For Premier League sides, transfer behaviour is about more than headline fees; it also reflects who they are trading with.
Consider the top-end moves of £40m or more: their number has doubled this summer compared with two years ago.
In 2024-25 there were 13 such transfers; this summer there were 27.
The split of those deals is even more revealing.
Two years ago, seven £40m-plus moves were with clubs on the continent, and only six were between Premier League teams.
Here’s what has shifted since then.
This summer, nine deals worth £40m or more involved European clubs.
Within England, though, the count has tripled from six to 18, and total spending on domestic transfers has more than doubled as well.
Maguire told BBC Sport one factor is how extensively English clubs now scout abroad, signing players earlier and turning them into Premier League-ready performers.
He pointed to a new wave of data-led recruiters—“the algorithm kids”—targeting international markets.
Those teams bring talent into the Premier League, after which the Big Six move for the standouts.
One example is Carlos Baleba: Brighton bought him from Lille three years ago for £23m and last week sold him to Manchester United for £70m.
Maguire said this has effectively created a recruitment “petri dish” that tests which overseas players can thrive in the Premier League—producing wins for everyone involved.
Yet that’s only part of the picture. Some transfers look like they could happen only within the Premier League.
Would a European club have handed Manchester City the £75m Tottenham spent on Savio? Or paid Everton £65m for Iliman Ndiaye? And what about the £85m West Ham received from Spurs for Mateus Fernandes?
Underscoring the point, European clubs made only seven £40m-plus signings from other teams on the continent this summer—and all of them were by Barcelona, Bayern Munich or Paris St-Germain.
Trevor Watkins, the former Bournemouth chairman who is now a sports lawyer, told BBC 5 Live Breakfast the Premier League effectively operates in its own bubble.
He said the league’s revenues dwarf those of other competitions, and this year has brought a surge of deals between English clubs.
Significant money is filtering down to the lower leagues and circulating between Premier League teams because, frankly, they are usually the only clubs willing or able to meet the wages and the fees.