Transfer outlays in the summer window have hit £1.5 billion ($1.8 billion)

English Premier League clubs have smashed their collective spending record in the current summer transfer window with a week still to spare until it closes, according to finance company Deloitte.

The financial analysis experts say that English top-flight outfits have shelled out a collective £1.5 billion ($1.77 billion) for the 2022/2023 season, which eclipses the 2017 summer window's £1.4 billion ($1.65 billion).

This figure, £1.4 billion, is also what was spent in the whole of last season including the summer and winter windows, which means that the record set in the 2017-2018 of £1.86 billion ($2.2 billion) is in line to be broken if Premier League clubs also have a big January and spend handsomely on mid-term reinforcements.

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Remarking on the developments, the Deloitte Sports Business Group's assistant director Chris Wood said that "the record levels of spending that we've seen in this summer transfer window so far provide a sign that the business models of Premier League clubs are rebounding post-Covid".

"While this is encouraging, the importance of clubs establishing responsible and sustainable spending policies cannot be overstated," Wood added.

While in 2021 only eight players were bought for fees exceeding £30 million ($35.5 million), 14 have been landed for sums over the amount this summer.

Liverpool striker Darwin Nunez was the most expensive of all at £85 million ($100 million) from Benfica.

But Chelsea, under new owners after Roman Abramovich sold the club for £4.5 billion ($5.4 billion), have also got their checkbook out to spend £63 million ($74.5 million) on Brighton defender Marc Cucurella, £50 million ($59 million) on ex-Manchester City forward Raheem Sterling and £34 million ($40.2 million) on imposing Napoli center back Kalidou Koulibaly.

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While Manchester United spent £60 million ($71 million) to lure Casemiro from Real Madrid, they could soon spend up to €94 million ($93.6 million) on his fellow Brazil international Antony at Ajax.

Across town at Manchester City, Erling Haaland was bought for what could prove to be a bargain £51.2 million ($60.3 million), and cheaper than the £60 million ($71 million) Tottenham Hotspur handed over to Everton for Richarlison.

In the northeast of England, Newcastle United are on the verge of boosting their frontline with Real Sociedad Alexander Isak for €70 million ($69.8 million), and with the window officially closing at 11pm BST on September 1, further surprises could be in store.