Is the current inactivity in the transfer market due to clubs not having any money to spend.Is the Sky money and income through the gates just enough to pay the clubs wages, leaving nothing else to spend on players.Are we now seeing the effect of too much of the money that was swashing around football a few seasons ago being spent outside of English football and lost forever.Is the fact that many transfers were paid in installments now coming home to hurt the clubs as payments have caught up with no additional income.Are clubs being left with too many players on high wages (like us) and thus tying up income from Sky/gates/sponsorship.The only money that seems to be available is when clubs are bought out with new investment. Even this seems to be drying up. A year or two ago there were many buyers out there but now even traditionally top clubs with good potential for income from high gates have no buyers.There seems to be no liquidity in English football and usually, no liquidity in business means eventual bankruptcy.My opinion is that we are going to see a very flat market for the next couple of years as players contracts are allowed to run down for all but the top players, with clubs taking a hit on lost income from transfers by letting players go on free transfers. Even Chelsea have done this with Joe Cole.There will always be some wheeling and dealing but are we going too see more clubs relying on young players coming through or clubs going to places like central America for cheap imports.It will be interesting to see how Portsmouth go over the next 2 or 3 seasons. Will they steady the ship or will they sink out of sight.I think football is in for some hard times and we have to hope that PL football still interests the rest of the world as it does now because income form Sky is the only thing keeping football afloat at the moment.Randy Lerner is a shrewd businessman and I think he senses the storm clouds gathering and is battening down the hatches for the time being. Not being a traditional English owner, he will not throw more and more money in through loyalty/home town club/vanity or whatever. I do not see Mr Lerner being one to throw the towel in but I do see him as one that will ride out the storm.How patient will Villa supporters be if money is not being spent on new players.