The summer 2025 transfer window officially closed on the evening of 1 September across Europe’s top five leagues, marking the time for a full review. Sportsmole takes a look at which clubs spent the most.
After almost three months of talks, discussions, and negotiations, the summer window has now ended. Clubs in the top five European leagues can no longer strengthen their squads and must wait until the winter window for further adjustments.
As usual, the Premier League smashed the bank this summer, remaining by far the highest-spending league with a total of £3.15bn. That is far more than Serie A, which spent €1.19 billion (£1.03bn), and the Bundesliga, completing the podium with €856 million (£743m), according to Transfermarkt.
Liverpool more than £400m in Spending
Florian Wirtz for Liverpool on August 4, 2025
Looking at individual clubs, nine of the top ten spenders come from the Premier League. The only non-English club to break into the top ten is Bayer Leverkusen, in ninth place, spending €198 million (£172m), offset by €229 million (£199m) in income from player sales.
The list is dominated by Liverpool, who spent £419m during the summer window, bringing in Alexander Isak, Hugo Ekitike, and Florian Wirtz. Other Premier League heavyweights Chelsea, Arsenal, and Newcastle follow with around £285m each.
At the lower end of the top ten, La Liga giants Atletico Madrid (11th with €176m / £153m) and Real Madrid (12th with €167.5m / £146m) feature, as does Serie A’s AC Milan (13th with €164m / £142m). PSG, with €130m (£113m) spent, appears in 29th place, while Bayern Munich, having spent €88.8m (£77m), ranks 39th among Europe’s top spenders.
Top 10 Clubs by Gross Spending
Liverpool (£419m)
Chelsea (£285m)
Arsenal (£255m)
Newcastle (£251m)
Manchester United (£218m)
Nottingham Forest (£205m)
Tottenham (£183m)
Manchester City (£180m)
Bayer Leverkusen (£172m)
Sunderland (£163m)
Arsenal spent big, Real Madrid struggling
Arsenal's Eberechi Eze pictured on August 23, 2025
Spending is one thing, but net balance tells another story. Chelsea, for example, spent £285m but finished the window in positive territory, having recouped £288m from sales. The Blues therefore avoided ending the window in the red.
Arsenal, on the other hand, top the list for net losses with a negative balance of £247m, leaving the Gunners with no excuses after such a summer. Other Premier League giants, including Liverpool, Manchester United, and Tottenham, all posted losses of over £130m..
The top ten in net spending remains dominated by Premier League clubs (eight in total), but Real Madrid has secured a place in the top five, having only generated €5m (£4.3m) in sales. Similarly, Galatasaray spent €148.3m (£129m) and recovered €16.4m (£14m). Notably, Chelsea, second in gross spending, drops out of the top ten for net spending, reflecting the fact that their high expenditure was offset by significant sales.
Top 10 Clubs by Net Spending (£)
Arsenal (-£247m)
Liverpool (-£229m)
Manchester United (-£153m)
Tottenham (-£146m)
Real Madrid (-£143m)
Sunderland (-£118m)
Manchester City (-£118m)
Galatasaray (-£114m)
Everton (-£101m)
Newcastle (-£98m)
This article was originally published on Top Mercato.
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