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DAVID ELLISBespoke JewelleryHatton Garden DirectTel: 07932 796446Email: bigdellis@gmail.comAs a jeweller based in Hatton Garden for over 30 years, I offer a service where my clients can enjoy my passion for fine jewellery and watches.With my considerable buying and supplying experience, trade connections and reduced overheads, I am able to supply bespoke, top quality jewellery and watches at prices up to 50% lower than on the high street.As part of my very personal service I can supply your jewellery and watches and deliver them to suit your time scale whether urgent or a surprise that needs more planning time.Confidentiality, discretion and quality assured.

BUSINESS BUSINESS BUSINESS BUSINESS BUSINESS BUSINESS BUSINESSWith Premier League spending in January's transfer market down significantly from £190.5 million in January 2009 to £44.8 million in January 2010, and little major activity elsewhere in the Football League, does this beg the question that football is entering recessionary times?Financial uncertainty exists for a number of UK football clubs and the plight of Premier League Portsmouth FC and Championship Crystal Palace FC may well be resulting in a new period of financial prudence amongst clubs. The lack of spending in general in the January transfer window would certainly seem to back this up, as nearly ¼ of the total amount spent was attributable to the transfer of Chris Smalling from Fulham FC to Manchester United FC.Salary capsThe financial plight of clubs has been a hot topic at governing body level, and in January 2010 UEFA continued to raise concerns about excessive spending pointing out that nearly half of all European clubs are running at a loss every year and as many as 20% of clubs spending as much as 120% of their revenue per season. Of particular concern was the fact that as many as 1/3 of clubs are spending 70% or more of their revenues on player salaries. With salaries at such a high level it is perhaps no surprise that the January window did not deliver the usual level of transfer activity.Moreover, concern at the proportion of club revenue being swallowed up by player's wages has led to increasing calls for the introduction of salary caps into all levels of professional football. Currently clubs in League 2 can only spend a maximum of 60% of their turnover on player's salaries and this system is still in place in the MLS in America, in professional rugby in the UK and in many other sports. The introduction of a salary cap along these lines has received widespread support in recent months, with the likes of Wigan Chairman Dave Whelan, Michel Platini and Football League Chairman Lord Mawhinney all speaking out in favour.Lord Mawhinney, the outgoing chairman of the Football League, believes a salary cap is inevitable among the league's member clubs.He told the BBC's Late Kick Off programme: "The business model of professional football in this country doesn't work, it's broke and you see that reflected in the administrations and all the rest of it."I have some clubs in the Football League who are paying up to 85% of their income in wages."I don't care how great you are, you may be the best business entrepreneur the country has ever come up with, but you cannot run a sustainable business with that sort of model."I think I have given the issues a reasonable profile and I think even those who don't approve of me would probably concede that. Our Championship clubs in particular are not yet ready to commit but it'll happen because what is going on presently is not sustainable in the medium term."Out of controlPerhaps more significantly, and even more surprisingly, the Chairman of mega-spending Manchester City is also an advocate:With a wage payout in excess of £100million a year, Khaldoon Al Mubarak says finance in football has spiralled out of control.Reflecting on a more controlled outlook in America, where teams have a limit as to the Transfer market in meltdown?The business Sunderland Chairman Niall QuinnWages should not exceed a certain percentage of our turnover. Anyone who breaks that should be docked points.14SPRING 2010