English Premier League clubs spend record £3 billion in summer frenzy

LONDON – Alexander Isak’s British record £125 million (S$216.1 million) move from Newcastle United to Liverpool on Sept 1 completed an eye-watering summer of English Premier League spending.

The Swedish striker’s move, along with several other big-money deadline day deals such as Newcastle’s £55 million swoop for Brentford striker Yoane Wissa, meant the cumulative spend for the world’s richest football league during the transfer window reached over £3 billion for the first time.

Gross spending for the Premier League this season is already the highest ever, exceeding the £2.7 billion spent in the 2022-23 season, and the January window is still to come.

The 20 clubs have spent around £650 million more in this window than the previous highest summer spend in 2023.

It has not all been one-way traffic with clubs also recouping some of their outlay in sales, but the £1.2 billion net spend is also the highest ever – a 114 per cent increase on the previous summer and 13 per cent higher than the previous record in 2022, according to Deloitte.

“A third record-breaking summer of Premier League spending in four years sends a strong signal that, despite subdued spending across the rest of the continent, clubs have no plans to slow down their investment in the on-pitch product,” said Tim Bridge, lead partner in the Deloitte sports business group.

The financial muscle of the Premier League means it accounted for 51 per cent of the gross spend from the big five European leagues, which also comprises Germany’s Bundesliga, Spain’s La Liga, Italy’s Serie A and France’s Ligue 1.

The average net receipt of the other four leagues, according to Deloitte, was €90 million (S$135.3 million).

While the Premier League splurge reached new heights, England’s second-tier Championship also soared to a combined £240 million gross spend, £95 million more than the previous season.

The figures come despite the Premier League’s strict profit and sustainability rules – highlighting the huge income that even middle-ranking clubs enjoy from the league’s TV deals.

“There continues to be a complex regulatory landscape from both domestic and European governing bodies. However, there is clearly still strong appetite for recruitment,” Bridge said.

“Financial sustainability should still be at the heart of all business to encourage the long-term success of any football club.”

Champions Liverpool, who also signed Germany’s Florian Wirtz for an initial £100 million, not surprisingly topped the list for Premier League spenders during the summer.

Their outlay of €481.9 million, for a net spend of €262.4 million, was followed by Chelsea’s €328.2 million outlay and Arsenal’s €293.5 million, according to football website Transfermarkt. However, Chelsea did recoup €332.3 million for a small net profit. REUTERS