At 11pm UK time (6pm ET) today, the window for transferring players into and out of the English Premier League will close. After all the paperwork has been filed, and every player has stood smiling while holding up their new team’s jersey, a new record will have been hit: Between the winter and summer transfer windows for this season, the 20 teams in the Premier League will have spent a combined £1 billion ($1.44 billion) on new players.
According to Deloitte, which monitors the global soccer transfer market and provided the above data to Quartz, this season will be the first time the Premier League has spent over £1 billion on transfers in a single season, passing last year’s total by about £35 million ($50 million). That’s about one third of the revenue that the entire league generates in a year, according to the BBC.
Although there haven’t been many big-name transfers this winter, aside from Swansea’s Jonjo Shelvey and Tottenham’s Andros Townsend both heading to Newcastle for £12 million apiece, there were some blockbuster deals in this past summer’s transfer window. The 21-year-old Raheem Sterling became the most expensive English-born transfer ever when he was sold to Manchester City from Liverpool for £49 million ($76 million). And assuming there isn’t any late-breaking drama this evening, Manchester United’s £58 million ($83 million) move for striker Anthony Martial could end up being the most expensive transfer of the season in the Premier League, as well as the most most expensive UK transfer of all time.