CIES Football Observatory have produced a report on the teams with the highest net spends from around the globe, and Liverpool’s -€244m ranks them second.
The report takes into account the two most recent transfer windows (winter 2026, summer 2025).
During those windows, Liverpool spent a lot, most recently paying out £60m in a deal for Jeremy Jacquet.
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In the summer, there was around £450m spent on new players, including a British transfer record fee for Alexander Isak.
Despite the high spending from FSG, however, the Reds are second on the list to Mikel Arteta’s Arsenal, who have a world-high net spend of -€362m.
Surprisingly, Saudi Pro League side Al-Hilal take fourth spot with a -€195m outlay across the last two windows, putting them just below Manchester City: -€208m
Premier League clubs dominate net spend top 10
As expected, though there are a few non-English sides like Al-Hilal high on the list, the top 10 is largely full of Premier League clubs.
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Sunderland, who Liverpool beat 1-0 on Wednesday, have a -€191m net spend following their promotion in 2025.
Manchester United (-€187m) and Tottenham Hotspur (-€177m) then take sixth and seventh place.
Everton round out the top 10, with a total of -€148m, putting them just below Real Madrid (-€154m).
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How players who left Liverpool in 2025 are faring
Liverpool, probably because of their serious squad depth issues, did not sell any first-team players in January.
However, a number of exits were sanctioned in the summer, including the sale of Luis Diaz to Bayern Munich.
Diaz has gone on to score 19 goals and provide 14 assists in 31 matches for the German powerhouse.
Elsewhere, Darwin Nunez has been dropped from the league squad at Al-Hilal this week.
But on a more positive note, well, perhaps not for Liverpool fans, Jarell Quansah is now a regular starter for Bayer Leverkusen.
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