Sky TV has made a mockery of the credit crunch after paying £1.3bn to screen live top-flight football.

Rupert Murdoch Empire retained the gold standard package without much of a fight - his BSkyB firm being the only one who could raise the astronomical sum.

The company gets its hands on 92 of the 138 matches up for grabs in an auction run by the Premier League.

While European Union rules prohibit an exclusive deal, Sky has clinched four of the six packages for the 2010-2013 seasons. These include premium television slots and the popular Sunday 4pm kick-off.

The Premier League confirmed the deal last night.

Sky's half-year results announced last week showed operating profits up 31 per cent to £385million and it's stock was up 2.6%.

Second bidding round

The League now holds a second round of auctioning for the remaining two packages involving Sky, Setanta and ESPN.

There are well founded expectations that the sum will surpass the £1.7billion raised for the 2007-2010 seasons.

Under the EU competition regulations Sky could buy five out of the six packages.

Competition is rife with ESPN, the Disney-owned broadcasting giant, joining the bidding and who are looking for a foothold in Europe after missing out on the rights to the German league - and Setanta who are desperate to keep the two packages it bought for £392million last time.

Football recession proof?

Commentators have watched carefully to see how the economic downturn will effect clubs and their lifeblood, TV money. There is sure to be an effect at the turnstiles, with average fan shelling out £30 to see a Fulham game, but as more supporters stay at home research shows they will pay the subscription.

£160million was spent in January's transfer window.

Last week BBC secured the future of Match of the Day until 2013 after paying more than £170m to renew its TV highlights rights deal.