A frenetic final day of transfer activity saw a number of big-money deals completed before the transfer window closed with Manchester City signing Javi Garcia for £18m, Fulham bringing in Dimitar Berbatov and Tottenham snapping up both Hugo Lloris and Clint Dempsey.
Whilst this summer's spending did not reach the record of £500m spent in 2008, it came very close, with the newly-promoted clubs also not afraid to heavily invest, as evidenced by Southampton smashing their club record with the £12m capture of Gaston Ramirez.
Dan Jones, Partner in the Sports Business Group at Deloitte, commented: "This year we have seen another busy summer transfer window, with Premier League clubs spending around £490m, marginally up from last year and close to the record summer spend of 2008.
"While the highest levels of spending continue to be at those clubs competing at the upper end of the Premier League and in European competition, we have also seen significant investment by the newly promoted teams, looking to establish themselves in the Premier League.
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The analysis also revealed that Chelsea, Tottenham Hotspur, Manchester City, Manchester United and Arsenal have all exceeded £30m of gross transfer spending while a busy final day saw Premier League clubs conclude deals totalling around £110m, approximately £10m more than the equivalent deadline day figure for summer 2011.
Alan Switzer, Director in the Sports Business Group added: "While the total spending this summer is still high, it should be considered in the context of increases of over 70 per cent in the Premier League domestic broadcast deals announced earlier this year.
"Once overseas broadcast deals are factored in, the average Premier League club looks set to benefit from at least an additional £25m of revenue per year from next season."