Premier League breaks all records with humongous spending in the winter transfer window

Premier League clubs spent a record £815 million ($1 billion) in a frantic January transfer window — nearly double the previous highest figure, according to sports finance experts, Deloitte. Deals came thick and fast in the final hours of the window on Tuesday, with big-spending Chelsea setting a new British record in signing Argentina’s World Cup winner Enzo Fernandez from Benfica for 121 million euros ($132 million, £106.8 million).

The gross spend was 90 percent higher than the previous record (£430 million in 2018) and almost triple the previous January window. Clubs from the English top flight also set a record for net transfer expenditure during a January window of £720 million. Combined with the record £1.9 billion spend during the summer transfer window, Premier League clubs have splurged £2.8 billion during the 2022/23 season, a new all-time high. Deadline-day expenditure by Premier League clubs of £275 million is also a new record for January, obliterating the previous mark.

Five of the top six revenue-generating clubs accounted for more than half of the total gross spend, with Chelsea responsible for more than a third of the total league expenditure.

The Premier League’s huge spending is backed by record revenues for broadcasting rights for the 2022-2025 cycle. For the first time international TV rights sales outstripped the figure for the UK domestic market, taking the total to more than £10 billion over three years.

Premier League clubs blew their European rivals out of the water, accounting for 79 percent of total spending across Europe’s major football leagues in January — the highest proportion ever reported.

Transfer spending fell across the rest of Europe’s “big five” leagues from 396 million euros in the January 2022 window to 255 million euros. The president of Spain’s La Liga, Javier Tebas, accused the majority of Premier League clubs of “economic doping”. He tweeted: “We read about the strength of the Premier League but it is not like that. It is a competition built on clubs making multi-million losses.”