Football Leagues Defy Recession, Pay Large Fees For Transfers
The sporting leagues seem to be the only business entities which are defying the global recession. First, the Indian Premier League cricket teams bought players at astronomical prices and showed that they are recession proof. Now, it is the turn of the English Premier League football teams.
The English Premier League side Manchester United announced on June 11 that they had accepted a world record transfer fee of $130M for the 24-year-old from the Spanish side. The news came in the same week that Real confirmed their capture of Brazil forward Kaka for $92M from Italian side AC Milan.