Premier League spending for the 2015/16 season has surpassed £1 billion, for the first time in history.
With the January transfer window still open and more deals possible, this season's cumulative spending has already beaten the £965 million record from last year.
In comparison, the 2009/10 season saw the top 20 clubs spend less than half that figure, with just £480 million worth of transfers completed.
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What's causing the rise?
First and foremost, TV money.
The Premier League sold the rights to live games for £3.018 billion in 2013, whilst next season's deal that runs until 2019 will be worth an incredible £5.136 billion to the elite clubs of English football.
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Since its inception in 1992, the Premier League has become a global brand as the most watched football league in the world.
Almost two million people tuned in to watch the Manchester derby earlier this season - to be welcomed with a dire 0-0 draw - and as a result, clubs can also make a fortune from other avenues
Manchester United receive £75 million-a-year from their kit deal with Adidas, whilst Deloitte's recent money league revealed that 17 of the 30 highest-earning clubs in world football, play in the Premier League.
More is less
Despite the increasing wealth of the Premier League clubs, this season's football has been largely disappointing.
English football has always been renowned for its competitiveness and never has the mantra that 'anyone can beat anyone' been more accurate.
However, whilst Leicester City's remarkable rise has provided the story of the season - they currently sit top of the table, having narrowly avoided relegation last season - the Premier League no longer boasts some of Europe's finest clubs, with Manchester City the only likely qualifier for the Champions League quarter-finals.
There will be more
With the January transfer window still open, combined spending will push beyond the £1 billion mark.
West Brom striker Saido Berahino is reportedly attracting interest from three Premier League clubs, whilst the frenzy of the final hours of the window will inevitably lead to inflated transfer fees.
Do you think signing Saido Berahino would help Tottenham ensure Champions League qualification for next season? Have your say in the comment box below!