Revealed: The surprise PL club with the biggest net transfer spend in the world

It's not Chelsea!

No stat sums up the Premier League's spending in recent years than this: during the 2023 January window, Chelsea's £159million winter outlay was £100 million higher than Serie A, Ligue 1 and the Bundesliga put together.

Over the past five years though, which Premier League club actually comes out as the biggest spender is the real question.

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Man City may have dominated spending during the 2010s, on the likes of Kevin de Bruyne, Sergio Aguero, and Raheem Sterling, before Jack Grealish and Josko Gvardiol arrived in more recent years, but how well do they compete with Todd Boehly's BlueCo Chelsea takeover, or the never-ending revolving door of new arrivals at Old Trafford.

Even Arsenal, once famed for transfer inaction, — Arsene Wenger's record signing was just £12 million up until 2013 — have entered the market over the past five years, with major deals for Kai Havertz, Ben White, and Declan Rice.

To eliminate any further guesswork, UEFA have released a massive financial report, detailing Europe's biggest spenders.

Broken down in a report from The Times, Manchester United have been revealed at the top of the pile for net spend between 2021-25.

Over the course of the period, the Red Devils' net spend total was €794million (£692million).

Chelsea and Arsenal came in at second and third place respectively, spending £656million and £587million each.

Man United's place at the top is a greater sign that they've failed to generate value through their purchases, than it is an indication they've invested too much.

In comparison, Chelsea were miles ahead in terms of gross spending (£1.93billion), with some £700 million more spent on players than second placed Man City, but unlike the Red Devils, they succeeded in generating a significant amount through transfer income, or player sales.

Chelsea's total sales reached £711million over the 5-year period.

Part of the report makes mention of the Premier League's growing dominance at the top, saying: “The high level of spending compared with non-English clubs is evident, with the Premier League hosting seven of the top ten most expensive playing squads by transfer fee assembled at the end of the 2025 financial year,.

“Chelsea FC’s playing squad at the end of the club’s 2025 financial year was officially the most expensive ever assembled, with a combined transfer cost of €1,746million, up €90million on the record set by the club last year.

“The increase in TV revenue among English Premier League clubs in 2025-26 is set to be more than double the combined increases communicated elsewhere in Europe.”