The 20 football clubs in England’s Premier League spent €3.5 billion on new players during this year’s transfer window, says Transfermarkt. In 2023-2024, Premier League clubs generated £6.3 billion in revenue, a 4% rise on the previous season, according to the Deloitte annual review of football finance. But a high ratio indicates that a club is spending a potentially unsustainable amount on its wage bill, says football financial analyst Paul Quinn on theesk.org. A 70% ratio is a warning threshold, a benchmark that Premier League clubs have often approached and occasionally surpassed. A new Independent Football Regulator (IFR) will root out financial overreach and protect the “heritage” of English football.