Radamel Falcao's loan move to Manchester United was the major deadline day signing as Premier League summer spending hit a record £835m.
Overall deadline day spending was down £55m to £85m compared to 2013.
But earlier deals, such as United's £59.7m British record signing of Angel Di Maria, contributed to the record.
Financial analysts Deloitte said Louis van Gaal's near £150m spree was the highest gross transfer spend in a single window by any club.
On deadline day, most of the major transfers were announced after the 23:00 BST cut-off - with clubs given an hour's grace to finish deals they had started.
Falcao's surprise move was announced at 01:30 BST, 32 minutes after Welbeck's move was confirmed. Manchester City revealed Alvaro Negredo had been sent on loan to Valencia at 23:28 BST.
Hull were the busiest Premier League side on transfer deadline day, signing four players, including Palermo striker Abel Hernandez for a reported club-record £10m and Premier League trio Hatem Ben Arfa, Gaston Ramirez and Mo Diame.
Crystal Palace broke their club record to sign £7m Wigan midfielder James McArthur.
Premier League spending has been boosted by a £3bn television deal - 70% higher than the last contract - that is entering its second year.
The previous record of £630m - set last summer - was broken this year on 14 August, before a ball had been kicked in the Premier League.
Other key Premier League transfer window stats, provided by Deloitte, include:
- Clubs in the Champions League contributed 40% (342m) of the total spend.
- £530m went to clubs overseas. This was up from £490m last year but is down as a proportion of total spend from 78% to 63%.
- £60m was spent on Football League players.
- Premier League total spending is more than La Liga (£425m), Serie A (£260m) and Ligue 1 (£100m) combined. A total of £250m was spent in the Bundesliga.
Dan Jones, partner at Deloitte, said: "We continue to see the increased resources that Premier League clubs enjoy, as a result of improved broadcast deals, translate into investment in players.
"Last season the average Premier League club received over £25m more in central broadcast distributions than they did in 2012/13, which has helped fuel a new record spend this summer."
Last season's bottom side in the Premier League, Cardiff City, earned £62m in Premier League prize and TV money - more than the previous season's champions Manchester United collected, according to stats published by Sporting Intelligence.
The top four sides last season all earned between £90m and £100m.
Three of the busiest clubs this summer did not sign players on deadline day.
Liverpool have spent £117m since the end of the season, Chelsea £91.3m, and Manchester City £50m.
|Biggest Premier League transfers of the summer|
|Angel Di Maria [Real Madrid - Manchester United] £59.7m|
|Alexis Sanchez [Barcelona - Arsenal] £35m|
|Diego Costa [Atletico Madrid - Chelsea] £32m|
|Eliaquim Mangala [FC Porto - Manchester City] £32m|
|Cesc Fabregas [Barcelona - Chelsea] £30m|
|Ander Herrera [Athletic Bilbao - Manchester United] £29m|
|Romelu Lukaku [Chelsea - Everton] £28m|
|Luke Shaw [Southampton - Manchester United] £27m (Could rise to £31m)|
|Adam Lallana [Southampton - Liverpool] £25m|
|Dejan Lovren [Southampton - Liverpool] £20m|
|Lazar Markovic [Benfica - Liverpool] £20m|