Early estimates suggest that football clubs spent a record on player transfers - like Robbie Keane's move back to Spurs from Liverpool - during the January transfer window - £160m - up about 6% on 2008.
Spending between Premier League teams over the past four weeks made up about £105m of the £160m, according to consultants Deloitte. It added that the total spending by Premier League teams in the January window had "again far exceeded that in other European leagues".
All this in the middle of a once-in-a-lifetime economic downturn. The huge sums prove once again that football populates a different economic reality to the rest of business and commerce.
Top clubs - by that I mean the 20 that make up the Premier League - are seemingly recession-proof at the moment. A monstrous international TV rights deal, bumper crowds and lucrative sponsorship deals all add up to lots of cash floating about the beautiful game.
But if the recession continues to bite over the summer and into next season will the picture look as rosy for the top clubs?
There has already been some indications that attendances are suffering because of high ticket prices and the numerous games. Will fans worried about redundancy or having just lost their jobs be able to afford next year's season ticket - well over £1,000 in some cases.
Will the occasional football watcher be prepared to stump up £50 for a ticket, as well as the extra cost of travel, food and merchandise. If the cost of living rises again then something has to give.
What about corporate sponsorship? Many firms may review their matchday hospitality packages and ask whether the box they entertain clients in on matchdays is proving true value for money.
Two Premier League clubs even lost their shirt sponsors this season, one unable to secure a new deal, the other a victim of travel firm XL going bust and therefore ceasing its sponsorship.
However, the fact remains that Premier League games are invariably played before full houses and demand to watch these games outweighs supply. The likelihood is that it will be clubs in the lower leagues that suffer, raising the prospect that the less talented footballers currently playing will be joining the dole queues with the fans that once cheered them on.
