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Football transfer spending breaks record

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Premier League clubs’ transfer window spending has broken its previous record level with seven days to go before it closes, according to analysis.

Figures from Deloitte’s Sports Business Group showed that by 9am on Thursday, total gross transfer spending by the 20 top-flight clubs stood at £1.17bn.
That beats the previous record of £1.165bn set last summer.
At the same stage last year, clubs had spent £865m, Deloitte said.
Manchester City have splurged the most so far, shelling out more than £200m including more than £50m to prise defender Kyle Walker away from Tottenham.
Rivals Manchester United have not been far behind, recruiting striker Romelu Lukaku from Everton for £75m while champions Chelsea have agreed to pay up to £70m for Alvaro Morata.
Chris Stenson, consultant in Deloitte’s business group, said the level of outlay was “extraordinary” but that given record broadcast, commercial and matchday revenues, Premier League clubs were still “living within their means”.

The top-flight teams are receiving £5.14bn under a three-year TV rights deal, starting last season, which sees most of the broadcast games screened by Sky, the owner of Sky News, and some by BT.
Mr Stenson said: “Their ability to generate these record revenues and attract the world’s very best playing talent continues to drive the Premier League’s status as the most commercially successful football league in the world.
“We expect further significant expenditure in the next seven days as clubs seek value in the market.”
Last summer, top-flight clubs spent around £300m in the final week of the transfer window.
Premier League teams spent £215m earlier this year in the mid-season January transfer window meaning total top-flight spending so far in 2017 stands at £1.385bn.

Source: SKY