And You Thought NFL Free Agency Involved Lots of Money

According to figures coming from business advisory firm Deloitte, summer spending by English clubs (all Premier League and Football League) rose by approximately 60% to reach more than £500million ($1.007B USD).

The huge rise is greatly attributed to a rise in broadcasting revenue and money being pumped into Premier League (EPL) clubs by new owners.

Per usual, the biggest beneficiaries of astronomical and slightly irresponsible spending by English clubs (dominated by EPL) are overseas clubs, who received £250million for players.

While player wages increased, they rose at a much lower clip than the 80% rise in gross transfer spending this summer.

Summary of EPL spending (in millions)
Manchester United £51 ($102.7 USD)
Liverpool £50 ($100.7 USD)
Tottenham Hotspur £40 ($80.6 USD)
Sunderland £35 ($70.5 USD)

How Transfer Fees Work
In international football, clubs must negotiate a transfer fee for players with more than 6 months remaining on their contract. Once the transfer fee is agreed to, the buying club can speak with the player and offer a contract. In almost all cases, players with less than six months remaining on their deal can move to another club for free (widely known as a Bosman or free transfer).