Following the arrivals of Bernardo Silva, Kyle Walker, Ederson, Benjamin Mendy and Danilo the 'Citizens' have surpassed the previous record and show no signs of slowing down.
But between City and previous record holders Real Madrid, who spent the money better?
City have of course spent £133m on full-backs alone this summer. Real, for their part, spent £80m on a certain Cristiano Ronaldo from Manchester United, £56m on AC Milan midfielder Kaka, £35m on Liverpool midfielder Xabi Alonso and £30m on Lyon striker Karim Benzema.
Not a bad bunch of signings it has to be said, though Raul Albiol, Esteban Granero and Alvaro Arbeloa who also arrived during that window were perhaps more questionable.
Time will tell how successful City's spending has been but it shows how times have changed when eight years ago £136m would get you two of the best players on the planet, whereas now £133m gets you three defenders.