The record of £1.43bn was set in the summer transfer window of 2017, which means clubs spent £200m less this year.
Part of this can be explained by the fact one of the 20 Premier League clubs – Tottenham – saw no incomings, the first time this has happened since the summer transfer window was introduced in 2003.
The highest-spending clubs were Liverpool (£165m), Chelsea (£120m), Fulham (£105m) and Leicester City (£100m), representing around 40% of the aggregate gross player transfer expenditure by Premier League clubs.
Tim Bridge, director of Deloitte’s Sports Business Group, said the expenditure “continues to demonstrate the sheer purchasing power of the most commercially successful football league in the world”.
“With Premier League clubs’ aggregate revenues forecast to reach £5bn in 2018-19, clubs can well-afford to significantly invest in on-pitch talent in the quest for both success and survival.”
The Premier League clubs’ net player transfer expenditure to 9 August was £865m, well in excess of the £665m for the summer 2017 transfer window.
Of the players transferred in, just £175m (14%) relate to intra-Premier League transfers, a record low proportion across the history of the summer transfer window.
Mr Bridge said: “On balance, the earlier deadline for the transfer in of players may have contributed towards a reduction in gross player transfer spending by the Premier League clubs.
“Unlike previous seasons, after 9 August, clubs cannot make late player acquisitions either reacting to their early season performances, or immediately utilising proceeds arising from any late player sales to overseas clubs.
“Subject to any late sales, the Premier League and its clubs may benefit from having playing squads settled and in place for the start of the new season.
“Whilst the transfer window remains open for other European leagues, it will be interesting to see how any late offers from overseas clubs will be handled.
“It is too early to predict what the effect will be on activity over the remainder of the month, or in January’s transfer window.”