Premier League clubs 'wasted' £1.2bn on transfers
25 February 2014 Last updated at 10:38 GMT
Premier League football clubs have "wasted" £1.2bn over the last ten years through buying and selling players, a financial analyst has told the BBC.
Stephen Clapham calculated the difference in cost between the money clubs spent in buying players, and the amount gained through transfer sales.
Mr Clapham said the only three clubs to make a profit were Watford, who only competed in the league for one of the ten seasons studied, Manchester United and Arsenal.
He told BBC Radio 4's Today programme this proves "it's not necessary to lose money on buying and selling players" in order to find success on the pitch.
First broadcast on BBC Radio 4's Today programme on Tuesday 25 February.