If the English economy is suffering in the midst of the global economic crunch from recession and low spending, then Manchester City are trying to do their bit for Queen and country to offset the problem and put the British economy back on track. Less than 24 hours after the club signed Kolo Touré from Arsenal, almost in the same breath they offered a further 19 million pounds sterling for the Everton defender Joleon Lescott.

Touré, who is now Manchester City's fifth squad addition this summer, has cost the club 14 million pounds, which took City's total spending tally to about 100 million. Only Real Madrid have surpassed them so far this year.

According to the Times of London, the Ivory Coast defender, (28) was handed a four-year contract worth 90 000 pounds a week. Manchester are not satisfied with only one defensive reinforcement and have targeted Everton's Lescott after failing to land John Terry from Chelsea.

Everton, however, have rejected the bid, City's second for Lescott, and Everton manager David Moyes continueds to insist that Lescott's price tag is no less than 30 million pounds.

Meanwhile, Liverpool have told Real Madrid that they have no more than 48 hours to fork out 32 million pounds to complete the signing of Xabi Alonso as the Merseyside club and supporters have had enough with the procrastination of the saga. 

On July 27, Real Madrid president Florentino Perez is complained that Liverpool's evaluation of Xabi Alonso was "unreasonable" and that they were in a way trying to extort the club, simply because Real Madrid wanted to sign a local player.

But his pleas for Liverpool to reduce the price have fallen on deaf ears, Liverpool's response has been to issue Real the 48-hour ultimatum.