Bayern Munich chairman Karl-Heinz Rummenigge insists they can still beat Premier League clubs to talent in the transfer market.

Rummenigge is proud of their deal for Benfica midfielder Renato Sanches, who was also wanted by Manchester United.

Of the Premier League's spending power, he told Münchner Merkur: "Lamenting is no use, I'm not fond of it. You have to do things and adapt your philosophy.

"This year we did this well. We have been ahead of the market. For example, when Renato Sanches was known at the European Championships, he had already signed with us. So we won because others had just planned their vacation.

"It was also important to equip our core players with long-term contracts. As a sign to all interested parties: With us there is nothing to pick up. The door is closed, and when it is closed, you cannot open any more.

"Football is still a piece of matter of the heart. For many club owners in England, I think football is more a hobby."