The figure released is more than double that of last year, when spends reached around £60m, but down on that of the 2011 total, £225m.
“Premier League clubs have been relatively restrained in their player transfer fee spending, in spite of the upcoming uplift in their broadcasting revenues of between £20m and £30m each from next season," said Dan Jones, Partner in the Sports Business Group at Deloitte.
"Whilst the clubs’ total spending was £120m, after taking into account transfer income, the Premier League clubs’ net transfer spend was £70m.
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“Clubs are now in a reporting period that will count towards the first assessment of Uefa’s financial fair play break-even requirement for international competition and Premier League clubs are also considering the implementation of additional cost control regulation at a domestic level.
"Their apparent relative restraint in this transfer window may reflect an increasing focus on clubs achieving more sustainable levels of expenditure relative to revenues."
Premier League clubs spent around £75m on players from foreign sides, while £25m went on talent from fellow Premier League teams. Meanwhile £20m was used on players from the lower tiers of English football.
QPR, Newcastle and Liverpool accounted for over 50% of the total Premier League spending, while around £35m was exchanged between clubs on deadline day.
As a result of this January's transfers, Premier League clubs have now splashed over £1 billion on new players during the winter window since 2003.