Last year, the total amount the teams spent was £870m.
11 clubs – Manchester United, Liverpool, Crystal Palace, West Ham, Southampton, Swansea City, Bournemouth, Leicester City, West Bromwich Albion, Watford and Burnley – have all broken their transfer records, but it is Paul Pogba’s world-record £90m move to Old Trafford that stands out.
United’s rivals, Manchester City, also paid £47.5m to Everton for John Stones and bought Leroy Sane for £37m.
It was Arsenal’s £35m deal for Shkodran Mustafi, that took pushed the spending officially past the £1billion mark.
“This is the fourth summer in a row where we have seen record-breaking spending by Premier League clubs,” Dan Jones, partner and head of the Sports Business Group at Deloitte, said.
“Buoyed by the prospect of increased revenue from the new broadcast deals, clubs’ gross spending has now passed last year’s record of £870m.”
The clubs have been helped by the decision to release their TV income in July, rather than at the beginning of August.