Premier League spending reaches £1billion mark

Premier League spending has reached the £1billion mark in a single season for the first time, new figures have revealed.

Newcastle United signed midfielder Jonjo Shelvey from Swansea

Premier League spending has reached the £1billion mark in a single season for the first time, new figures have revealed.

Deloitte's latest analysis claims that clubs in England's top flight have spent £130million so far in the January transfer window, an amount which takes total spending in 2015-16 above the record of £965m set last season.

It is expected that even more money will be spent before the window closes at 23.00 local time on Monday.

Dan Jones, partner in the Sports Business Group at Deloitte, said: "We've seen Premier League clubs again use the January window to invest significantly in playing talent. With a day left, the total gross spending this season has already reached £1bn for the first time. 

"Last January saw £45m spent by Premier League clubs on the final day of the transfer window, and with further spending expected over the coming hours, Premier League gross transfer spending looks set to comfortably exceed the £1bn mark for the 2015-16 season."

Newcastle United have been the league's biggest spenders so far in January, with deals for Henri Saivet, Jonjo Shelvey and Andros Townsend reported to total £29m.