Premier League clubs smashed the spending record in the January transfer window by £50million with a total of £225million splashed out.
The previous record of £175million was set in January 2008, with a similar figure in 2009 according to business analysts Deloitte. Chelsea, Liverpool and Manchester City were among the big spenders with Fernando Torres' £50million switch from Anfield to Stamford Bridge a new record between UK clubs.
Dan Jones, partner in the Sports Business Group at Deloitte, said: "While Premier League club revenues have never been higher, we were surprised to see more than £200million spent in a January window for the first time, particularly after only around £30million was spent in January last year."
He added: "However, when you scratch beneath the surface you find that around 80% of the total spending of £225m is concentrated across only four clubs (Chelsea, Liverpool, Aston Villa and Manchester City) and spread across only six players, so this was a particularly polarised window, with only a few clubs flexing their financial muscles on what was a deafening final day of an otherwise quiet window."
Deloitte's report shows the Premier League easily outspent other leagues in Europe.
Jones added: "January is often a relatively quiet window, with total gross spending driven and dominated by a small number of high-value transfers, as has certainly been the case again this year with only four Premier League clubs spending more than £10million.
"For the majority of clubs, the combination of a continued lack of available credit and reduced operating profitability and liquidity continues to be the norm, which has put the brakes on their spending.
"However, the higher and more evenly shared revenues seen in the Premier League have again seen its clubs outspend clubs in the top divisions in France, Germany, Italy and Spain."