Premier League clubs showcased their financial firepower this summer, pouring more than 3 billion pounds ($4 billion) into new signings.
The English top flight has long enjoyed a monetary edge over rival European leagues, fueled by far more lucrative domestic and international TV deals.
UEFA’s expanded European competitions have only amplified spending, with a record nine English teams competing across the Champions League, Europa League, and Conference League this season.
That financial clout has also widened the gap between Premier League clubs and their Championship challengers.
For the past two seasons, all three promoted sides have been immediately relegated, prompting a more aggressive approach from clubs like Leeds, Sunderland, and Burnley.
Here’s a closer look at what drove the Premier League’s record-breaking transfer window, which closed Monday.
Last season's top two sides, Liverpool and Arsenal, have spent big as they gear up for another title battle.
Liverpool broke their own club record twice, paying an initial 100 million pounds for Florian Wirtz before breaking the British transfer record to land Alexander Isak for 125 million pounds on deadline day.
But the Reds have also brought in more than 200 million pounds in sales to bolster their transfer kitty, with Darwin Nunez and Luis Diaz among a list of big names to leave.
Arsenal have backed Mikel Arteta to finally win the Gunners' first title since 2004 with a 250 million-pound spend on eight players, adding attacking strength and depth to their squad.
Chelsea have again been busy after winning the Conference League and Club World Cup.
Joao Pedro has spearheaded the arrival of an array of attacking talent, including Liam Delap, Alejandro Garnacho, Estevao, and Jamie Gittens.
Manchester City did the bulk of their business before the Club World Cup, signing Tijjani Reijnders, Rayan Cherki, and Rayan Ait-Nouri, as Pep Guardiola's men hope to get back in title contention.
Burnley, Leeds, and Sunderland are determined to end the trend of promoted clubs being chewed up and spat out at Premier League level, with all three spending around 100 million pounds or more.
Sunderland's recruitment has been particularly eye-catching. The club has landed former Arsenal and Bayer Leverkusen captain Granit Xhaka and highly rated Senegal international midfielder Habib Diarra for a club-record 30 million pounds.
The Black Cats' gamble has paid off so far, with two wins from their opening three games. Last season it took until mid-October for one of the promoted sides to win two matches.
Leeds have also taken four points from two home games against Everton and Newcastle, while Burnley beat Sunderland at Turf Moor and were only defeated at Manchester United on Saturday by a 97th-minute penalty.
One of the key changes driving up gross Premier League spending is a surge in club-to-club business.
Nearly 40 percent of transfers were between English clubs, at a combined cost of around 1 billion pounds, caused in part by the need to meet financial sustainability rules.
For accounting purposes, transfer fees paid out by clubs are spread over the course of a player's contract. By contrast, the entire fee received when players are sold goes straight on the books.
By selling to each other at the inflated prices paid by Premier League clubs, English sides are managing to stay on the right side of the rules despite their huge outlays.
The downside is that players who have come through local academies are sold to balance the books, which risks stripping clubs of their identities.
Jacob Ramsey's move from Aston Villa to Saudi-owned Newcastle was one such case for two clubs struggling to balance their ambition to compete at the top of the Premier League with staying within financial rules.
"A sad day losing a top player and person and one of our own, but it seems to be the way football is set up these days," said Villa captain John McGinn after Ramsey's departure.
Villa manager Unai Emery has called for reform of the financial rules, saying otherwise clubs like his "will never be allowed to dream."
