Three clubs, Queens Park Rangers, Liverpool and Newcastle accounted for more than 50% of the total outlay this year.
Deloitte’s Dan Jones said:
“Premier League clubs have been relatively restrained in their player transfer fee spending, in spite of the upcoming uplift in their broadcasting revenues of between £20m and £30m each from next season.
“While the clubs’ total spending was £120m, after taking into account transfer income, the Premier League clubs’ net transfer spend was £70m.”
The biggest deal on deadline day was the £12.5m that QPR spent on defender Chris Samba from Anzhi Makhachkala.
Meanwhile, Arsenal signed Malaga left-back Nacho Monreal for about £10m as back-up for the injured Kieran Gibbs.
Sunderland completed the £5m signing of striker Danny Graham from Swansea City, while Everton paid £3m for Barnsley’s 18-year-old defender John Stones, who has signed a five-and-a-half-year deal.
Elsewhere, Stoke City signed England goalkeeper Jack Butland from Birmingham City for a fee rising to £3.5m, but the 19-year-old will go back to the financially hamstrung Championship club on loan for the rest of the season.
Norwich have signed striker Luciano Becchio from Leeds on a three-and-a-half-year contract, with forward Steve Morison heading to the Championship side in a swap deal.
And Fulham completed the loan signing of AC Milan midfielder Urby Emanuelson, 26, for the rest of the season.