Premier League clubs splurge record £1.9bn in transfer window
Premier League clubs spent a record £1.9bn in the recent transfer window, representing 49 per cent of spending among the continent’s top leagues.
The English top flight was responsible for 49 per cent of spending in Europe’s ‘big five’ leagues (England, France, Germany, Spain and Italy), and it was 67 per cent higher than the previous highest window £1.1bn
Figures released by Deloitte’s Sports Business Group show the £1.92bn splurged out from clubs such as Manchester City, Chelsea, Arsenal and Manchester United was the first time ever net spend was over £1bn in the Premier League.
Some clubs have come in for criticism for spending so much money as millions of Brits face the prospect of rising energy bills and fuel poverty.
While gross spend increased in all of Europe’s big five leagues, up 52 per cent from €3.0bn in 2021 to €4.5bn this year, Premier League sides were responsible for almost half.
Premier League clubs’ gross spend £1.90bn (€2.2bn) stood at almost three times their closest peers in Italy’s Serie A , £647.89 bn (€749.2m), and more than four times Germany’s Bundesliga £418.64bn (€484.1m).
In addition to the top flight, the second tier, the Championship, also had its gross spend more than double the previous summer, but it was still below pre-Covid levels.
Deloitte said a key driver of the eye-watering spending in the Premier League was new ownership at Chelsea and Newcastle. The Blues which spent the most (£157.8m more than last summer) and Manchester United, who dished out more than £202m after bringing in high-profile new manager, Eric Ten Hag.
Newly-promoted side Nottingham Forest also splurged the cash, bringing in almost an entire new team for £126m.
Tim Bridge, lead partner in Deloitte’s Sports Business Group, said “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.
“Recent years have demonstrated the risks of clubs sustaining high levels of spend while failing to get their financial house in order.
“Particularly in the current economic climate, as costs begin to rise, the importance of retaining financial stability off the pitch should be as much a focus for clubs as ensuring their success on it.”