Transfer news: Ten Premier League clubs crack top 20 spenders, Barcelona nowhere to be seen

This is merely a confirmation, but the figures highlight the Premier League's dominance over world football: English clubs remain the biggest spenders over the last 10 transfer windows, and the trend shows no signs of slowing down.

Which clubs have the most negative transfer balance over the past five seasons? While some names spring to mind immediately, others may come as a surprise. The CIES Football Observatory has conducted an economic study ranking clubs with the most negative transfer balance over the last 10 windows (summer and winter combined, covering five full seasons).

Premier League dominates the global transfer market

By analysing net transfer balance (the difference between expenditure and revenue), one conclusion is clear: the gap is widening between clubs capable of investing heavily and the rest. This CIES study reveals the 20 clubs with the most negative transfer balances, a telling indicator of the current economic dynamics in European and international football.

Unsurprisingly, England crushes the competition. Of the 20 biggest spenders, 10 play in the Premier League. Chelsea top the list by a considerable margin with a negative balance of -£753m, a direct consequence of their scattergun recruitment strategy since the arrival of owner Blueco. Manchester United, Arsenal and Tottenham complete an English quartet monopolising the top spots, each exceeding -£597m over five seasons.

Behind these frontrunners, other English clubs such as Newcastle, West Ham, Nottingham Forest and Crystal Palace confirm a clear trend: even clubs outside the "Big Six" are spending heavily, buoyed by substantial domestic and international TV rights.

This reality adds perspective to a frequently discussed comment from Pep Guardiola. Despite their reputation as big spenders, Manchester City rank only 17th in this table. Over the period studied, nine English clubs outspent City, proof that the Manchester club has managed to balance sales and purchases better than many of their direct rivals.

Saudi Arabia, Ligue 1 and European exceptions

Another major takeaway: the arrival of the Saudi league among the major players in the global transfer market. With Al-Hilal, Al-Nassr, Al-Ittihad and Al-Ahli, the Saudi Pro League places four clubs in the top 20, a feat unthinkable just a few years ago.

On the French side, Paris Saint-Germain (-£426m) remain true to their status as European heavyweights, while Olympique de Marseille (-£201m) also feature in the rankings at 20th, making the absence of any silverware during these five seasons and the instability at the club all the more frustrating for their supporters.

Italy is the exception with just one representative: Como (-£212m). The Lombard club, promoted to Serie A for the 2024-25 season, invested heavily to secure their survival, illustrating an ambitious strategy backed by a wealthy Indonesian owner.

Finally, Spain remains relatively absent. Atletico Madrid and Real Madrid do feature in the top 20, but at deficit levels significantly lower than those seen in the Premier League.