(BT), and Gazprom (GAZP.RTS) who are unlikely to walk away from contracts. If anything, the bigger clubs are even managing to tighten their grip on the commercial market as they lure secondary sponsors. Liverpool has snagged a multimillion-dollar deal with Danish brewer Carlsberg (CARLB.CO), while No. 6-ranked Arsenal in London has expanded its deals to include sponsors such as French automaker Citroen (PEUP.PA) and Swiss watchmakers Ebel. Shrinking Sponsorship Deals Smaller, less economically diversified clubs, including some listed in the top 20 worldwide, are more at risk. They could suffer from a drop in corporate hospitality revenue and commercial sponsorship as companies look to trim costs. "Every investment is being scrutinized," says Steve Bradley, director of sports marketing and sponsorship at media consultants Hill & Knowlton. "What's appropriate now is very different from 12 months ago." Deloitte's Jones cites jersey sponsorship as a key indicator. After ailing U.S. insurer American International Group (AIG) said on Jan. 21 it wouldn't renew its $80.6 million deal with Manchester United after the 2009-2010 season, most analysts expected a number of blue chip names, particularly from the retail and telecom sectors, to offer top dollar to fill AIG's shoes. Yet after tour operator XL Holidays, the sponsor of English club West Ham, went bankrupt in September 2008, it took the club more than three months to find a replacement. Another English team, West Bromwich Albion, currently at the bottom of the EPL, has yet to find a jersey sponsor for the 2007-2008 season. "Everyone is looking very hard at their sponsorship deals," says Bob Mitchell, head of sports and sponsorship at London law firm Harbottle & Lewis. "Football remains a strong sports property, but we could see some [sponsorship] nonrenewals." Record Salaries for Top Players This pressure on earnings comes just as clubs are spending record amounts to attract the world's best players. According to Deloitte, EPL teams spent $227 million during the January 2009 player transfer windowa month-long period halfway through the domestic season that allows clubs to bring in new talent. That's $14 million above last year's previous record total and a staggering $142 million more than in 2007. "The level of transfer spending is far in excess of spending by clubs in other European leagues," says Paul Rawnsley, director of Deloitte's Sports Business Group. Much of the largesse is due to the Abu Dhabi United Group, the new cash-rich owners of Manchester City, who paid a reported $284 million for the northern England club. City's previous owner, former Thai Prime Minister Thaksin Shinawatra, was forced to sell after Thai officials froze more than $2 billion of his assets due to corruption allegations. Abu Dhabi United already has forked out a record-breaking $46.3 million on a four-year contract for Brazilian striker Robinho. The owners plan to spend similar amounts on other global stars in the near future. Yet for every billionaire willing to bail out a club like Manchester City, there are a number of teams, including many in Europe's top leagues, that may struggle to meet their soaring financial costs in a deteriorating