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The Premier League, over the last decade or so, has become a financial powerhouse. Each of the 20 clubs have more than enough money to compete in the transfer market with some of the biggest European clubs, regardless of their position in the league table.
Many players are signed on for huge wages, which prove to be an obstacle while trying to offload them. Poor form and a lack of suitors make that job pretty hard. Hence, sales hardly ever equate to the purchases of a club, thereby leading to a lop-sided net spend, something that has to be kept in check with the Financial Fair Play rules. However, some clubs have really pushed against these rules over the past five seasons, with huge spending and minimal sales.
On that note, let's take a look at five clubs with the highest net spend over the last five seasons.
Note: The figures are as per the CIES Football Observatory.
#5 West Ham United (- €434 million)
West Ham United have made quite a lot of progress on the pitch in recent seasons. The Hammers have finished in the top half of the table in three out of the last four seasons but it looks unlikely this season.
Regardless, they have regularly punched above their weight under David Moyes as they have also flexed their financial muscle season-after-season.
The east London side have often spent between €50-100 million each season, with one big name. But they broke the bank this season by shelling out nearly €200 million. The club made Lucas Paqueta their second-most expensive purchase ever by signing him for €43 million.
They also went on to spend €36 million on Gianluca Scammaca from Sassuolo before also signing Nayef Aguerd for €35 million.
The problem with their finances, however, has been their inability to sell players for profit. Their sales have only exceeded €50 million once (2019-20) in the last five seasons, with their lowest figures coming last season (€3 million). Hence, it is no surprise that their net spend over the last five seasons is a negative €434 million.
#4 Tottenham Hotspur (-€477 million)
Although Daniel Levy has the image of a meager spender in the transfer market, Tottenham Hotspur have splashed a lot of cash over the last five seasons.
It is also important to remember that the club has replaced two managers during this period. Jose Mourinho and Antonio Conte have wanted to bring their own brood of players to play their brand of football, thereby leading to a surge in spending in recent seasons. While Spurs infamously did not spend a single penny in the 2018-19 season, they have spent more than €100 million in the last three seasons.
In fact, their purchases went up to €177 million this season, with Richarlison joining for €58 million. The club also activated the option-to-buy clause in Cristian Romero's contract for €50 million. Spurs' record signing Tanguy Ndombele was also signed during the last five seasons (2019-20), a move which has failed miserably.
In turn, they have recorded sales of close to €150 million during this point, which is still a decent figure. Regardless, their net spend over the last five seasons is still a deficit of €477 million. This is quite a lot for a team that has still not managed to compete for big trophies on a consistent basis.
#3 Arsenal (-€544 million)
Arsenal are on-track to win their first Premier League title since 2004. Mikel Arteta has been spearheading this young side to glory after facing widespread criticism over his tactics over the last two years.
While his managerial brilliance has been unquestionable, clever recruitment has also been at the forefront of the club's progression under the Spaniard. However, signing potential stars does not come cheap, courtesy of which, the club have spent €450 million on players over the last three seasons.
The north London side also didn't shy away from spending during Unai Emery's reign at the club (2018-2020). Record signing Nicolas Pepe arrived during that period for €80 million, who has since flopped and is currently on loan at French side OGC Nice.
With a lot of deadwood at the club, Arsenal have also not been able to record high value sales over the last five seasons. Thus, a net spend of -€544 million is understandable under such circumstances and could be justified if they go on to win big trophies in the coming years.
#2 Manchester United (-€670 million)
Manchester United are arguably the biggest club in English football and have spent like one since the departure of Sir Alex Ferguson in 2013.
The last five seasons have seen the Red Devils spend over €200 million on transfers on two occasions (2019-20 and 2022-23). Players like Antony (€95 million), Jadon Sancho (€85 million) and Harry Maguire (€87 million) have arrived on big money moves during that period. While the former duo are likely to eventually be a success, the same cannot be said for Maguire, at least not in recent seasons.
During this five-year period, they have recorded sales worth €175 million but their purchases, too, have averaged to nearly €170 million per season. Hence, it is a poor state of affairs for a club that has not won a trophy since 2017 and is unlikely to win a big competition this season as well. However, Erik ten Hag has brought about a revival at the club, which could eventually justify the club's large-scale spending over the past few years.
#1 Chelsea (- €749 million)
Chelsea have always pushed the boundaries of Financial Fair Play in the Premier League, even before the rule was introduced by UEFA a decade ago.
Roman Abramovich never shied away from splashing the cash in the transfer market, as long as it guaranteed success on the pitch. The new ownership, led by Todd Boehly, is likely to have invested large sums to sign players with the same expectations.
To put things into context, Chelsea have splurged €611 million this season while only recording sales of €67 million. These are not ordinary figures, courtesy of which, a clear out of deadwood in the squad is reportedly planned for the coming summer.
However, the Blues have often spent money without worrying about sales. In the 2020-21 campaign, Frank Lampard was handed a war chest of €247 million, with only €57 million sales in the same season.
But it is worth noting that the club had a transfer ban in the 2019-20 season. Their sales that season hit €157 million and the only purchase was Mateo Kovacic's loan deal being made permanent. The club's sales were also higher than their purchases in the 2021-22 campaign.
Hence, the only reason behind the west London club being at the top of this list is their massive spending this season. The ownership will try to balance the books this summer, but alarm bells are sure to ring if they cannot generate enough sales over the next 12 months. Overall, the club's net spend over the last five seasons has been -€749 million, a figure they will try to correct soon.
