Premier League clubs spend £1.9 billion, break expenditure records
Premier League clubs broke their previous single-season expenditure record with a staggering £1.9 billion.
In a staggering £1.9 billion ($2.1 billion) spending binge over the summer, Premier League clubs broke their previous single-season expenditure record.
The Sports Business Group at Deloitte assessed that the gross spending by the 20 English Premier League teams during the transfer window that closed on Thursday was the biggest in the competition's history.
A single transfer window was all it took for Premier League teams to surpass the $1.86 billion milestone established 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 % 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% (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 teams together spent more than £100 million as spending surged back to pre-coronavirus levels.
The Premier League spent more money than the Bundesliga, Serie A, and La Liga combined.
Deloitte's Sports Business Group lead partner Tim Bridge said that "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,” adding that “It's now become part and parcel of the Premier League that clubs are willing to pay significant sums to maximize performance.”
Furthermore, Bridge highlighted that "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 Chelsea Spree
The rise in expenditure was sparked by Chelsea's new ownership, Todd Boehly's consortium 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, which spent $202 million, the next-highest amount during this window. The £70 million acquisition of French defender Wesley Fofana from Leicester by Chelsea represented the highest transaction made during the window.
Nottingham Forest, which returned to the Premier League for the first time since 1999, posted a gross expenditure of £126 million on an astounding 21 players. Only three clubs have been recorded by Deloitte to have spent more than £100 million right away after being promoted to the Premier League.