Premier League clubs spent a record £2.36 billion ($2.97 billion) on new players in the transfer window that closed on Friday night, according to analysis from Deloitte.
The transfer window, which was open from June 14 to September 1, exceeded last year's record £1.92 billion, with the top-flight clubs spending £255 million on deadline day alone, it said.
Premier League clubs were responsible for 48% of the spending across Europe's top five leagues including Spain's LaLiga, Italy's Serie A, Germany's Bundesliga and France's Ligue 1.
"A second successive summer of record spending by Premier League clubs suggests that year-on-year revenue growth could return following the pandemic," Tim Bridge, lead partner in Deloitte's Sports Business Group, said in a statement.
"Nearly three-quarters of Premier League clubs (14) spent more this summer than the last, reflecting the increased intensity of competition.
Chelsea have spent more than $1 billion in transfer fees since the new ownership led by American Todd Boehly and Clearlake Capital completed their takeover of the club in May 2022.
The London-based club broke the British transfer record for the second time in a year by signing Ecuador midfielder Moises Caicedo for a reported £115 million, eclipsing the £106 million they paid to sign midfielder Enzo Fernandez in January.
Champions Manchester City signed midfielder Matheus Nunes for £53 million this week, having brought Jeremy Doku for £55 million, defender Josko Gvardiol for £77 million and midfielder Mateo Kovacic for £25 million earlier.
Last season's runners-up Arsenal splashed out £65 million on forward Kai Havertz, followed by £105 million on England midfielder Declan Rice, while Manchester United spent £72 million on striker Rasmus Hojlund.
Newcastle United, who finished fourth last season, brought in midfielder Sandro Tonali for £55 million and winger Harvey Barnes for £38 million.
Nottingham Forest, who finished 16th last season, signed as many as seven players on deadline day.
According to the report, almost half of the transfer fees received by Premier League clubs from overseas came from the Saudi Pro League club (SPL), which has the fourth-highest transfer spend of any league globally.
"The emergence of more active participants in the global transfer market has the potential to accelerate clubs' efforts to establish financially sustainable business models," Calum Ross, assistant director in Deloitte's Sports Business Group, said.
Reuters