So despite the country being in the grip of recession and the government's austerity measures starting to bite the Premier League continued to spend money like it is going out of fashion.
It is little wonder the bolshie Premier League is looked on with distain by their European cousins and disgust by those not totally enamoured with the game (as well as some who are) when they throw money about like some crude, nouveau riche lottery winner.
The transfer window, for all its Sky driven last day excitement, isn't good for the health of the game. It puts pressure on managers, chairman and players, with desperation levels driving up prices and irritating owners already itchy trigger fingers. Lessons are not heeded and just a year after Portsmouth became the first Premier League side to go into administration the January window smashes all previous spending records.
Chelsea perhaps symbolise the new age of financial irresponsibility, backed up by the safety net of a billionaire owner who could withdraw his support on a whim. The Premier League betting predictions suggest they will continue to do well for now, but that can't go on forever.
They day they spent £72million on Fernando Torres and David Luiz was also the day they announced losses of £68million, despite winning the double and only bringing on one player on a free transfer in that time. The football odds may indicate they will do well in the short term, but longer term problems await.
The Blues pr machine massaged the figures and somehow came out with the headline that they were 'cash positive'. But with UEFA's financial fair play rules coming into play from the summer Chelsea have some serious work to do if they are to fit in with the new rules.
But operating within financial boundaries is not something the Premier League generally adheres to so I don't expect much to change.
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