Premier League clubs spent a record £950million in the 2014-15 summer and winter transfer windows.

Spending in the 2015 winter market equalled the £130million invested the previous year.

Deadline day had a low-key feel about it, but clubs still spent more on the final day of this window - £45million - than they did on 2014 deadline day (£35million).

Saints played their part, splashing out around £10m to make Ryan Bertrand’s loan move from Chelsea permanent.

In all, Ronald Koeman spent close on £70m in his first two transfer windows as Saints boss.

In addition to Bertrand, he also signed Shane Long £12.5m), Dusan Tadic (£11m), Fraser Forster (£10m), Sadio Mane (£10m), Graziano Pelle (£8m) and Florin Gardos (£6m).

Koeman could also have to spend £20m plus if he wants to make the loan signings of Toby Alderweireld, Eljero Elia and Filip Djuricic permanent.

Dan Jones, partner in the Sports Business Group at Deloitte, said: “Given the record level of spending seen in the summer, it is not entirely surprising that we haven't seen a new record for the January window.

“However, with all Premier League clubs recording record revenues, we might have expected one or two more major deals in this window.

“Despite the relative restraint we have seen in the January window, 2014-15 is still a record season for Premier League spending.

“Last season saw Premier League spending surpass the £700million threshold for the first time, and the revenue growth at Premier League clubs is such that they have been able to record a combined transfer spend this season of over £950million.”

The final January 2015 figure of £130million was well down on the record winter spend of £225million in 2011, when Chelsea broke the record for a transfer between British clubs with their £50million purchase of Fernando Torres from Liverpool.

But the overall spend across the 2014-15 season puts the previous best of £760million from the 2013-14 season in the shade.

It also underlines the increased buying power of English top-flight clubs as they benefit from enhanced broadcasting revenues.

Due to Financial Fair Play regulations, it seems the richest clubs are more keener now than ever to try and balance their books rather than just embarking on a spending spree.

Chelsea, for example, were keen to bring some money in by making Ryan Bertrand’s loan move to Saints permanent.

It is believed the Blues started negotiations on deadline day, as Saints had been happy to wait until the end of the season when they had an option to buy Bertrand permanently anyway.

Faye Bargery, partner and sports specialist at law firm Thomas Eggar LLP, said: “Chelsea appeared keen to balance the books, with the transfer of Andre Schurrle and loan of Mohamed Salah taking place before the signing of Cuadrado.

“Together with the sale of Ryan Bertrand to Southampton, it meant that Chelsea effectively made a profit on deadline day, helping them to meet the requirements of the Financial Fair Play rules.

“Whether this is a trend we will see continue, or if it was simply down to a lack of availability of desired players, is something only time will tell.

“But it seems clubs currently appear to have a desire to balance the books and look to have a more long-term strategic approach to the window.”