Spain’s qualification for next year’s World Cup finals in South Africa has brought a welcome distraction to a nation suffering more than most of its European peers from the economic crisis.

Wednesday’s 3-0 win over Estonia put the European champions through as Group Five winners and Vicente del Bosque’s highly-fancied side will be competing in their ninth straight finals since 1978 and attempting to win the World Cup for the first time.

The Spanish FA (RFEF) opted to play the Estonia qualifier in the ancient Roman city of Merida, capital of the struggling Extremadura region, and the local fans gave star players like Fernando Torres, David Villa and Iker Casillas a hero’s welcome.

Hundreds turned out in the blazing sunshine to welcome the players at their hotel on Tuesday afternoon and the 15,000-seater Estadio Romano was packed with boisterous fans for both Tuesday’s evening’s training session and the match.

Unemployment in Extremadura, the dusty region between Madrid and Portugal, is running at more than 20 percent compared with around 18 percent in Spain as a whole and the scores of empty shops in Merida, which boasts some of the world’s best-preserved ancient Roman ruins, are a stark reminder of economic hardship.

“We want to use the Estonia match to promote Merida and Extremadura,” city mayor Angel Calle said. “We will welcome the players as if they were 21st-century gladiators.”

The RFEF policy of playing matches away from major centres like Madrid and Seville is much appreciated by Merida locals, who rarely, if ever, get a chance to see star players in the flesh.

“I’ve never seen anything like this here in my life,” said 82-year-old fan Juan Jose Garrido Carroza outside the stadium on Wednesday. “This is a really big event, it’s hugely important for sure.”

The Spanish national side is not as popular in regions like Catalonia and the Basque Country but the cries of “Espana! Espana!” that rang out around the stadium at the final whistle in Merida are proof that in Extremadura at least they will always be welcome.

PHOTO: Spain’s Cesc Fabregas celebrates after scoring against Estonia during their World Cup qualifier at the Romano stadium in Merida, Sept 9, 2009. REUTERS/Jose Manuel Ribeiro

Much like a homeowner who decided to hold out for a higher offer and now finds himself stuck in a credit crunch, negative equity nightmare, Premier League side Portsmouth have made a highly regrettable financial faux pas.

Amidst the crazy antics of the January transfer window, Portsmouth decided to reject a 3.5 million pounds bid for midfielder Sean Davis from rivals Bolton Wanderers. On Wednesday he joined Gary Megson’s side for free.

Liverpool losing Steve McManaman to Real Madrid for free in 1999 when he would have certainly commanded a big-money transfer in the two years leading up to his exit, springs to mind as another high profile example.

Let us know if you can think of any others.

The papers are bustling with talk of Milan’s Brazilian playmaker Kaka being at the centre of a £100 million pound transfer to Manchester City, with half a million a week as the incentive. Credit crunch? What credit crunch?

As shops, banks and the housing market face the recession, Manchester City, now the richest club in the world after being taken over by the Abu Dhabi United Group, are showing no signs of being crunched.

But a look elsewhere in the Premier League shows that the credit crunch is very much eating through other clubs.

Chelsea manager Luiz Felipe Scolari said before the opening of the transfer window: “They (the board) understand I’ll need one or two players to replace some players.”

Chief executive Peter Kenyon dampened his hopes by saying a week later: “I don’t think we will be doing any business in the January transfer window”

Chelsea were close to signing Robinho for around £25 million in August and following the sale of Wayne Bridge to City for £12 million would seem to have the money available. Their stuttering form has led to calls from their fans for reinforcements but they would seem to be falling on deaf ears.

Bluechampion wrote on his blog: “Given that our forwards don’t deliver, given that we bother more about how we play than what we achieve, given that Scolari is unable to influence the match proceedings, no signings in January does not sound like good news.”

Premier League leaders (for now) Liverpool have delayed building their new stadium because of the “global market conditions” while you’d imagine Arsenal, who are redeveloping their old ground Highbury into property, must have been affected by the drop in house prices.

West Ham United’s owners have been stung by the collapse of the banking system in Iceland and Newcastle United owner Mike Ashley has taken the club off the “for sale” list after failing to find a buyer, something that would have been difficult to imagine merely a year ago, when perspective owners from around the globe were interested in buying Premier League teams.

It’s not like the league’s on its last legs or anything, but it certainly seems like there’s less money sloshing round … City apart, obviously.

PHOTO: Chelsea owner Roman Abramovich (R) and chief executive Peter Kenyon (L) look in opposite directions during a match at Bolton,  Oct. 7, 2007. REUTERS/Phil Noble