Which clubs have the highest net transfer spend? Manchester United, Chelsea, Barcelona, Real Madrid, PSG…

Manchester United have not had a great time of things in the last decade or so. Between the start of the Premier League in 1992 and Sir Alex Ferguson’s retirement as manager in the summer of 2013, the Red Devils won 13 league titles out of a possible 21, the Champions League twice and numerous domestic cups.

Since the start of the 2013-14 campaign, however, things have been rather different, with just two League Cup wins, one FA Cup triumph and a first-ever victory in the Europa League, a competition they’d rather not even play in. It has not, however, been down to a lack of investment in the playing roster.

A study carried out by Swiss-bases research institute CIES Football Observatory has revealed that since the summer of 2014, a year after their on-field troubles set in, United have had a higher net transfer spend (i.e. spent more money on players than they have received) than any other club on the planet bar none. And, as the table below shows, it’s not even particularly close, with second-placed Chelsea nearly $400 million better off.

Which clubs have the highest net transfer spending since 2014?

Pogba and Maguire head Manchester United’s transfer failings

A quick look at the Old Trafford clubs’s list of 10 most expensive ever signings tell you where the problems lie. United have spent more than $50 million on 10 different players (Paul Pogba, Antony, Harry Maguire, Romelu Lukaku, Jadon Sancho, Casemiro, Ángel Di Maria, Lisando Martínez, Mason Mount and Aaron Wan-Bissaka) in their history, all in the period encompassed by the study. The jury is still out on some, but there have, as yet, been no roaring successes.

Which club has spent the most money on new players?

It will come as a surprise to few to see the Premier League dominate, with seven clubs inside the top 10 and 13 in the top 20, looking further down. Chelsea have actually spent significantly more on new players ($2.823 billion) than any other club (United are next on $2.098 billion), but The Blues have also recouped plenty ($1.719 million).

Manchester City spending smarter than United

There is also an interesting comparison to be made between the two Manchester clubs, who have spent almost the exact same amount on new signings. The Red Devils are well ahead of City in the table, though, having brought in just $602.86 million compared to their city rivals’ $1.175 billion.

Real Madrid beating Barcelona in the board room

Barcelona’s presence in the top 10 will also not be a shock considering their recent financial issues. Only Chelsea, United and City have spent more than the LaLiga champions since 2014 ($1.905 billion), although they have at least made $1.195 billion in player sales, the second most of any team.

Real Madrid, the most successful club in European competition in the last decade, are all the way down in 19th spot in this particular list, with their net transfer spend “just” $348 million, leaving them behind the likes of Everton, Crystal Palace and Bournemouth.

Which team has the highest net transfer profit?

On the flip side of the coin, Benfica have by far and away the highest net transfer profit ($818.09 million), ahead of Ajax ($464.73 million). Not a single English, Spanish or German club features in the top 20, which is made up of teams from Italy, Portugal, the Netherlands, France, Austria, Croatia, Ukraine, Brazil, Argentina and Belgium.

Saudi Pro League making its mark in 2023

The study also includes data from 2023 transfers, which show the effect of the Saudi Pro League on the market. Three Saudi teams (Al Hilal, Al Ahli and Al Nassr) feature in the top 10 for clubs with the highest net transfer spend this year, with Chelsea ($596.43 million) well ahead of Al Hilal ($387.63 million) at the top.