Premier League clubs spent a record total of £2.36 billion ($2.97 billion) on new signings in the recently completed transfer window, according to specialists Deloitte.
The transfer window, which opened on June 14 before closing on September 1, soared beyond last year's record £1.92 billion, with the top-flight clubs spending £255 million ($320.99 million) on deadline day alone.
Premier League clubs are responsible for 48 per cent of the total spending across Europe's top five leagues, which includes La Liga, Serie A, Bundesliga and Ligue 1.
"A second successive summer of record spending by Premier League clubs suggests that year-on-year revenue growth could return following the pandemic," Tim Bridge, from Deloitte's Sports Business Group, told the BBC.
"Nearly three-quarters of Premier League clubs (14) spent more this summer than the last, reflecting the increased intensity of competition.
"There continues to be pressure on clubs to acquire top talent to satisfy their on-pitch objectives, whether that's qualifying for European competition or simply maintaining their position in the Premier League."
Chelsea have spent more than £1 billion since the new ownership led by Todd Boehly's Clearlake Capital completed their takeover of the club in May 2022.
The Blues broke the British record for the second time in a year by signing Ecuador midfielder Moises Caicedo for £115 million, surpassing the £106 million they shelled out to sign Argentine Enzo Fernandez in January.
Interestingly, only two of Europe's 'big five' leagues spent more on transfers than they received - the Premier League and Ligue 1. Also, according to the BBC, there were 13 Premier League transfers valued at £50 million-plus, which is more than the previous two summer transfer windows combined.
Meanwhile, Manchester United were active on deadline day, completing loans for Fiorentina's Sofyan Ambrabat and Spurs defender Sergio Reguilon, picking up veteran free agent Jonny Evans and goalkeeping cover in Altay Bayindir, who arrived from Fenerbahce. Mason Greenwood moved to Spain on loan with Getafe.
Champions Manchester City finalised a £55 million move for Wolves' midfielder Matheus Nunes, while Joao Cancelo left the club with Barcelona completing a loan move for the full-back.
Tottenham pushed hard and eventually landed Brennan Johnson for £47.5 million from Nottingham Forest, who themselves signed seven players, including Ibrahim Sangare for £30 million from PSV Eindhoven and former Liverpool forward Divock Origi on loan from AC Milan.
Brighton pulled off a major coup with the signing of Spain forward Ansu Fati on a season-long loan from Barcelona.
Liverpool got the midfielder they wanted in Ryan Gravenberch, who joined for £35 million from Bayern Munich. He'll be playing alongside Mohamed Salah, for now, as Liverpool rejected a bid worth up to £150 million from Al Ittihad. Saudi clubs can still buy players until September 7.
Aston Villa picked up defensive cover for the injured Tyrone Mings with the signing of France centre-back Clement Lenglet on loan from Barcelona.
Elsewhere, Arsenal were busy clearing the decks with Folarin Balogun, Rob Holding, Nuno Tavares and Albert Sambi Lokonga all leaving.
