Key Points

The Premier League clubs smashed the previous records as they shelled out cash, scrambled to find replacements to fill the gap and strengthen their squads in a historic transfer window. According to Sky Sports, the Premier League spent a record amount of £3.19bn.

Hoeness reflected on the record-shattering spending and delivered a sharp critique of the current situation of the transfer market. Bayern faced the brunt of the purchasing power of the Premier League clubs after Florian Wirtz joined Liverpool for a record British fee.

"I was stunned by what's been going on in international football over the last six or eight weeks...at some point, people will say: Are they completely crazy?" Hoeness said in his speech after being honoured with the DFL Honorary Award.

"This can't end well. We must show strength and not take the money of the Arabs, the American hedge funds. The DFL must ensure that the Bundesliga clubs never have to accept this money," the 73-year-old added.

Hoeness's remarks came after he was presented with the prestigious award on the eve of the German Football League (DFL) general assembly in Berlin and joined the ranks of DFL award recipients.

"I am proud to receive this award. It's an acknowledgement that I have also tried to give something back to German football over the past 50 years. But football also gave me everything," Hoeness said after receiving the prestigious award.

During his playing days, Hoeness won the World Cup and European Championship with the German national team. With FC Bayern, he won the European Cup and the German Championship three times each.

Along with this, he also won the Intercontinental Cup and the DFB Cup. In 1979, at the age of 27, Hoeness took over as general manager of FC Bayern and, over the following decades, helped the club to become one of the most successful in the world.

- ANI