Two weeks into the transfer window, and with almost seven weeks until deadline day on 31 August, the effects of the mammoth new Premier League TV deal are starting to be felt, with last summer's total expenditure of £814m by top flight clubs almost certain to be eclipsed.
Already more than £360m has been spent in the Premier League, notes Amitai Winehouse in the Daily Mail, almost as much as was spent in the entire summer of 2012. But another £200m could be added to the total by just three more transfers if Paul Pogba, Leroy Sane and John Stones switch clubs.
"We now live in a world where Crystal Palace – a Championship side in 2013 – can afford to make a £30m bid for a player," says Winehouse, referring to the chase for Belgian striker Michy Batshuayi, who eventually joined Chelsea for £33m.
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Already four players have moved to Premier League sides for that fee or more. "Over the entirety of 2015's summer window only five were transferred for such a price," he writes.
The increased spend is driven, fundamentally, by the increased TV revenue, but there are other factors that have pushed up prices.
Firstly, teams outside the Premier League have placed a premium on players wanted by English clubs. For example, says the Mail: "Udinese turned down a £9.2m move for Piotr Zielinski from Liverpool. They accepted a bid of exactly the same value from Napoli."
Another factor is that English clubs now have financial security. "Clubs in England no longer need to sell players to balance the books," says Winehouse of the Mail. "Faced with rejection, other teams increase their bids. It's a classic shortage of supply and excess of demand situation."
Watford turned down a bid of £38m for Odion Ighalo this summer, while Liverpool are not worried about recouping the £32.5m they paid for flop Christian Benteke.
The huge amounts of money in the Premier League could also have an impact on the continent.
Eventually the playing field will level out. "Any trickle-down effects from the Premier League's astonishing revenue streams will be felt in good time both in Spain and across Europe," says The Guardian, but until then the Premier League market will remain separate.
Even the giants of Spain will have trouble competing this summer. "With a month and a half left in the transfer window, it looks as if Real Madrid will not sign a Galactico," says Goal.com. "Paul Pogba had appeared to fit the bill as a marquee signing for the club this summer, and although he is not 100 percent ruled out, his arrival at the Santiago Bernabeu now seems unlikely.
It's not just the fee, but also his wages. They're affordable in Manchester, possibly, but not at the Bernabeu. "Bringing in Pogba on €14m a year would likely mean the club would have to pay out larger wages to several other members of their squad," explains the website.