Premier League clubs spent a record £950 million ($1.4 billion, 1.2 billion euros) combined in the 2014/15 pre-season and mid-season transfer windows, according to a report published by financial analysts Deloitte on Tuesday.

The report said spending in the January transfer window concluded Monday equalled the £130 million amount during last year’s corresponding buying period.

Although Monday’s deadline day was relatively low key, with Premier League leaders Chelsea’s signing of Colombia winger Juan Cuadrado from Fiorentina the headline purchase, clubs stil spent more on the final day of this particular window — £45 million — than they did at the climax of the January 2014 market (£35 million).

However, the final figure of £130 million was well below the record January spend of £225 million in 2011 when Chelsea broke the record for a transfer between two British clubs by signing striker Fernando Torres from top-flight rivals Liverpool for £50 million.

Nevertheless, the total spent by clubs across the two windows has surpassed the previous highest of £760 million in the 2013/14 season and is a further example of the increased financial strength of leading English clubs, who have benefitted from increased television and other broadcast revenues.

“Given the record level of spending seen in the summer (pre-season),it is not entirely surprising that we haven’t seen a new record for the January window,” said Dan Jones, partner in the Sports Business Group at Deloitte.

“However, with all Premier League clubs recording record revenues, we might have expected one or two more major deals in this window.”

He added: “Despite the relative restraint we have seen in the January window, 2014/15 is still a record season for Premier League spending.

“Last season saw Premier League spending surpass the £700 million threshold for the first time, and the revenue growth at Premier League clubs is such that they have been able to record a combined transfer spend this season of over £950 million.”