Premier League clubs have broken the record for transfer spending during the January window with a £440 million ($542 million) spree, according to sports finance expert Deloitte. By Tuesday morning, the gross spending by Premier League clubs had surpassed the competition's previous high of £430 million ($530 million) in January 2018.
Funded by their new owners, Chelsea has fueled the English top-flight's record-breaking January. The Blues have spent around £180 million ($222 million) this month, with Ukranian winger Mykhailo Mudryk joining from Shakhtar Donetsk in a deal reportedly worth £88.5 million ($109 million). Chelsea also brought in forward David Fofana from Molde, defender Benoit Badiashile from Monaco, midfielder Andrey Santos from Vasco da Gama and PSV Eindhoven's winger Noni Madueke.
Netherlands forward Cody Gakpo joined Liverpool from PSV for £44 million ($54 million) in another big January deal. There is still one week left before the January window closes, leaving room for the new record to rise even higher.
In the January 2022 window, Deloitte said Premier League clubs' gross spend was £105 million ($129 million) with one week to go and finished up at £295 million ($263 million).
"January 2023 has already surpassed the record spent during any previous winter window as Premier League clubs look to reinforce their squads ahead of a crucial second half of the season," Calum Ross, assistant director in Deloitte's Sports Business Group said. "The 2022-23 season has seen clubs invest heavily in their squads, and to date this season Premier League clubs have spent more than £2.4 billion ($3 billion) on player transfers.
"New ownership and an availability of financial resources to pay significant sums to maximize performance continue to be key contributors towards record spending levels. While this level of spending illustrates Premier League clubs' recovery post-pandemic, the importance of long-term financial planning and focus on financial sustainability should continue to be a priority."
The new winter record follows the record-breaking £1.9 billion ($2.3 billion) spent last summer.
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