Clubs worldwide spent a record $2.35 billion on international transfers in men's soccer in the January window, nearly a 58% increase from last year, world soccer's governing body FIFA said in a study published on Friday.

Global transfers during the January window broke the $2 billion (£1.6bn) mark for first time in the men's game according to FIFA data.

Fueled by England and Saudi Arabia, clubs spent a record $2.35 billion on international transfer deals in a booming January trading period for men’s soccer, FIFA said Friday. The 5,863 international transfers — those between clubs in different countries that are processed by FIFA — also was 900 more than the previous highest,