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MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Aug 25, 2023--

Premier League clubs have spent a fraction under £2billion in this summer’s transfer window already – with a week of business still to go. Data released by financial services firm Deloitte showed that as of 12pm on Friday top-flight teams’ spending had reached £1.95bn. That is already higher than the total, record figure calculated by Deloitte for last summer – £1.92bn. Deloitte said spending was £500m higher this summer compared to the same point last year, suggesting the final total could be around £2.5bn. Two of this summer’s deals so far have been worth over £100m – Arsenal’s signing of Declan Rice from West Ham and Chelsea’s recruitment of Moises Caicedo from Brighton. Premier League clubs’ net spend is calculated at £825m by Deloitte, 25 per cent lower than last summer (£1.1bn), which the firm attributes to a more active global transfer market. Calum Ross, assistant director in Deloitte’s Sports Business Group, said: “For the second year in a row, the summer transfer spending by Premier League clubs has surpassed the previous record and looks set to rise above £2bn for the first time before the window closes on September 1. “This sensational level of spending appears to be the new norm for Premier League clubs. They are generating unprecedented levels of revenue, which for some clubs is combined with the receipt of significant investment from new ownership. “As we approach the end of the transfer window, it remains imperative that clubs manage the buying and selling of players carefully and remain compliant with relevant financial regulations. “Sustainable business plans are essential to support continued competitiveness and long-term growth.” Chelsea’s spending in the last three windows – since a consortium led by American businessman Todd Boehly took charge – is believed to be edging close to the £1billion mark.

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Max Verstappen picked up where he left off by posting the fastest time in opening practice for the Dutch Grand Prix. Verstappen, who has won 10 of the 12 rounds so far and will match Sebastian Vettel’s record of nine consecutive victories if he triumphs again on Sunday, finished 0.278 seconds clear of Aston Martin’s Fernando Alonso. Lewis Hamilton took third spot for Mercedes, three tenths adrift of Verstappen, with Sergio Perez fourth in the other Red Bull. Verstappen dominated the opening half of the Formula One season to establish a 125-point championship lead in his pursuit of a third straight world title. On Thursday, Hamilton raised the prospect of the Dutchman winning all of the remaining 10 rounds, and on the evidence of the first running, he will head into the weekend in front of an expectant Zandvoort crowd as the clear favourite to continue his commanding streak. For Hamilton, the seven-time world champion said his goal for the second half of the season is to finish runner-up in the drivers’ standings. The 38-year-old is currently fourth, 41 points behind Perez, who occupies second spot, and he will be relatively pleased with his opening salvo. Mercedes team-mate George Russell finished 11th, the best part of a second down. Haas announced ahead of this weekend’s race that Nico Hulkenberg will be retained for a second term with the American team. But the veteran German crashed out of practice after losing control of his machine through the penultimate corner. With his Haas beached in the gravel, the running was suspended. Over at Ferrari, Charles Leclerc was only 16th, three spots ahead of Robert Shwartzman, a junior driver for the Italian team who stood in for Carlos Sainz for first practice. McLaren driver Lando Norris finished sixth, one place behind Williams’ Alex Albon. Second practice gets under way at 4pm local time (3pm BST). Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Haas announce Kevin Magnussen and Nico Hulkenberg staying for 2024 F1 Dutch Grand Prix LIVE: Practice updates and times as Formula 1 returns Max Verstappen posts fastest time in first practice for Dutch Grand Prix

A brand of frozen mixed vegetables and sweet corn sold at Kroger and Food Lion is being recalled because of potential bacterial contamination.

Fukushima operator Tepco reveals sample results after release of contaminated water into Pacific.

Central bank officials from across the world have descended upon Jackson Hole, Wyoming this week to discuss policy decisions that will shape the economy for years to come.

NEW DELHI India hopes to conclude talks over a free trade deal with the United Kingdom by the

Marc-Andre ter Stegen has signed a new Barcelona contract until 2028.

NEW DELHI The Group of 20 nations has agreed to work on reforms to the World Trade Organization

Shares of Digital World Acquisition Corp, which has agreed to merge with Donald Trump's media company, fell 5%

The prime ministers of India and Greece have pledged to boost their countries’ trade, business and defense ties during a visit to Athens by Indian Prime Minister Narendra Modi