Liverpool's substantial £450million transfer outlay last summer has failed to dislodge Manchester United from the summit of the net spend rankings over the past five years. Net spend - defined as "transfer fees spent on acquiring players minus transfer fees received on moving players out" - remains a frequently discussed metric in football circles.
The Red Devils consistently feature among the world's biggest spenders in the transfer market and regularly rank amongst football's most active recruiters. Yet their considerable outlay is seldom balanced by income generated from player departures - a stark contrast to the reigning Premier League champions.
Nearly 13 years have elapsed since United last lifted the Premier League trophy, but a five-year period commencing in summer 2021 sees Ruben Amorim's outfit firmly established atop the net spend rankings. Their cumulative net spend has reached £-684.61million, merely £10m greater than runners-up Arsenal, whose figure stands at £-675.77m.
Chelsea occupy third position with the Blues' net spend totalling £-662.04m, and despite expenditure exceeding £1bn since Todd Boehly's takeover, they've recouped substantial transfer fees through player sales in recent campaigns. Tottenham Hotspur follow with their total across the previous five years amounting to £-569.24m, notwithstanding their most recent top-four finish arriving in the 2021/22 campaign.
That season coincidentally represented their lowest net spend figure throughout the five-year period. Completing the top five is Newcastle United with a total net spend of £-430.61m, a figure significantly boosted by the record-breaking £125m sale of Alexander Isak to Liverpool last summer. Liverpool's sixth place on this list, with a net spend of £-426.77m, is testament to their astute transfer dealings.
During their first Premier League title-winning season in 2019/20, Liverpool actually posted a positive net spend of £29.14m, with Takumi Minamino's £7.25m signing in January being their biggest outlay across both the summer and winter transfer windows.
However, their net spend of £-228.6m this past summer paints a different picture, marking their largest ever transfer window by a considerable margin. The club broke their own transfer record twice, first with the £116m purchase of Florian Wirtz and then a month later with the acquisition of Isak.
As for Manchester United's net spend of £-154.34m last summer - their second highest in five years - the bulk of their transfer activity was focused on revamping their attacking line-up. Nearly £200m was splashed out on Matheus Cunha, Bryan Mbeumo and Benjamin Sesko.
1) Manchester United five-year net spend: £-684.61m
25/26: £-154.34m
24/25: £-112.89m (15th)
23/24: £-128.48m (8th)
22/23: £-191.94m (3rd)
21/22: £-96.97m (6th)
2) Arsenal five-year net spend: £-675.77m
25/26: £-246.26m
24/25: £-20.81m (2nd)
23/24: £-144.26m (2nd)
22/23: £-141.39m (2nd)
21/22: £-118.26m (5th)
3) Chelsea five-year net spend: £-662.04m
25/26: £-6.03m
24/25: £-33.76m (4th)23/24: £-153.68m (6th)22/23: £-473.95m (12th)
21/22: £31.16m (3rd)
4) Tottenham five-year net spend: £-569.24m
25/26: £-146.6m
24/25: £-91.42m (17th)23/24**:** £-125.5m (5th)22/23: £-117m (8th)
21/22: £-50.8m (4th)
5) Newcastle United five-year net spend: £-430.61m
25/26: £-89.94m
24/25: £-17.73m (5th)
23/24: £-85.79m (7th)
22/23: £-141.69m (4th)
21/22: £-108.17m (11th)
6) Liverpool five-year net spend: £-426.77m
25/26: £-228.6m24/25: £29.14m (Champions)
23/24: £-92.26m (3rd)
22/23: £-53.96m (5th)
21/22: £-50.02m (2nd)
7) Manchester City five-year net spend: £-346.56m
25/26: £-118.61m
24/25: £-87.75m (3rd)
23/24: £-104.64m (Champions)
22/23: £5.94m (Champions)
21/22: £-37.38m (Champions)
8) Nottingham Forest five-year net spend: £-328.86m
25/26: £-97.28m
24/25: £-15.58m (7th)
23/24: £-42.28m (17th)
22/23: £-167.48m (16th)
21/22: £-5.07m (4th in Championship)
9) West Ham United five-year net spend: £-323.16m
25/26: £-47.22m
24/25: £-82.6m (14th)**23/24: £21.47m (9th)**22/23: £-145.1m (14th)
21/22: £-58.25m (7th)
10) Bournemouth five-year net spend: £-155.77m
25/26: £85.72m
24/25: £-59.67m (9th)23/24: £-111.27m (12th)
22/23: £-78.57m (15th)
21/22: £10.08m (2nd in Championship)
11) Crystal Palace five-year net spend: £-145.95m
25/26: £15.31m
24/25: £7.45m (12th)
23/24: £-56.2m (10th)
22/23: £-34.11m (11th)
21/22: £-70.97m (12th)
12) Sunderland five-year net spend: £-121.19m
25/26: £-136.5m
24/25: £5.41m (4th in Championship)
23/24: £-1.54m (16th in Championship)
22/23: £5.08m (6th in Championship)
21/22: £-0.2m (5th in League One)
13) Fulham five-year net spend: £-119.55m
25/26: £-24.32m
24/25: £-18.86m (11th)
23/24: £-16.55m (13th)
22/23: £-42.03m (10th)
21/22: £-13.1m (1st in Championship)
14) Burnley five-year net spend: £-108.67m
25/26: £-80.96m
**24/25: £46.2m (2nd in Championship)**23/24: £-90m (19th)22/23: £28.03m (1st in Championship)
21/22: £-7.47m (18th)
15) Brentford five-year net spend: £-98.16m
25/26: £49.95m
24/25: £-20.12m (10th)
23/24: £-52.3m (16th)
22/23: £-38.44m (9th)
21/22: £-31.33m (13th)
16) Leeds United five-year net spend: £-75.4m
25/26: £-91.51m
**24/25: £109.47m (1st in Championship)**23/24: £-1.95m (3rd in Championship)22/23: £-41.44m (19th)
21/22: £-49.75m (17th)
17) Aston Villa five-year net spend: £-63.41m
25/26: £21.74m
24/25: £39.54m (6th)
23/24: £-65.44m (4th)
22/23: £-38.25m (7th)
21/22: £-2.32m (14th)
18) Wolves five-year net spend: £-48.92m
25/26: £11.5m
24/25: £-7.11m (16th)
23/24: £64.14m (14th)
22/23: £-97.64m (13th)
21/22: £-4.96m (10th)
19) Everton five-year net spend: £-12.13m
25/26: £-101.87m
24/25: £28.17m (13th)
23/24: £36.23m (15th)
22/23: £21.7m (17th)
21/22: £5.56m (16th)
20) Brighton five-year net spend: £2.28m
25/26: £57.71m
24/25: £-191.58m (8th)23/24: **£69.1m (11th)**22/23: £70.82m (6th)
21/22: £3.25m (9th)