Premier League clubs spent £430 million ($611 million) during the January transfer window, nearly doubling the previous record of £225 million.

Deloitte's Sports Business Group estimates spending by Premier League clubs in the 2017-18 season to be a record £1.9 billion, eclipsing last season's record of £1.4 billion.

"International trade has flourished, with the highest ever January gross overseas outlay in Premier League history [£260m], but also the highest amount of January receipts from abroad [£185m], with names such as Coutinho and Costa leaving the U.K. and Laporte and Aubameyang arriving from abroad."

Liverpool got in early to line up the costliest deal of the month, signing Virgil van Dijk from Southampton for £75 million.