Premier League Spending Reaches £1 Billion in 1 Season for the 1st Time

The money spent by Premier League clubs on new players has passed £1 billion for the 2015/16 season, surpassing the £965 million record set last year.

Data provided by Deloitte shows that teams in England's top flight have spent £130 million combined in January so far, taking the overall expenditure for the season into 10 figures for the first time.

Dan Jones of Deloitte's Sports Business Group explained the numbers to Goal:

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We've seen Premier League clubs again use the January window to invest significantly in playing talent. With a day left, the total gross spending this season has already reached £1bn for the first time.

Last January saw £45m spent by Premier League clubs on the final day of the transfer window, and with further spending expected over the coming hours, Premier League gross transfer spending looks set to comfortably exceed the £1bn mark for the 2015-16 season.

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Newcastle United have been the division's biggest spenders in this window so far, splashing out a reported £29 million on deals for Henri Saivet, Jonjo Shelvey and Andros Townsend.

[h/t Goal]