Premier League clubs may spent over £1 billion to acquire new players in the 2016 summer transfer window, setting a new summer transfer record in the English football transfer market.
Figures released by global business consultancies Deloitte indicate that the anticipated increase of at least £30 million paid out to each Premier League club for the 2016/2017 season is expected to spiral the player transfer spending in the league to an unprecedented high by the close of the transfer window on August 31.
In July alone, the clubs in the Premier League spent £475 million in the transfer market down from £ 515 million player acquisition expenditure recorded in July last year, an annual financial report recently released by Deloitte reveals.
“Premier League clubs’ gross expenditure on player signing has been on an upward mobility since 2004 and hit a record high of £1.1 billion in the 2014/2015 season, of which 57% was spent with overseas clubs,” says the report.
However, within the first week of August, the figure has risen drastically as clubs have been busy drafting more talents into their squads.
If the player transfer expenditure hits the £1 billion mark, then the summer transfer record of £870 million set in 2015 will be broken. This will also see the Premier League clubs expenditure in the summer transfer window go up by more than £165 million in two years alone.
“With one month to go before the transfer window shuts, we are expecting to witness some big deals and more signings especially given that some clubs have yet entered the market,” observed Alex Thorpe, senior business manager at Deloitte group.
Thorpe said that the clubs are investing heavily in this window owing to the fact that the new Premier League broadcast deals will spur an increase in club revenues. The league official broadcasters Sky and BT Sport signed a record £5.136 to broadcast live matches from 2016 to 2019.
Since the summer transfer window opened in July 1, Manchester City have spent more than £100 million in new players making them the heaviest spenders so far. With the record breaking signing of Juventus and French international Paul Pogba imminent, Manchester United will surpass their arch-rivals as the club with the heaviest expenditure even before the summer transfer period concludes.
United have already paid £30 million to sign Ivorian centre-back Eric Bailley from Villareal. And with Pogba joining Old Trafford for a world record transfer fee of £89 million, United are set become the leading spenders in the transfer market in the coming season toppling City whose club record player signings of Kevin De Bruyne (£55 million) and Raheem Sterling (£49 million) saw them rise to top of the chat in Premier League club player transfer spending.
Among other big signings for the new season include Granit Xhaka who joined Arsenal from Borussia Monchengladbach at £34 million, and Michy Batshuayi and N’Golo Kante signed by Chelsea at £33.2 million and £32 million respectively.
Liverpool are also counted among the heavy spenders having spent £36 million to bring in 24-year-old Senegalese winger Sadio Mane from Southampton.
German midfielder Leroy Sane made a move from Schalke to Tottenham Hotspur reported to be worth £37 million. Spurs also paid Brazilian club Palmeiras £27 million to bring Gabriel Jesus into White Hart Lane.