KPMG suggest the lack of big names coming to the UK could be due to the weakness of the sterling.

KPMG’s Football Transfer Monitor shows that in the most recent transfer window Premiership clubs net spending has fallen significantly – down to £82 million from £210 million in the summer 2008 transfer window.

Manchester City spending 'no surprise'

“Meanwhile, it is no surprise that Manchester City can continue to spend at such a high level given the strength of its financial backing. Of equal interest are clubs such as Sunderland, Birmingham, and Wolves who have occupied the higher reaches of the net spending table.

"Two are newly promoted whilst Sunderland were one of the lowest placed teams to avoid relegation from the Premiership last season. This level of investment in the current economic climate reflects the financial pressure on clubs to avoid relegation and their willingness to speculate to achieve this goal. Whilst relegated clubs will receive substantial parachute payments this is no match for the lucrative television and prize money on offer in the Premiership,” says Mesher.

Highlights of the Football Transfer Monitor for the Summer 2009 transfer window:

    * Clubs in the top three tiers of English football had net outlays of £12.5 million during this most recent transfer window, significantly down from £167.5 million in the previous year’s summer transfer window.

    * The reduction in spending is most starkly portrayed by the activities of the “Big Four” clubs with a combined net outlay of £45.2 million in 2008 turning to a net inflow of £75.3 million in the summer 2009 transfer window. Even allowing for the significant fee of £80 million paid to Manchester United for Cristiano Ronaldo this still leaves four of the traditionally biggest spending teams only marginally in the red.

    * The exception to this rule has been Manchester City which has comfortably topped the net spending table. Net investment is up £34.6 million on the previous year’s net spend to £98.0 million with average spend per player of almost £20.0 million, double that of the “Big Four” clubs.

    * Behind Aston Villa, Sunderland and Birmingham have the third and fourth highest net outlays of £19.2 million and £18.6 million respectively. Chelsea are the only “Big Four” club in the top half of the net spending table with the fifth highest net spend at £18.5 million, less than 20% of that of Manchester City.

    * The summer window has seen a decrease in transfer funds paid to non-English clubs. Of the total Premiership spend, 35% was paid to non-English teams, down from 47% in the 2008 summer window. Of the £162.5 million Premiership investment in players from non-English based teams, 8% went to the Spanish League compared with 35% of the £222.0 million sent overseas in 2008. Conversely, around 85% of transfer funds received by Premiership clubs from overseas came from La Liga, and in particular from Real Madrid.

    * Premiership clubs have attributed significant value to experience in the current transfer window with players in the 25 – 28 age range commanding an average fee of £8.6 million, up £1.8 million from last year. This trend is driven by a number of the “Big Four” club’s and all six of Manchester City’s summer signings falling in that category.

    * Forwards continue to be the most valued position for clubs in all of England’s top three divisions with average values in this position reaching just under one and a half times that of midfielders and defenders across the three leagues. Premiership clubs spent an average of £7.7 million on a forward.

It may be only a few years though before Manchester City and other clubs backed by wealthy owners can no longer be so dominant in the transfer market. UEFA President, Michel Platini, was recently reported to have said that clubs should be restricted to spending what they earn in football revenues.

Mesher commented: “Such restrictions could finally close the door on clubs aspiring to break into the Big Four. Larger stadiums and the development of a worldwide fan base in regions such as the Far East would have to become more of a priority for clubs to maximise revenues and increase spending power if new rules were put in place.”