A new report has revealed the staggering amount Premier League clubs spent during the summer window transfer.
AFP reported that EPL clubs shattered their single-season spending record during an incredible £1.9 billion ($2.1 billion) spree during the summer window.
Deloitte’s Sports Business Group estimated the gross spending by the 20 English top-flight clubs during the transfer window that ended on Thursday was the highest in the history of the competition.
Despite the cost-of-living crisis gripping Britain, Premier League teams needed just one window to break the £1.86 billion mark set in the summer and winter transfer periods combined during the 2017-18 season.
According to Deloitte, the gross spend on a total of 169 players was also 34 percent higher than the previous record for a single window of £1.4 billion in the summer of 2017.
It was 67 percent higher than last year’s total Premier League summer window spend of £1.1 billion.
“Gross spend was so high among Premier League clubs this summer that, before this season’s January transfer window had taken place, the 2022/23 season already has the highest transfer spend since the two-window season began, exceeding the previous record by 3 percent (2017/18’s £1.86 billion),” Deloitte said.
Nine Premier League clubs spent over £100 million each as expenditure recovered dramatically after two seasons of decline caused by the financial fall-out from the coronavirus.
In total, the Premier League spent more than Spain’s La Liga, Italy’s Serie A and Germany’s Bundesliga combined.
Tim Bridge, lead partner in Deloitte’s Sports Business Group, said: “The record level of spending during this transfer window is a clear indication of Premier League clubs’ confidence, as fans return to stadia and a new broadcast cycle begins.
“It’s now become part and parcel of the Premier League that clubs are willing to pay significant sums to maximise performance.
“This season, the desire to acquire playing talent has reached new levels as the pressure for clubs to stay in the competition is higher than ever.”