Who's going where, why in summer transfer market

	Luca Toni appears to be the first big signing in Bayern Munich's house-cleaning project. Owen Hargreaves is on his way to Man Utd. NewPress/Getty Images

By Nick Bidwell and Gavin Hamilton, Special to SI.com, World Soccer

Europe's richest clubs are preparing for what is likely to be one of the busiest summers ever in the transfer market. A combination of new television deals, new investors and new coaching regimes means major personnel changes are in the cards.

TV revenues continue to rise. In England, the Premier League's new deal with Sky and Setanta will net each club an extra $40 million on average. In Spain, Barcelona and Real Madrid will receive an extra $120 million each from their new broadcasting contracts.

Then there is the cash injection stemming from new administrations or financial restructuring. Liverpool manager Rafa Benítez has been promised at least $60 million by American owners George Gillett and Tom Hicks to spend on new players, and the Juventus board recently approved a $142 million recapitalization to make extra funds available for new coach Claudio Ranieri. The directors of Lyon celebrated a sixth straight French league title by adding $100 million to the club's budget for the 2007-08 season.

Not all the extra cash will be spent on transfer fees; player wages will eat up a large chunk. Manchester United has already spent heavily by re-signing Cristiano Ronaldo to an improved five-year contract with reported wages of $240,000 a week. That's a total outlay of more than $62 million. But despite the Portuguese star committing his future to the club, Real Madrid is insisting that he could still join it this summer.

"We knew it could happen," Madrid's sporting director Predrag Mijatovic said after Ronaldo agreed to the United deal. "All we can do is see what happens in the summer. I know it will be very difficult, but nothing should be discarded. In football these days, what happens one day can be changed by the next."

Madrid's coaching situation is uncertain. The local media expects José Mourinho to be installed at the Bernabéu, even though Fabio Capello may well have delivered the league title for the first time for four seasons.

Whoever is coach, the Madrid hierarchy is planning major player signings. President Ramón Calderón, whose time in charge has been beset by problems, is desperate for a high-profile, trophy signing to boost his reputation. Cristiano Ronaldo was the obvious target, but now Kaká has also entered the picture. Last summer, during Madrid's troubled presidential election campaign, Calderón pledged to sign the Brazilian if he got the job. The chances of him finally delivering on the promise depend on whether or not Milan manages to sign Ronaldinho from Barcelona.

Valencia striker David Villa is a more realistic target for Madrid, along with Chelsea winger Arjen Robben and Werder Bremen midfielder Diego.

Madrid is close to signing defender Christoph Metzelder from Borussia Dortmund, but face tough decisions over the loan-swap deal with Arsenal of José Antonio Reyes (currently at the Bernabéu) and Julio Baptista (in London). Neither is wanted on a permanent basis by either club, so both face the prospect of starting the new season somewhere else.

Madrid is likely to readily find takers for forward Antonio Cassano, midfielder Emerson and defender Francisco Pavón, with the latter already close to joining Bolton.

Meanwhile, the Bernabéu is set to say farewell to its last two foreign Galácticos: Roberto Carlos, whose contract is not being renewed, and Los Angeles-bound David Beckham. There is also speculation in Madrid that World Player of the Year Fabio Cannavaro is keen on a return to Italy, having not enjoyed his first season in La Liga.

Madrid sports daily Marca recently published the claim that Argentina forward Javier Saviola has agreed to become the first player to switch between Barcelona and Real Madrid since Luís Figo in 2000. Saviola expects to leave Camp Nou when his contract expires this month.