Transfer records tumble as Oxlaide-Chamberlain joins Liverpool from Arsenal

The summer transfer window which formally opened on 1 July, finally closes at 23:00 BST on Thursday, 31 August. Players who are free agents at that time will be able to join a new club afterwards.

Premier League clubs' transfer window spending had already broken its previous record level over a week ago.

Figures from Deloitte's Sports Business Group showed that by 9am on Thursday 24th August, total gross transfer spending by the 20 top-flight clubs stood at £1.17bn.

That beats the previous record of £1.165bn set last summer.

At the same stage last year, clubs had spent £865m, Deloitte said.

Manchester City have splurged the most so far, shelling out more than £200m including more than £50m to prise defender Kyle Walker away from Tottenham.

The money keeps on mounting up and two notable last day transfers so far saw Serge Aurier go from PSG to Tottenham for £23m.

An even more notable move saw Liverpool  complete the £35m signing of England midfielder Alex Oxlade-Chamberlain from Arsenal.

The 24-year-old, who rejected a move to Chelsea on Tuesday after a fee had been agreed, joins on a five-year contract worth £120,000 a week.

Oxlade-Chamberlain, who was in the last year of his Arsenal contract, rejected a new deal worth up to £180,000 a week to stay at the Emirates.

He has started each of Arsenal's four games so far this season.

Oxlade-Chamberlain made 198 appearances for Arsenal since joining them from Southampton in August 2011, scoring 20 goals.

"I know my choice might come as a surprise to many, and the decision to leave was tough after being a part of the club for so many years, but I feel that this move is right for the next stage in my ongoing development, " he said in an Instagram post.

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