Premier League clubs take summer spending to nearly £2billion with week to go

Premier League clubs have spent a fraction under £2billion in this summer’s transfer window already – with a week of business still to go.

Data released by financial services firm Deloitte showed that as of 12pm on Friday top-flight teams’ spending had reached £1.95bn.

That is already higher than the total, record figure calculated by Deloitte for last summer – £1.92bn.

Deloitte said spending was £500m higher this summer compared to the same point last year, suggesting the final total could be around £2.5bn.

Two of this summer’s deals so far have been worth over £100m – Arsenal’s signing of Declan Rice from West Ham and Chelsea’s recruitment of Moises Caicedo from Brighton.

Premier League clubs’ net spend is calculated at £825m by Deloitte, 25 per cent lower than last summer (£1.1bn), which the firm attributes to a more active global transfer market.

Calum Ross, assistant director in Deloitte’s Sports Business Group, said: “For the second year in a row, the summer transfer spending by Premier League clubs has surpassed the previous record and looks set to rise above £2bn for the first time before the window closes on September 1.

“This sensational level of spending appears to be the new norm for Premier League clubs. They are generating unprecedented levels of revenue, which for some clubs is combined with the receipt of significant investment from new ownership.

“As we approach the end of the transfer window, it remains imperative that clubs manage the buying and selling of players carefully and remain compliant with relevant financial regulations.

“Sustainable business plans are essential to support continued competitiveness and long-term growth.”

Chelsea’s spending in the last three windows – since a consortium led by American businessman Todd Boehly took charge – is believed to be edging close to the £1billion mark.