PREMIER LEAGUE club net spending broke the £1billion barrier for the first time this transfer window.
But League chiefs believe the rise in revenues across the board means spending is NOT out of control.
The total amount spent by Prem clubs in the summer window was a staggering £1.92bn and 34 per cent more than the previous record of £1.4bn, set in the summer of 2017.
With the 20 top flight clubs recouping £850million in sales, it meant a net spend of £1.07bn, the first time the billion pound mark has been crossed, dwarfing the £665m net spend of 2017.
Top-flight chiefs, though, believe the stunning spending is justified.
The previous 2017 record equated to 30 per cent of the clubs’ total turnover that season.
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And even though this summer’s dealing went through the roof, it only represented 32 per cent of turnover.
That is because of the rise in broadcast TV revenue, which will be worth more than £10bn over the next three seasons after a huge rise in overseas income.
With gate income up with full houses back after the Covid-induced squeeze on clubs and a number of increased commercial deals, Premier League bosses are happy the spending was not disproportionate.
There is also an acceptance that 2022 was the first summer after the pandemic.
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Added to that was the arrival of new owners at Chelsea, who contributed £255.3m – 13 per cent of the League’s total spend – and the first summer window for the new Saudi-led Newcastle board.
And Nottingham Forest’s remarkable squad overhaul was also, at least in part, felt inevitable after so many of the promotion-winning players under Steve Cooper were on loan at the club or coming to the end of their contract.
Football’s leading financial analysts, Deloitte, suggested the spending pattern was no surprise – but a sign of the Prem’s rude health.
Lead partner Tim Bridge said: “The record level of spending during this transfer window is a clear indication of Premier League clubs’ confidence, as fans return to stadia and a new broadcast cycle begins.
“It’s now become part and parcel of the Premier League that clubs are willing to pay significant sums to maximise performance.
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“This season, the desire to acquire playing talent has reached new levels as the pressure for clubs to stay in the competition is higher than ever before.”
However, Bridge warned: “Recent years have demonstrated the risks of clubs sustaining high levels of spend while failing to get their financial house in order.
“Particularly in the current economic climate, as costs begin to rise, the importance of retaining financial stability off the pitch should be as much a focus for clubs as ensuring their success on it.”
Around £150m of the spending went to Championship clubs, including Spurs’ £20m acquisition of Djed Spence from Middlesbrough – one of those on loan at Forest last term.
Forest’s total spend of £126m was the highest by any promoted club in English history and only the third time a team joining the Prem had splashed out more than £100m.
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Bridge added: “The high spend of those clubs looking to secure their place in the Premier League is an indicator of the widening gap between the Premier League and the Championship.
“This shift is partly attributable to the financial impact of the pandemic, which was felt more harshly by Championship than Premier League clubs.”
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