Premier League clubs spent a record 2.36 billion pounds ($2.97 billion) on new players in the transfer window that closed on Friday night, according to analysis from Deloitte.

The transfer window, which was open from June 14 to Sept. 1, exceeded last year’s record 1.92 billion pounds, with the top-flight clubs spending 255 million pounds on deadline day alone, it said.

Premier League clubs were responsible for 48% of the spending across Europe’s top five leagues including Spain’s LaLiga, Italy’s Serie A, Germany’s Bundesliga and France’s Ligue 1.

“A second successive summer of record spending by Premier League clubs suggests that year-on-year revenue growth could return following the pandemic,” Tim Bridge, lead partner in Deloitte’s Sports Business Group, said in a statement.

“Nearly three-quarters of Premier League clubs (14) spent more this summer than the last, reflecting the increased intensity of competition.

Chelsea have spent more than $1 billion in transfer fees since the new ownership led by American Todd Boehly and Clearlake Capital completed their takeover of the club in May 2022.

The London-based club broke the British transfer record for the second time in a year by signing Ecuador midfielder Moises Caicedo for a reported 115 million pounds, eclipsing the 106 million pounds they paid to sign midfielder Enzo Fernandez in January.

Champions Manchester City signed midfielder Matheus Nunes for 53 million pounds this week, having brought Jeremy Doku for 55 million pounds, defender Josko Gvardiol for 77 million and midfielder Mateo Kovacic for 25 million earlier.

Last season’s runners-up Arsenal splashed out 65 million pounds on forward Kai Havertz, followed by 105 million on England midfielder Declan Rice, while Manchester United spent 72 million on striker Rasmus Hojlund.

Newcastle United, who finished fourth last season, brought in midfielder Sandro Tonali for 55 million pounds and winger Harvey Barnes for 38 million.

Nottingham Forest, who finished 16th last season, signed as many as seven players on deadline day.

According to the report, almost half of the transfer fees received by Premier League clubs from overseas came from the Saudi Pro League club (SPL), which has the fourth-highest transfer spend of any league globally.

“The emergence of more active participants in the global transfer market has the potential to accelerate clubs’ efforts to establish financially sustainable business models,” Calum Ross, assistant director in Deloitte’s Sports Business Group, said.