Refinancing has left Manchester United and Liverpool short of transfer funds . An new era of Premier League football reigns according to finance experts . Real Madrid have spent $ 500 million on Valencia , Kaka and Benezma . Spanish clubs present serious challenge to English domination in Europe .
Refinancing has left Manchester United and Liverpool short of transfer funds . An new era of Premier League prudence reigns according to finance experts . Real Madrid have spent $ 300 million on Ronaldo , Kaka and Benezma . Spanish clubs present serious challenge to English domination in Europe .