Premiership clubs ruled against importing talent in this summer's transfer window.
Gross spending by Premier League clubs since the end of last season was down £50m on the £500m spent last summer. But the telltale figure is net spending, the money going out of the Premier League, which is down to £80m, according to Deloitte’s sports business group.
Deloitte’s Paul Rawnsley told the Daily Mail: "Historically, English Premier League clubs have always been net importers because their revenue is so great. But overall net spend is significantly down this year, largely helped by the money from Real Madrid for Cristiano Ronaldo and Xabi Alonso."
Like any other industry, football is concerned about the future, unsure about how fans, advertisers and sponsors will react as the recession drags on.
Leading agent Leon Angel said: "People are nervous and the main reason is the economy. Clubs have wanted to reduce their pay roll which has led to deals of lower value. There has been less money around and clubs have generally been more careful because of the risk income may be further reduced."