Robbie Keane has been sold from Liverpool to Spurs
Spending by the 20 Premier League clubs on new players in the January transfer window has hit a fresh all-time high of £160m, an early study has calculated.
With the window having closed at 1700 GMT on Monday, the amount spent surpasses last year's £150m, said business advisory group Deloitte.
It added that spending between Premier League teams over the past four weeks made up around £105m of the £160m.
Manchester City and Tottenham Hotspur have been the two biggest spenders.
Deloitte said Manchester City have spent more than £50m during the transfer window, and Tottenham around £45m.
It added that the total spending by Premier League teams in the January window had "again far exceeded that in other European leagues".
"With the majority of their revenue streams already secured for the current season, whilst [Premier League] clubs are not recession-proof, they are relatively recession-resistant," said Paul Rawnsley, director in the sports business group at Deloitte.
"Looking forward, whilst the clubs will not be complacent, the latest transfer activity re-emphasises the financial strength and global appeal of the Premier League competition."
Although the transfer window has now formally closed, the Premier League has confirmed that there will be an extension for teams that had agreed a deal in principal but been unable to complete the final arrangements due to the bad weather.
As a result, Deloitte said its final figure may go up.