The gross spend for 2023’s first window was almost double the previous record of £430m in 2018 and nearly tripled the spending during the previous January window, with 2022 transfers costing top-flight clubs £295m.
The record for a full season had already been broken by a huge £1.92bn summer outlay, with January’s business putting an eventual total of £2.8bn – a new all-time high.
The headline transfer in January was that of Enzo Fernandez to Chelsea. The Blues broke the British transfer record by signing the midfielder from Benfica. The 22-year-old midfielder has signed a deal that will run until 2031, with Chelsea paying £106.8million for the Argentina World Cup winner.
Following the huge spending, we have put together the most expensive XI of all time, with Fernandez a new addition to the side. In a 3-4-3 formation, the likes of Jadon Sancho and Darwin Núñez miss out with other players in their respective positions costing more despite both players being among the most expensive 11 signings in Premier League history.
Using transfer fee estimates from Transfermarkt, and with fees listed in euros, here’s who makes the cut...
1. GK - Kepa Arrizabalaga (€80m)
The Chelsea man broke the Premier League record for the transfer of a goalkeeper when he joined from Athletic Bilbao in the summer of 2018. Photo: Justin Setterfield
2. Defence - Wesley Fofana (€80.4m)
The centre-back joined Chelsea from Leicester City as part of their big-spending summer under Todd Boehly. Photo: JUSTIN TALLIS
3. Defence - Virgil van Dijk (€84.65m)
The Netherlands international joined Liverpool from Southampton in January 2018, in what was a record fee for a defender at the time. Photo: George Wood
4. Defence - Harry Maguire (€87m)
The former Sheffield United and Hull City player is the most expensive Premier League defender of all time following his move to Manchester United from Leicester City. Photo: Alex Caparros