Among the big signings on transfer deadline day was Mesut Ozil who is moving from Real Madrid to Arsenal for £42.4 million ($66 million).
Manchester United left it till the eleventh hour to buy Everton's Marouane Fellaini for £27.5 million. ($42.7 million).
Real Madrid's £85.3 million ($132 million) purchase of Gareth Bale from Tottenham set the world transfer record fee on Monday.
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"As the financial rewards for participation and success in the Premier League increase, so it follows that clubs are investing on the pitch to ensure they continue to benefit from the remarkable Premier League growth story," Jones added.
Premier League clubs are getting a cash boost from new broadcast deals allowing them to increase their spending on players.
BT has paid £738 million ($1.1 billion) for the rights to 38 live matches a season over three years, while Sky has spent £2.3 billion ($3.6 billion) for 116 matches a season.
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"Testament to the impact this is having is in the scale of Premier League gross spending, as well as the gulf in net spending between the Premier League and other European leagues," Alex Thorpe, consultant in the Sports Business Group said.
Other major European soccer leagues have seen higher spending by clubs compared with last year. After the Premier League, the next highest spenders were Spanish La Liga and Italian Serie A, each spending £335 million ($520 million) on players. France's Ligue 1 followed with £315 million and the German Bundesliga with £230 million.