This year's January window spend was up on last term but still well short of the all-time high, while it was the summer's big deals that helped push total spending past £750m
Clubs splashed out around £130m during the 2014 winter window, an increase on the £120m spent during last January, but still well short of the all-time record outlay of £225m in January 2011.
Deals such as Juan Mata's £37.1m switch from Chelsea to Manchester United, as well as the Blues' acquisitions of Nemanja Matic (£21m), Mohamed Salah (£11m) and Kurt Zouma (£12m) helped eclipse last year's figure. United & Chelsea accounted for over 60 per cent of the Premier League's total spend this January.
However, with Andy Carroll's £35m transfer from Newcastle to Liverpool, Edin Dzeko's £27m move to Manchester City, David Luiz's £21.3m arrival at Stamford Bridge and, of course, the £50m deal that saw Fernando Torres join the Blues from Anfield all happening in January 2011, the month's record still stands and could do for some time yet.
This year's total spend - £760m accounting for January and last summer - was enough to beat the previous season-high record of £670m set in 2008-09.
Of the £130m spent by Premier League clubs this January £65m (50%) went to foreign clubs, with £55m (42%) being spent on players from fellow top-flight sides and £10m (8%) going to Football League teams.
The net spend of £35m this January, however, was down from last year's figure of £70m, mainly due to the money received by Newcastle for Yohan Cabaye and from Chelsea's sale of Kevin De Bruyne, and with Mata's move coming between two Premier League clubs.
Clubs spent around £35m on deadline day - the same amount as January 31 2013 but £5m more than in 2012.
Dan Jones, Partner in the Sports Business Group at Deloitte, commented: “This January window has seen Premier League clubs spend a total of £130m. Despite this being short of the record, the 2013-14 season as a whole is a new record.
"Premier League clubs have spent a total of £760m, breaking the £700m barrier for the first time. This is significantly higher than the previous record of £670m in 2008-09.
“It is important to put this in context; the transfer spending is supported by the record level of revenues of Premier League clubs, driven primarily by new broadcast agreements. This gives Premier League clubs the ability to continue to invest significantly in their playing talent.
“Spending has again been driven by a minority of clubs, with just two accounting for more than 60% of the league’s total spending. Around half of Premier League clubs chose not to spend this month."