Harry Redknapp has revealed both Tottenham and Liverpool tried to sign Gareth Barry from Aston Villa this summer.
Manchester City paid £12 million for a player out of contract next year and offered a head-turning salary package to simply blow their Premier League rivals out of the water.
Liverpool have been long-term admirers of the England international while Redknapp wanted him to strengthen his midfield at White Hart Lane.
"This week, I tried to sign Gareth Barry," the Spurs chief said in his column in The Sun. "I felt he would be a good addition for Spurs and I knew we had to make a decent offer for a top England player.
"Liverpool were also prepared to make a big offer.
"But we have both been blown out of the water by Manchester City.
"They offered a far bigger transfer fee and are giving the lad much bigger wages. We could not get near.
"It’s certainly not Gareth’s fault that he is being given such a massive contract.
"But I believe the game could do one thing. I don’t see wages or transfer fees going down but English football could start putting something back into the community.
"It’s making my stomach turn at the amount of money swilling around in football at the moment. It’s obscene.
"While I benefit from a good wage, I’m embarrassed about it, to be honest.
"A lot of people in football are embarrassed.
"I never thought it would get this out of hand. The sums we are now talking to get good players are really, really crazy."