Player transfer spending by Premier League clubs was around £485 million in the recent transfer window, up £120 million (33 per cent) on the same period last year, according to business advisory firm Deloitte.

A trypically frantic few hours before the window closed on Wednesday, saw several clubs complete last-ditch deals with Everton’s Mikel Arteta one of four players to join Arsenal, while Owen Hargreaves looked to revive his career with Manchester City and Craig Bellamy returned to Liverpool.

Dan Jones, partner in the sports business group at Deloitte, said: “Premier League clubs have spent around £485m which is significantly up on last summer and at a similar level to that seen in the busy summers of 2007 to 2009.

“This summer’s spending is largely focused amongst the top end Premier League clubs most strongly competing for domestic and European success and the consequent financial rewards.”

Deloitte’s figures showed each of Arsenal, Chelsea, Liverpool, Manchester City and Manchester United have exceeded £50 million of transfer spending in the recent window.

In aggregate, these five clubs have committed to around 66 per cent of Premier League clubs’ transfer fees in the summer of 2011.

Jones said there had been a “resurgence” of transfer spending in other major European leagues, adding: “Despite domestic difficulties delaying the start of their seasons, transfer spending is considerably up amongst clubs in Serie A (Italy) and La Liga (Spain).”