Premier League clubs make a whooping $50 million profit from January transfer Window

It said total gross spending by Premier League clubs for the 2016/17 season is now almost at £1.4 billion, beating the last season record of £1 billion.

London: English Premier League clubs made $50 million in profit from the January transfer window, the first time they have come out of the football horse-trading in the black, according to a study released Wednesday.

The 20 clubs spent £215 million ($270 million/250 million euros) on new players during the market from January 1 until Tuesday, according to the estimate by the Deloitte consultancy. This is the second highest amount for this window since 2011.

It said total gross spending by Premier League clubs for the 2016/17 season is now almost at £1.4 billion, beating the previous record of £1 billion set last season.

Deloitte said however that this time, the Premier League clubs had recorded net transfer receipts of £40m ($50 million/46 million euros).

"The sales of Oscar, Dmitri Payet, Odion Ighalo and Memphis Depay, as well as around £20m worth of sales to Championship clubs, have helped Premier League clubs record net receipts for the first time in a transfer window," said Dan Jones from Deloitte`s sports business department.

"As was the case last year, it is clubs in the bottom half of the table who have driven expenditure this January, investing in their squads in an attempt to secure survival," added Jones.

"This is no surprise given clubs` reliance on the revenues generated from the Premier League`s broadcast deals."

The clubs currently in the bottom six, Hull City, Sunderland, Crystal Palace, Swansea, reigning champions Leicester City and Middlesbrough -- together spent £110 million, 50 percent of total spending.

In the last transfer market in July and August 2016, the top six accounted for almost 60 percent of spending.

Jones said Premier League spending for the 2016/17 season of almost £1.4 billion was up 32 percent on 2015/16 and was "far in excess of any other league in world football."