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In 2015/16, Leicester City's squad cost approximately €61m to assemble and the Foxes went on to win the Premier League title under Claudio Ranieri. The actual market value of the squad did not even cross €80m.
Ranieri used only 20 players from that squad and the average transfer fee paid was £2.72m with six players joining the club for free. It's a remarkable feat we may never see again for years to come with the amounts being spent today.
Most players' market value have since shot up since the title win. The likes of Riyad Mahrez and Jamie Vardy are constantly linked with multi-million-pound transfers when they were bought for a mere £1.4m combined.
With that in mind, which squad is the most valuable squad in Europe right now?
Note: This is not based on transfer fees but the players' current market value (mentioned in brackets). Data obtained from TransferMarkt.
#10 Liverpool
Squad's Market Value: €586m
Average Market Value: €20.21m
Philippe Coutinho's transfer has significantly brought down the squad's overall market value but they still manage to make the Top 10.
Jurgen Klopp has been trying to bring the Reds back to their glory days but progress has been slow as they look to win their first trophy since the League Cup win in 2012.
The Reds have spent big in recent years, with Southampton practically acting like a feeder club. Their biggest outlays saw them bring Virgil van Dijk and Mohamed Salah this season.
However, although Van Dijk cost them more than double what the Egyptian cost, it is Mohamed Salah (€80m) who is their most valuable player followed by Sadio Mane (€60m), Roberto Firmino (€50m) and Virgil van Dijk (€50m).
#9 Bayern Munich
Squad's Market Value: €643.25m
Average Market Value: €22.97m
The German Bundesliga has been a one-horse race ever since Borussia Dortmund conceded defeat in the transfer market. There was no way any club could match the spending power of Bayern Munich.
The fact that they also regularly targeted the best players at rival clubs made it all the more difficult to compete with the Bavarian club.
A look at their most valuable players also suggest that it is their incoming transfers that are also the most valuable. It also proves what shrewd businessmen they have on the board.
Robert Lewandowski (€80m) is their most valuable player followed by Thiago (€50m) and Real Madrid loanee James Rodriguez (€50m).
Among the Germans, Thomas Muller (€45m) is the most valuable followed by Mats Hummels (€40m) and the young Joshua Kimmich (€40m).
#8 Atletico Madrid
Squad's Market Value: €648m
Average Market Value: €28.17m
Ever since hitting the highs of winning La Liga and reaching two Champions League finals, Atletico Madrid have slowly slipped back into the position of La Liga's also-rans.
Diego Simeone has taken this squad as far as he can and simply cannot compete with the galaxy of stars at the big two in Spain - Real Madrid and Barcelona.
A recent transfer ban that lasted two windows also crippled their ability to challenge for trophies and it has only been lifted this month - which finally allowed them to register Diego Costa who has already hit the ground running.
Their most valuable player is undoubtedly Antoine Griezmann (€100m) and he will be the subject of a bidding war this summer. The only reason he did not move last year was because the Frenchman did not want to leave the club high and dry because they were banned from signing a replacement.
Other valuable players include Koke (€70m) and Saul Niguez (€70m) who signed a long-term contract with the Rojiblancos. Both Diego Costa and Jan Oblak are valued at €50m while Yannick Carrasco (€40m) could also leave the club soon after recently falling out with the manager.
#7 Paris Saint-Germain
Squad's Market Value: €648.25m
Average Market Value: €28.12m
One would think Paris Saint-Germain would be in the top five at least but they just manage to edge out Atletico Madrid in terms of total squad market value.
Of course, Neymar's transfer ensured they were in with a shout. Judging by the team's performances in domestic competitions and the Champions League, they could easily break into the top five soon.
Neymar (€150m) is their most valuable player even if they paid a release clause that states he is worth €222m. The Brazilian is followed by his new partner Kylian Mbappe (€90m) and Marco Verratti (€60m).
Edinson Cavani (€45m) and Angel Di Maria (€40m) have seen their market value fluctuate based on their performances, though. While Cavani is on the rise again, Di Maria's stock has fallen this season.
#6 Tottenham Hotspur
Squad's Market Value: €678m
Average Market Value: €29.48m
Although they haven't won any trophies of note, Tottenham Hotspur have been celebrated as the little guys making it big. Under an experienced coach in Mauricio Pochettino, a young squad has emerged that was able to challenge the top teams in the Premier League.
But their plans to rebuild White Hart Lane has left them in a financial crunch which does not allow them to spend big or retain players with high wages comparable to other top clubs in England.
Their most valuable player at the moment is Harry Kane (€120m) who has already been honoured with links to Real Madrid. The Englishman's rise has been meteoric and two consecutive Premier League Golden Boot awards has seen his market value skyrocket.
Kane is followed by partner Dele Alli (€80m) - who had a fantastic 2016/17 season - and the underrated Christian Eriksen (€70m).
#5 Manchester United
Squad's Market Value: €703.5m
Average Market Value: €27.06m
Jose Mourinho has always spent big wherever he has managed and it seems like he is only getting started at Manchester United.
In spite of a few digs aimed at the board for not bringing in shortlisted targets to Old Trafford, he continues to plow on with a talented squad at his disposal. Although derby rivals City are running away with the Premier League, United are still in with a shout in the Champions League and FA Cup.
The Red Devils have five players valued at more than €50m. Their most valuable player is still their record signing - Paul Pogba (€90m). He is closely followed by summer signing Romelu Lukaku (€85m) and Anthony Martial (€65m).
David De Gea (€50m) may be their most-prized asset even if he isn't deemed the most valuable while the young, up-and-coming Marcus Rashford is also valued at €50m.
#4 Chelsea
Squad's Market Value: €706.75m
Average Market Value: €27.18m
Heavy spending in the transfer market all started with Chelsea back in 2004 but they have since cut back to relatively moderate spending in the market.
Antonio Conte managed to win the Premier League title in his debut season and he managed to do so with a beleaguered squad that had finished 10th the season before.
However, he too has complained about the lack of efficient transfer business in the last summer window as the Blues lost out on targets such as Romelu Lukaku who eventually moved to Manchester United.
The Italian still has a number of talented players in the squad, though. The most valuable player in the current squad is none other than Eden Hazard (€100m). However, the Belgian forward has refused to sign a contract extension and is waiting for a big move to Real Madrid.
Other valuable players include new signing Alvaro Morata (€65m), N'Golo Kante (€60m), Thibaut Courtois (€50m) and the other new arrival of the summer Tiemoue Bakayoko (€40m).
#3 Manchester City
Squad's Market Value: €782.5m
Average Market Value: €37.26m
After Chelsea, Manchester City were the next club to splurge on players and they are culprits in the inflation we have seen in the transfer market of late. Their willingness to spend millions on many mediocre players to build a strong squad has seen prices soar in England.
However, not every manager was able to get the best out of all these players. That is until Pep Guardiola arrived. The Catalan boss got rid of the deadwood who would serve no purpose and - even though he has spent a lot to replenish the squad - has brought in players who suit his style of play and work rate.
His most valuable player right now is Kevin De Bruyne (€110m) - the player who has only grown in stature ever since his departure from Chelsea. The Belgian midfielder also looks all set to win the Player of the Year award with his performances this season.
Another player Guardiola has coached well is Raheem Sterling (€80m). The English winger has improved so much in the past year and is currently the club's top goal scorer in the league with 14 goals - one ahead of Sergio Aguero (€75m).
Guardiola has also built a supreme attacking lineup with youngsters Leroy Sane (€75m) and Gabriel Jesus (€70m).
#2 Real Madrid
Squad's Market Value: €858.5m
Average Market Value: €37.33m
The pioneers of spending big, Real Madrid have always spent big in the market. It has been their 'Galactico philosophy' when Florentino Perez president has been in charge and it has brought them tremendous levels of success - at least in Europe.
Zinedine Zidane is trying to change things around at the club, though. Real haven't exactly spent big since signings Gareth Bale because they had planned well and formed the squad they desired for the next few years - the three Champions League wins are a testament to that.
Although Bale was their most expensive signing, he is not their most valuable at the moment. Cristiano Ronaldo (€120m) remains their best player - especially after his fifth Ballon d'Or win. He is followed by Toni Kroos (€80m) and then Gareth Bale (€75m) - whose stock fell in the past year due to injuries.
At 25, Isco (€75m) is probably the one player who will fetch them the most should he be sold. Karim Benzema (€50m) is arguably the most disappointing of the lot due to his fall in form over the last one-and-a-half seasons while Marco Asensio (€50m) is on the rise to become one of the most coveted players in Europe.
#1 Barcelona
Squad's Market Value: €1 billion
Average Market Value: €38.52m
So there you have it. Barcelona have become the first club to have a squad whose market value exceeds €1 billion!
Their recent purchases using all the money they received from the Neymar transfer has seen them bring in two record-breaking signings in the span of just five months. Ousmane Dembele and Philippe Coutinho will eventually cost the club €311m if you include add-ons.
But their most valuable player in the squad is one that came for free - Lionel Messi (€180m). The Argentine only turned 30 recently and still has a long way to go before he hangs up his boots.
He is followed by fellow South Americans Philippe Coutinho (€90m) and Luis Suarez (€85m). The underrated Sergio Busquets (€80m) and Ousmane Dembele (€80m) are among their five most valuable players.
A number of players are worth approximately €40m-45m - including Ivan Rakitic, Gerard Pique, Paulinho, Jordi Alba, Marc-Andre ter Stegen, Sergi Roberto, and Samuel Umtiti.
It is what makes this squad worth more than €1 billion in total and gives them a place in the history of the transfer market.
