London - Fear of missing out on the English Premiership's huge television money bonanza in 2016 has propelled transfer spending beyond £1 billion for the first time.
England's 20 elite clubs have collectively spent more than £1 billion on new players in the season's two transfer windows, financial consultants Deloitte revealed as the mid-season transfer deadline neared on Monday.
"We've seen Premier League clubs again use the January window to invest significantly in playing talent," said Dan Jones from Deloitte's Sports Business Group.
"With a day left, the total gross spending this season has already reached £1 billion for the first time.
"Last January saw £45 million spent by Premier League clubs on the final day of the transfer window and with further spending expected over the coming hours, Premier League gross transfer spending looks set to comfortably exceed the £1 billion mark for the 2015-16 season."
English top-flight clubs broke new ground by shelling out £870 million on new talent in the 2015 close-season transfer window -- a rise of four percent on the previous record, established the previous summer.
Together they had splurged £130 million on players prior to Monday's final day of trading, tipping Premier League spending into 10-figure territory and further confirming England's status as football's financial powerhouse, where 17 of the world's 30 richest clubs reside according to the latest data.
But whereas close-season spending was driven by the leading clubs -- Manchester City twice breaking their transfer record to sign Raheem Sterling (£44 million rising to £49 million) and Kevin De Bruyne (£55 million); Manchester United betting the house on unheralded French teenager Anthony Martial (£36 million rising to £61.5 million) -- in January it has been a different story.
Sky and BT Sport's blockbuster 5.14 billion domestic TV rights deal kicks in at the start of next season, with the sale of overseas rights -- expected to be confirmed in the coming weeks -- set to swell that figure to £8 billion for the period 2016-2019.
It means that the cost of relegation has never been higher, and it is the clubs at the wrong end of the Premier League table who have been opening their wallets the most eagerly during the mid-season transfer period.
Newcastle United, third from bottom ahead of the mid-week fixtures, have been the top spenders, parting with around £29 million to sign England pair Andros Townsend and Jonjo Shelvey and Senegal midfielder Henri Saivet.
They were also reported to have tabled a £21 million bid for unsettled West Bromwich Albion striker Saido Berahino.
The Premier League's other north-east representatives, Sunderland, have brought in five players, including a £9 million swoop for Tunisian playmaker Wahbi Khazri from Bordeaux.
Bournemouth broke their transfer record by paying around £10 million to Wolverhampton Wanderers for former Arsenal youth-team striker Benik Afobe, while Norwich City, Swansea City and Watford have also been active.
"We've seen some quite robust activity from the teams at the lower end of the Premier League and they are spending relatively large fees on selected players," football finance expert Rob Wilson from Sheffield Hallam University told AFP.
"There is a pressing need to stay up this year to receive the TV money. It's also interesting to see some of the top teams in the Championship (second tier) spending, too. This is also a reaction to the revenues on offer for promoted teams next season."
Although surprise front-runners Leicester City have bolstered their ranks by signing Ghana defender Daniel Amartey and 19-year-old English winger Demarai Gray, the big boys have largely kept their powder dry.
Arsenal, Chelsea and Liverpool have made low-key additions, while United and City have done no business of note.
In the Premier League of 2016, it is fear of the void, rather than the pursuit of glory, that is driving spending to new heights.