12th February 2026
February 12 – English Premier League leaders Arsenal have recorded the worst net spend in world football across the last two transfer windows, according to the latest weekly study from the CIES Football Observatory.
The release – which ranks clubs globally based on their net transfer results over the current season (summer 2025 and winter 2026 windows) and across the last five years combined – offers an interesting insight into whether clubs are operating through short-length unsustainable bursts in transfer activity or more committed to keeping that net balance down.
For 2025/26 to date, Arsenal top the spending table with a net outlay of €362 million. The figures, which include add-ons – regardless of whether they have been triggered – and sell-on clauses, underline the scale of the club’s recent investment. With the Gunners currently leading the Premier League, that spending has so far been matched by on-field return.
Liverpool rank second for net expenditure this season at -€244 million, fuelled by breaking the British record twice in the same window – first for Florian Wirtz and then for Alexander Isak – despite offloading €255m worth of sales in that same time period.
They are followed by Manchester City (-€208 million) and Al-Hilal (-€195 million). Manchester United (-€187 million) and Tottenham Hotspur (-€177 million) also operated with significant negative balances to complete a very Premier League-heavy top six – ironically missing serial spenders Chelsea.
Not all high spending has translated into domestic success. CIES noted that, over a longer five-year horizon covering the last ten windows, Chelsea (-€883 million) and Manchester United (-€859 million) record the most negative balances in world football. In both cases, sustained heavy investment has not consistently delivered proportional league outcomes.
At the other end of the spectrum, Monaco lead for the current season with the strongest positive balance at +€148 million, reflecting a model built as a player trading specialist. Over the five-year analysis period, Benfica stand out with a net positive of +€346 million, ahead of Lille (+€273 million), Ajax (+€270 million) and RB Salzburg (+€242 million).
The data provides an insight into the two prevailing approaches in the modern game: aggressive capital deployment to chase immediate competitive advantage, and long-term value generation through player development and trading.
Contact the writer of this story, Harry Ewing, at [moc.l1770895746labto1770895746ofdlr1770895746owedi1770895746sni@g1770895746niwe.1770895746yrrah1770895746](javascript:;)