Deadline day recap: Premier League clubs break spending record in frantic late splurge

Premier League clubs spent a record total of £2.36 billion ($2.97 billion) on new signings in the recently completed transfer window, according to specialists Deloitte.

The transfer window, which opened on June 14 before closing on September 1, soared beyond last year's record £1.92 billion, with the top-flight clubs spending £255 million ($320.99 million) on deadline day alone.

Premier League clubs are responsible for 48 per cent of the total spending across Europe's top five leagues, which includes La Liga, Serie A, Bundesliga and Ligue 1.

"A second successive summer of record spending by Premier League clubs suggests that year-on-year revenue growth could return following the pandemic," Tim Bridge, from Deloitte's Sports Business Group, told the BBC.

"Nearly three-quarters of Premier League clubs (14) spent more this summer than the last, reflecting the increased intensity of competition.

"There continues to be pressure on clubs to acquire top talent to satisfy their on-pitch objectives, whether that's qualifying for European competition or simply maintaining their position in the Premier League."

Chelsea have spent more than £1 billion since the new ownership led by Todd Boehly's Clearlake Capital completed their takeover of the club in May 2022.

The Blues broke the British record for the second time in a year by signing Ecuador midfielder Moises Caicedo for £115 million, surpassing the £106 million they shelled out to sign Argentine Enzo Fernandez in January.

Interestingly, only two of Europe's 'big five' leagues spent more on transfers than they received - the Premier League and Ligue 1. Also, according to the BBC, there were 13 Premier League transfers valued at £50 million-plus, which is more than the previous