English Premier League clubs spent a record $1.53 billion during the summer transfer season, according to the BBC.
The BBC used data from Deloitte, which is a tax and audit advisory firm based in New York City.
During the final day of the transfer window, teams spent £155m ($203.76 miillion), breaking the previous record of £140m set during the 2013 summer transfer window.
Chelsea re-signed defender David Luiz from Paris Saint-Germain for a reported £35 million ($46.02 million), while defending Premier League champions Leicester City signed Algeria striker Islam Slimani from Sporting Lisbon for reportedly £35 million.
“The increases in broadcast revenue, with the 2016-17 season being the first of the new broadcast deal cycle, is the principal driver of this spending power,” said Dan Jones, a partner at financial analyst Deloitte.
The four Premier League clubs – Arsenal, Leicester City, Manchester City and Tottenham Hotspur – spent around £385m in transfers, with 13 teams setting new records in spending.
The increase in spending is due to a new television deal worth $7.8 billion that is set to run until 2019.
– Scooby Axson