Over the last decade, we've seen transfer fees skyrocket in astronomical fashion. Teams are spending far more than they ever have before, with Premier League clubs in particular splashing the cash quite extravagantly these days. With the amount of money being spent on new players, surely the figures made on those sold are similar, right? Well, not really.
Over the last 10 years, these 20 clubs have a higher net spend than anyone else which means once you take into account the amount of money they've made through player sales, they've still spent a significant amount of money more than most. Figures have been provided by the CIES Football Observatory.
20 Nottingham Forest - £265m
This is quite absurd considering Nottingham Forest only returned to the Premier League in 2022. Still, the Midlands club have spent an absolute fortune in an attempt to establish themselves as a solid side in the top flight. It's worked so far as well, with Steve Cooper's men avoiding relegation in their first season back in England's top tier.
Since their promotion to the Premier League last year, the club have signed a staggering 40 players. They spent big on a number of stars and if it wasn't for the recent big-money sale of Brennan Johnson, they might have ranked even higher on this list.
19 Real Madrid - £279m
Considering the figures that have moved to Real Madrid in the last decade, it's pretty incredible that the club have a net spend this low. Los Blancos have spent big on the likes of Jude Bellingham, Eden Hazard and Eduardo Camavinga over the years, but have made a bucketload in player sales too.
The likes of Casemiro, Martin Odergaard and Raphael Varane have all left the Bernabeu in the last decade and made the club some serious money as a result. Still, with the squad they have, it's wild to think there are somehow 18 teams with a higher net spend. What a testament to the excellent business being done in Madrid.
18 Bayern Munich - £294m
Considering their dominance at the top of German football for the entire decade, it's surprising to see that Bayern Munich's net spend is actually this low. Signing players like Harry Kane and Leroy Sane for big bucks in recent years, it seemed as though they'd splashed the cash in the transfer market, but clearly, they've managed to balance the books slightly with some outgoings in the process.
17 Bournemouth - £294m
We actually live in a world where Bournemouth have the same net spend as Bayern Munich over the last decade, despite starting it by earning promotion from League One. That is pretty wild and goes to show just how much English clubs have been spending lately in comparison to other top leagues. The Cherries have spent big money on the likes of Dominic Solanke, but it didn't prevent them from being relegated to the Championship. They're back in the top flight now, though, and will likely raise their net spend even more in the future.
16 Crystal Palace - £322m
With a net spend of £322m, Crystal Palace have brought in some talented and exciting young prospects over the last few years. The likes of Eberechi Eze, Michael Olise, Marc Guehi and Joachim Andersen were all signed throughout the decade. The club very rarely made much money selling players on, though, with Aaron Wan-Bissaka the only real major sale, heading to Manchester United for £50m. As a result, it isn't surprising to see they've racked their net spend up.
15 Everton - £336m
When you consider how high Everton's net spend is over the last 10 years, the fact they're currently in such a dire situation is a damning indictment of how poor the club have operated in the transfer market. Blowing huge amounts of money on the likes of Moise Kean and Alex Iwobi, the Toffees net spend could have looked a lot worse if it wasn't for the sales of players like Romelu Lukaku and Richarlison.
14 Juventus - £385m
Despite their long-standing dominance coming to an end in the last decade, Juventus still one of the highest net spends in the Serie A. The Old Lady has spent huge amounts of money on names such as Dusan Vlahovic, Cristiano Ronaldo, Arthur and Matthijs de Ligt.
They've recouped a fair amount of money with the sale of de Ligt to Bayern Munich, though. Still, the big net spend hasn't been enough to keep them at the top of Italian football.
13 Al Hilal - £392m
Considering the Saudi Pro League really only burst onto the scene last year, the fact that Al Hilal have a net spend of £392m already is pretty ridiculous. Signing stars like Neymar, Aleksandar Mitrovic, Ruben Neves and Kalidou Koulibaly for hundreds of millions, it's no surprise to see their net spending reach such massive levels in such a short space of time.
12 Liverpool - £395m
Over the last decade, Liverpool have somehow built a net spend of just £3m more than Al Hilal have in the space of a year. When you consider the amount of success the Reds have had in the last five years in particular, it's a testament to just how well the side have been managed by Jurgen Klopp and the shrewd business they've done in the transfer market.
Admittedly, the sale of Phillipe Coutinho did wonders for the side's net spend, but they still spent large amounts of money on the likes of Virgil van Dijk and Alisson, so £395m in 10 years isn't bad at all.
11 Aston Villa - £433m
Despite spending almost half of the last decade outside of England's top flight, Aston Villa have a net spend of £433m which is an indication of the level of ambition being shown at the club to re-establish themselves as a top half side in the Premier League. It wasn't quite working until Unai Emery showed up, but under the Spaniard and having spent top dollar on players like Leon Bailey, Moussa Diaby and Ollie Watkins, they're back in European football for the first time in over 15 years, so they'll consider the net spend worth it.
10 West Ham United - £452m
Declan Rice left West Ham United this summer for £100m and yet, their net spend is still as high as £452m spent over the last 10 years. That shows just how much the club have been spending throughout the decade, signing players such as Sebastian Haller and Edson Alvarez in the process.
Last season, the Hammers won the Europa Conference League for the first time, and it was a momentous occasion for the club, so is the net spend worth it? They'll probably think so.
9 AC Milan - £467m
No Italian club has a higher net spend than AC Milan in the last decade, and their spending has helped them re-emerge as a top side in the Serie A again. After a real lull period where the team struggled, they signed talents like Leonardo Bonucci and Lucas Paqueta for serious cash, and they eventually went on to become champions of Italy again after a long baron spell without the title.
As such, it's hard to judge their net spend too much considering what it brought them, even if seven of their most expensive transfers ever came in the decade.
8 Tottenham Hotspur - £521m
Tottenham Hotspur have spent a lot of money in the last decade with seriously varying results. The club have brought in the likes of Son Heung-min for big fees, who has gone on to become a club legend, but they also blew a load of money on Tanguy Ndombele who's been a major flop.
The sale of Harry Kane this summer went a long way into recuperating some of they money they've spent, but with a net spend of £521m over the last 10 years, and not a single bit of silverware to show for it, it feels like a big waste.
7 Barcelona - £568m
Barcelona have spent massive amounts of money in the last decade, and it feels as though they've had a lot more misses than they have hits. Undeniably, the major money move for Luis Suarez was a massive success and he became one of the best strikers in the world for the club, but they've also wasted insane amount of money on the likes of Coutinho and Malcom.
Antoine Griezmann is another star they splashed the cash on, only for the move to be a complete disaster. The Catalan giants have fallen on hard times financially in recent years and with a net spend of £568m, with very few actual successful bits of business in hindsight, it's not that surprising.
6 Newcastle United - £573m
For the majority of the last 10 years, Newcastle United were under the ownership of Mike Ashley and the general story surrounding the club was his refusal to ever really spend big in the transfer market. That's clearly not necessarily true, though, with the Magpies building up a net spend of £573m over the decade.
Sure, a lot of that will have come following the club's recent takeover, with a big money being spent on names like Alexander Isak and Sandro Tonali, but they did spend a fair amount on Joelinton even during Ashley's reign. With that being said, if the businessman was still in charge, they're likely to have a net spend of half what they currently do, so they'll be glad to be rid of him. A return to the Champions League suggests the money they've spent over the last 18 months has been worth it too.
5 Manchester City - £732m
Now we're in the top five, we're seeing significant jumps in the net spends that these clubs have built over the last 10 years. When you think about how incredible Manchester City have been and the amount of superstars that have taken to the field at the Etihad in recent times, their net spend of £732m seems almost cheap in comparison to some of the later names in this list.
The club have spent big on stars such as Kevin De Bruyne, Rodri, Jack Grealish and Ruben Dias recently, and it's all paid off, with the club becoming the most dominant in English football in quite some time. Their treble-winning campaign last year was just the icing on the cake of what has been a stellar run and the money they've spent seems worth every penny.
4 Arsenal - £745m
Going under the radar in the transfer market is Arsenal who somehow have a bigger net spend over the last decade than City do. The Gunners have spent big following Arsene Wenger's departure, with players like Martin Odegaard, Rice and Aaron Ramsdale coming in for sizeable fees.
Even before the Frenchman left, though, they were splashing the cash on names such as Pierre-Emerick Aubamyang, so in consideration, maybe it's not too big a surprise after all. Last season under Mikel Arteta was the closest they've come to getting their hands on the Premier League trophy in some time and if they can get over the line and go one further soon, then they'll consider their net spend worth it, but right now it's a lot of money gone for a few FA Cups.
3 Paris Saint-Germain - £866m
Over the last decade, Paris Saint-Germain have emerged as a real financial powerhouse in football and racked up their net spend to a colossal £866m as a result. Signing the likes of Neymar and Kylian Mbappe for absurd transfer fees, the club are considered to have been responsible for the astronomical rise in transfer fees, having made the former the most expensive signing ever.
The talent they've signed over the years has been incredible and it's no surprise to see how much their net spend is when you look at the names they've had such as Edison Cavani, Zlatan Ibrahimovic and Thiago Silva. Still, without a single Champions League to show for it, Neymar gone and Mbappe potentially following suit shortly, this could be a lot of money wasted.
2 Chelsea - £883m
Chelsea have had a history of spending big. They've been doing so since the early 2000s, but recently, things have been taken to a whole other level. With the takeover of Todd Boehly last summer, the Blues have begun spending money to a degree we've never seen before. The side have spent over £1 billion in the last year alone which is incredible considering the lack of success they've had on the pitch in the aftermath.
Signing the likes of Moises Caicedo (who they made the most expensive Premier League signing of all-time), Enzo Fernandez, Romelu Lukaku and Kepa Arrizabalaga in the last decade, the club have been crazy with their spending. They did win the Champions League in 2021, though, so they'll be happy with that. It just remains to be seen whether Boehly's outrageous spending will pay off in the long run or whether this will all prove to be a very expensive mistake.
1 Manchester United - £1.19b
Only one club has a net spend that's climbed over £1 billion in the last decade and that's Manchester United. The Red Devils have spent furiously following the departure of Sir Alex Ferguson and have a net spend of £1.19 billion over the 10 years. The side has spent massive amounts on the likes of Paul Pogba, Lukaku, Casemiro, Antony and Harry Maguire.
Considering the last 10 years have been the worst for the club since the 1980s, it's wild to see how little their spending has paid off so far. Worse yet, their net spend is almost £300m more than the second highest, yet they don't look any closer to winning a Premier League trophy than they did at the start of the decade. Just a massive blunder in the transfer market.