Premier League have broken yet another milestone which seemed impossible five years ago. The Premier League clubs have now officially spent a massive £1 billion in the current transfer window in their signings.
Premier League spending in a single season have reached £1 billion in 2015/16 season but the new record is for the summer transfer window alone as the Premier League clubs went for their targets irrespective of the cost for the player.
Top flight clubs have spent £870 million in summer transfer window and £172.65 million in winter transfer window last season but have already crossed the £1 billion mark still deadline day to go.
The signing of Shkodran Mustafi have helped Premier League achieve the magic figure. The new TV deal that was signed by Premier League last season meant the clubs went into the market with plenty of money and no restrictions to Financial Fair Play regulations as all the clubs were in healthy financial state thanks to the TV deal.
Manchester United have broke the world record fee to sign Paul Pogba from Juventus in a £120 million (including bonuses) and their cross-city rivals Manchester City have already spent a massive £170 million in the current transfer window. Meanwhile Arsenal who have joined the race slowly have also spent close to £100 million this summer and Chelsea are also expected to touch £100 million mark by the end of the window.
The might of English clubs’ financial power meant that they have inflated the market across Europe as small players were also signed for heavy transfer fees and the new deal meant more wages are available for the club to lure the best players in the world.
As many as 12 clubs in Premier League have already broke their transfer record in the current window and this continues the trend as Premier League set new spending record for fourth successive season.