Spending between Premier League clubs accounts for around two thirds of this total (around £105m), while Manchester City have, unsurprisingly, spent the largest amount of money by any club ever in a January transfer window.
City, the world's richest club, splashed out on goalkeeper Shay Given, defender Wayne Bridge, midfielder Nigel de Jong and striker Craig Bellamy.
While Spurs' purchases included bringing Pascal Chimbonda, Jermain Defoe and Robbie Keane back to White Hart Lane after brief spells at Sunderland, Portsmouth and Liverpool respectively, and buying midfielder Wilson Palacios from Wigan Athletic.
"The record level of gross spending has largely been driven by transfers between Premier League clubs, in particular fuelled by the activity of Manchester City and Tottenham Hotspur," said Dan Jones, Partner in the Sports Business Group at Deloitte.
"While gross transfer spending was £160m, Premier League clubs' net spending was less than a quarter of that figure, taking into account transfer receipts from non-English and Football League clubs and transfer spending between Premier League clubs.
"The transfer of players already proven on the English stage generates money flow between the clubs, and the arrival of more star names from overseas emphasises the continuing appeal of the Premier League."
Key findings from Deloitte analysis included:
- That Premier League clubs committed to around £160m in transfer fees in January 2009, a rise from £150m in 2008, £60m in 2007, £70m in 2006, £50m in 2005 and 2004 and £35m in 2003.
- The top transfer spenders in January 2009 were Manchester City, who spent around £50m - the highest level of spending by any club in any January transfer window - and Tottenham Hotspur, who splashed out around £45m.
- There were six transfers with values of at least £10m during the window. Prior to that, there had only been six deals for £10m or more in total since the mid-season window was introduced in January 2003.
- Premier League clubs' transfer spending has again far exceeded that in other European leagues, with the 20 Premier League clubs committing more than the aggregate disclosed amounts spent by all top division clubs in France, Germany, Italy and Spain.
Reflecting on the overall financial position of Premier League clubs, Paul Rawnsley, Director in the Sports Business Group at Deloitte said: "The level of transfer spending is far in excess of spending by clubs in other European leagues.
"With the majority of their revenue streams already secured for the current season, whilst clubs are not recession-proof, they are relatively recession-resistant.
"Looking forward, whilst the clubs will not be complacent, the latest transfer activity re-emphasises the financial strength and global appeal of the Premier League competition."
The Deloitte Football Money League is published later this month, and will confirm the position of several Premier League clubs amongst the 'Top 20' highest revenue generators in the world.
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