read a full report at BBC News ·
