Premier League clubs have spent a record £1bn (US$1.4bn, €1.3bn) in the 2015/16 season going into the final day of the January transfer window (1 February).

According to analysis compiled by Deloitte, Premier League clubs have spent £130m (US$185.6m, €170.9m) on player transfers in the month from 1 January 2016, added to the £870m (US$1.2bn, €1.1bn) that was spent during 2015’s summer transfer window.

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

The increase in transfer fees reflects the Premier League’s growing spending power after it signed a landmark £8.2bn (US$11.7bn, €10.8bn) three-year television deal last year. The deal, which includes international rights, is due to come into force at the beginning of the 2016/17 season.