England's big guns reload as transfer arms race heats up

LONDON - Premier League spending looks certain to shatter all previous records before the current transfer window closes as England's superpowers reload in an increasingly frenzied arms race.

Fueled by lucrative television contracts, currently worth around $10.8 billion and unprecedented revenue streams at home and overseas, the 20 Premier League teams have spent like never before in the weeks since the summer transfer window opened.

Already close to $1.2 billion has been paid for new players, with the single window record of $1.7 billion well within reach with over a month before the market closes.