English Premier League clubs spend over $1.3 Billion on Summer transfers

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English Premier League clubs have spent more than £1 billion ($1.3 billion) on new signings this summer in preparation for the upcoming season set to kick off on Friday.

After coming incredibly close to winning the title for the first time since 2004, raising hopes for Arsenal fans and active in the summer transfer market to an extent that they became the highest-spending club, surpassing the £200 million mark to secure Declan Rice, Kai Havertz, and Donyell Malen. Their aim is to dethrone Manchester City from their throne.

Manchester United, Newcastle, Liverpool, and Chelsea have also been active in the transfer market, competing for a spot in the top four and qualification to the UEFA Champions League. The latter two missed out last season, finishing fifth and twelfth, respectively.

Manchester City, fresh from securing a domestic treble of Premier League, FA Cup, and Champions League titles, remains the most challenging opponent and the favorite to become the first team to win the league title for four consecutive seasons.

Let's take a closer look at some of the biggest deals that have been completed so far:

Declan Rice (Arsenal) -

As the surprise title contender last season and even leading the league for a significant period, Arsenal has shown its determination by signing Declan Rice. Despite Manchester City's interest, Rice opted for Arsenal. This demonstrates the upward trajectory of Arsenal under the management of Mikel Arteta. They made a record-breaking transfer of £105 million to secure Rice from West Ham.

Rasmus Hojlund (Manchester United) -

After failing to bring in English national team captain Harry Kane, Manchester United turned to youth by signing Danish midfielder Rasmus Hojlund from Atalanta. Despite the raised eyebrows at the club spending £64 million on a young player who cost Atalanta only £17 million a year ago, Hojlund's goal-scoring prowess and performance in the Italian Serie A stand out.

Josko Gvardiol (Manchester City) -

Croatian Josko Gvardiol has been Manchester City's marquee signing this summer, joining the club from RB Leipzig for a fee of £78 million. The towering 21-year-old impressed during Croatia's journey to the World Cup semi-finals last year. However, he faces stiff competition at the Etihad Stadium to secure a place in the defense.

Dominik Szoboszlai (Liverpool) -

After a disappointing season that saw Liverpool finish outside the top four, Jurgen Klopp's team needed to rejuvenate its midfield. Enter Hungarian international Dominik Szoboszlai, signed from Leipzig for £76 million, following his breakout season in the Bundesliga.

Sandro Tonali (Newcastle) -

Saudi-backed Newcastle United made waves in the transfer market, with the Premier League's massive spending posing a threat to European clubs. Despite concerns expressed by Jurgen Klopp about the Saudi influence on the transfer market, Newcastle went ahead to sign Italian midfielder Sandro Tonali for a record £60 million from AC Milan. Tonali was instrumental in Milan's Serie A victory and their Champions League run last season.

The Premier League's summer transfer market has certainly been characterized by significant spending as clubs vie for supremacy and a spot in European competitions. The influx of talent promises an exciting and competitive season ahead.