This summer has seen £835m spent on transfers by Premier League clubs, a record for a single transfer window.
The figure smashes the previous record of £630m from the summer of 2013 and equates to an overall net spend of £410m. A determined Manchester United topped the spending charts with an incredible outlay of £150 million, an English record that reflects the desperate need for the club to return to winning ways.
The inflated levels of spending reflect the financial power of Premier League clubs following the vast amounts of domestic TV revenue. The business advisory firm Deloitte described how this summer’s total is twice that spent by clubs in La Liga this summer.
Dan Jones, a partner in the sports business group at Deloitte, said: “This summer transfer window has again been one of records, with Premier League clubs spending more than in any previous transfer window.
“This summer has also seen the highest gross spend in a single transfer window by a single Premier League club and a new record transfer fee for an individual player in English football [Ángel di María, £59.7m]."
Although Di Maria’s fee exceeds any other deal this summer the likes of Alexis Sanchez (Arsenal), Diego Costa (Chelsea), Eliaquim Mangala (Manchester City) and Cesc Fabregas (Chelsea) all moved to the Premier League in deals worth £30m or more.
Jones added: “We continue to see the increased resources that Premier League clubs enjoy, as a result of improved broadcast deals, translate into investment in players.
“Last season the average Premier League club received over £25m more in central broadcast distributions than they did in 2012-13, which has helped fuel a new record spend this summer.”
Spending across the other top divisions of Europe saw La Liga splash out £425m with Italy’s Serie A next on £260m followed by the Bundesliga in Germany with £250m and France’s Ligue 1 with £100m.
As well as the increase in revenue being a factor in the record levels of spending, Jones also stated his belief that the World Cup has played a role in cash being splashed all over the world.
He said, “In a summer where the world’s best players were on show at the World Cup we have again seen how Premier League clubs are able to successfully compete on a global stage in terms of attracting talent.”
The vast amount of money circulating the world’s top leagues has made for an exciting close season, however, Jones was quick to warn of the dangers of over spending.
"With Premier League clubs in a stronger position to afford increased transfer and player costs than ever before, the key challenge remains pursuing their ambitions responsibly.
"Regulations are now in place at both a league and continental level encouraging clubs to balance their costs with revenue.
"We hope that while increased revenues continue to allow the league to attract top players, they will also result in a more profitable picture across the league in the years to come."
Financial Fair Play has officially become a reality in the modern game; however, with these vast revenue streams it looks likely that the Premier League’s biggest clubs will continue to spend freely for years to come.