Huge increases in TV revenues have had an inflationary effect on the European transfer market. Here are the 15 highest transfer fees, based on estimations from club and media reports, during the summer transfer market that ended Aug. 31.

PLAYER (NATIONALITY) TRANFSER FEE
1. Fernando Torres (Spain) $49.5 million

(F) Atletico Madrid to Liverpool

2. Arjen Robben (Netherlands) $48 million
(W) Chelsea to Madrid

3. Pepe (Brazil) $41 million

(D) FC Porto to Real Madrid

4. Wesley Sneijder
(Netherlands) $37 million
(M) Ajax to Real Madrid

5. Nani (Portugal) $35 million

(M) Sporting Lisbon to Manchester United

6. Owen Hargreaves (England) $34 million

(M) Bayern Munich to Manchester United

7. Darren Bent (England) $33 million

(F) Charlton to Tottenham

8. Franck Ribery (France) $32.5 million

(M) Marseille to Bayern Munich

9. Thierry Henry (France) $32 million

(F) Arsenal to Barcelona

10. Diego Forlan (Uruguay) $27 million

(F) Villarreal to Atletico Madrid

10. Florent Malouda (France) $27 million

(W) Lyon to Chelsea

12. Nikola Zigic (Serbia) $26.0 million

(D) Racing Santander to Valencia

13. Ryan Babel (Netherlands) $23 million

(F) Ajax to Liverpool

14. Ayegbeni Yakubu (Nigeria) $22.5 million

(F) Middlesbrough to Everton

15. Gabriel Milito (Argentina) $22 million

(D) Real Zaragoza to Barcelona

15. Simao Sabrosa (Portugal) $22 million

(M) Benfica to Atletico Madrid