Football\'s transfer spending down by a 3rd

Football did not escape the effects of the Euro debt crisis as transfer spending was down by more than a third year-on-year, FIFA said Monday. Fifa said that the turbulent Global financial situation was cited as the main reason for spending cuts according to FIFA. Its report said "this (the fall in spending) could suggest that the effects of the global recession - for instance, distressed corporate sponsors, restrictive bank lending policies and reduced overdraft facilities for clubs - are being felt in the international football transfer market." The second reason was the implementation of the UEFA Fair Play Regulations. The new regulations prevent clubs from spending their way into making financial losses. "given the share of the European transfer market, the efforts of those clubs to bring themselves in line with the UEFA Financial Fair Play Regulations before the onset of sanctions for indebted clubs may contribute to a fall-off in transfer compensation rates."  The total payment for transfer and loan fees were $576 million in 2012, representing a fall of $294 million compared to 2011.