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English clubs break $1 billion barrier in summer market

English clubs spent over US$1 billion this summer on new signings.

The record £500 million in transfer fees spent this summer was bankrolled by higher broadcasting fees and ambitious foreign owners, a report showed today.

The amount spent by England's top four divisions surpasses the previous record of £300 million shelled out in the summer of 2006, the report from accountancy firm Deloitte showed.

"New owners at Premier League clubs combined with the increase in broadcast payments to clubs for the 2007/08 season are key drivers of the unprecedented rise in spending," the report said.

Premiership clubs are set to receive around £300 million of extra broadcast payments from broadcasters including Sky and Ireland-based Setanta this season, taking the total to £875 million, Deloitte estimated.

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