TV money fuels spending binge

Cost of avoiding relegation forces clubs to open vaults

Fear of missing out on the English Premier League's huge television money bonanza in 2016 has vaulted transfer spending beyond $1 billion for the first time.

England's 20 elite clubs collectively spent just more than $1 billion on new players in the season's two transfer windows, financial consultants Deloitte revealed before the midseason transfer deadline fell on Monday.