Premier League Dominates Club Finances as Gunners and Liverpool Lead €280M+ Net Spend Race
The 2025/26 winter transfer window officially slammed shut this week, capping off a season of astonishing financial activity in which clubs around the world spent over €2 billion. Despite a relatively quiet January, the total expenditure highlights the growing financial muscle of top teams, with the Premier League’s wealth on full display.
The window’s biggest move saw Manchester City secure Bournemouth’s Antoine Semenyo for €72 million. Yet, in a sign of prudent planning, several European giants—including Arsenal, Manchester United, Bayern Munich, Barcelona, and Real Madrid—opted against any January signings, having completed their major business last summer.
With both transfer windows now closed, the full picture of the season’s spending has come into focus. Arsenal lead all clubs with a net spend of €280 million, after investing €295.6 million in new talent and recouping only €14.3 million in sales. The heavy backing of Mikel Arteta’s project reflects the club’s urgent push to turn investment into silverware.
Liverpool follow closely in second place, with a net spend of €263.4 million. The Reds shattered the British transfer record twice last summer to sign Florian Wirtz and Alexander Isak, resulting in a staggering outlay of €482.9 million, partially offset by significant player sales totaling €219.5 million.
As expected, Premier League clubs dominate the top of the spending table. Manchester City, Tottenham, and Manchester United round out the top five, underlining the financial disparity between England’s top flight and other European leagues. Real Madrid sit sixth with a net spend of €165 million, just ahead of newly-promoted Sunderland, whose ambitious recruitment reflects their return to the top tier.
Figures for Süper Lig clubs, including ninth-placed Galatasaray, may still shift slightly as Turkey’s transfer window remains open until Friday. For most of Europe’s elite, however, the squads are now set—and the pressure is on for the season’s decisive final months.
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