Premier League clubs are seemingly not pumping the brakes on spending in the summer transfer period, and the record is under threat. This is even though several English top-flight teams are dealing with problems regarding profit and sustainability rules (PSR). These laws currently prevent clubs from exceeding $133 million in losses over three years.

Everton, Nottingham Forest, and Manchester City have all been charged with violating PSR. The Toffees (twice) and Forest were both previously docked points during the 2023/24 campaign. City, on the other hand, has a much more intricate case and will not face the courts until later this year. This comes as the club recently picked up their fourth consecutive Premier League title.

Along with this trio, other top-flight teams are also teetering on possible spending sanctions. Aston Villa, Chelsea, Newcastle, and Leicester City are thought to be on the brink of breaking the financial rules. These clubs all recently scrambled to finalize player transactions ahead of June 30th. This date was immensely important to teams, as the 2023/24 financial year finished ahead of July 1st. As a result, they all had to make late moves to avoid PSR punishments.

Teams spent more in last few days than the entire January period

The push to quickly finalize deals triggered a miniature spending spree within a short period. Premier League teams have combined to spend about $310 million on players in just the last few days. This is already more than English top-flight sides collectively spent during the entire January transfer window.

Assuming this trend continues, we could see yet another record-breaking summer transfer period in the Premier League. English clubs combined to spend around $2.9 billion just last summer, which is the current record. If this figure is soon surpassed, it would be the third straight year that there is a new spending record.

Along with the many recent moves, two more sizable Premier League deals were finalized earlier on Tuesday. Kiernan Dewsbury-Hall’s move from Leicester to Chelsea was announced by both sides. The central midfielder now reunites with Blues boss Enzo Maresca after the two worked together with the Foxes last season. Archie Gray also completed a switch from Leeds to Tottenham Hotspur as well. Both deals are reportedly worth about $38 million each.

Premier League spending record threatened with new financial year

As the transfer period has only just begun, there will undoubtedly be a plethora of additional deals soon. Despite the potential PSR problems, July marks a new financial year. While clubs still have to be careful with their spending, the change in the calendar represents new spending opportunities.

Manchester United is currently discussing a deal with Bayern Munich for defender Matthijs de Ligt. De Ligt was once one of the top players in his position. However, a relative dip in form caused two clubs, Bayern Munich and Juventus, to overlook the Dutchman. He is also not the preferred starter alongside Virgil van Dijk in the Netherlands national team. Despite this, the Red Devils will supposedly have to shell out around $54 million to buy the star.

Napoli‘s Victor Osimhen is also under the watch of a series of clubs, including Arsenal and Chelsea. The Italian side is, however, holding out for a fee of more than $100 million. New reports suggest the two English teams are targeting $50 million-rated Bologna defender Riccardo Calafiori.

These players are seemingly only the tip of the iceberg. The summer transfer window does not close until Aug. 30 and just about every top flight team will be looking to strengthen their squads. As a result, a new spending record is quite possible, even with PSR in place.

PHOTOS: IMAGO