During an astonishing £1.9 billion ($2.1 billion) buying binge during the summer transfer window, Premier League teams broke their single-season spending record.
The gross spending by the 20 English top-flight clubs during the transfer window that closed on Thursday, according to Deloitte’s Sports Business Group, was the most in the competition’s history.
A single transfer window was all it took for Premier League teams to surpass the $1.86 billion mark set between the summer and winter transfer windows combined during the 2017–18 season, despite the cost-of-living crisis engulfing Britain.
The gross spending on a total of 169 players, as reported by Deloitte, was also 34% greater than the previous record for a single window, which was £1.4 billion in the summer of 2017.
It was 67 percent more than the £1.1 billion amount spent by the Premier League during the summer transfer window last year.
“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.
After spending declined for two seasons due to the financial effects of the coronavirus, nine Premier League clubs collectively spent more than £100 million as spending surged back to pre-coronavirus levels.
The Premier League spent more money overall than the Bundesliga, Serie A, and La Liga combined.
Lead partner Tim Bridge of Deloitte’s Sports Business Group stated: “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.”
The rise in spending was sparked by Chelsea’s new ownership, Todd Boehly’s group taking over from Roman Abramovich.
Chelsea spent more than any other team in the history of the Premier League in a single window with a £255 million splurge.
They spent $53 million more than Manchester United, who spent $202 million, the next-highest amount during this window.
The fourth-largest move in Premier League history was United’s £82 million acquisition of Ajax attacker Antony on the final day of the transfer window.
Darwin Nunez, a forward for Benfica, might cost Liverpool more than that in the long run. The initial £67 million investment could wind up costing £85 million, depending on contract stipulations and add-ons.
The £70 million acquisition of French defender Wesley Fofana from Leicester by Chelsea represented the highest transaction made during the window.
Additionally, Boehly provided funding for transfers for Pierre-Emerick Aubameyang (£10.3 million), Raheem Sterling (£50 million), Kalidou Koulibaly (£33 million), and Marc Cucurella (£60 million).
In the top 10 most expensive signings in United history, Casemiro (£60 million) and Lisandro Martinez (£51 million) joined Antony at Old Trafford.
Champions Erling Haaland, a striker for Borussia Dortmund, joined Manchester City for £50 million, and he has already begun to pay back that investment with nine goals in five appearances.
Seven players were signed for over £50 million this summer, including West Ham midfielder Lucas Paqueta and Newcastle attacker Alexander Isak, while 19 players were signed for £30 million or more.
Even Nottingham Forest, which hasn’t played in the Premier League since 1999, spent an astounding £126 million on 21 players.
Deloitte only noted that a club spent more than £100 million after being promoted to the Premier League three times prior.