Premier League set to break $1.56 billion transfer record

The purchasing power of English football teams and the high price of players have caused the 2016 summer transfer record to be broken.

The summer of 2016 saw the 20 Premier League clubs spend $1.56 billion on transfers.

By the summer of 2017, Premier League teams had already spent more than $1.1 billion, even though there was still more than a month left in the transfer window. The final month is always the busiest time for teams to bring in new players for the new season.

According to sports website Sport Intelligent, with current shopping data, summer 2017 will set a new record for Premier League spending.

Lukaku and Morata are the two most expensive contracts since the beginning of the summer in the Premier League.

Man City is leading the way in terms of spending, spending $245 million. They have continuously broken the record for the most expensive defender in the world, spending $64.6 million on Kyle Walker and most recently $67.5 million on Benjamin Mendy. On the other hand, Man City has only collected $44.5 million from player sales.

Chelsea are the second biggest spenders so far, with $170 million. Meanwhile, Man Utd are third, having spent nearly $140 million on Lukaku and Victor Lindelof. Man Utd are expected to bring in one or two more players.

Everton surprisingly came in next, having spent $122 million, while Arsenal came in fifth with $68.6 million.

Three clubs, Tottenham, Stoke and Crystal Palace, have yet to spend any money on transfers. Tottenham alone have already earned $97 million from player sales.

The three newly promoted teams Newcastle, Huddersfield, Briton & Hove have also spent a total of nearly £100m.

According to VNE