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Over the last decade, we have seen the likes of Manchester City and Paris Saint-Germain dominate the headlines due to their aggressive transfer market activities.
These clubs have changed the footballing world as we know it, making it a high-stakes, high-rewards playground.
Below, we will check out the teams who have spent the most to get to glory, and whether their attempts reaped the rewards they craved.
Here are the top five European teams with the highest net spending since the summer of 2012:
Data courtesy: CIES Football Observatory
#5 Arsenal (-€583 million)
Premier League giants Arsenal are struggling for relevance at the moment. They can play a good brand of football from time to time, but they rarely produce the goods in the most crucial matches.
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Over the last decade, the Gunners have only won four FA Cups and four Community Shields, which is disappointing for a club of their stature and history. Their Premier League challenges have mostly been underwhelming, fizzling out before the business end of the season. Moreover, they missed out on European football this season for the first time in over two decades.
Fans have also complained about not spending enough on big players. And while there is some truth to the story, the Gunners have hardly been slouches in the transfer market.
The north Londoners have spent €1.029 billion on transfers over the last decade, but have only earned €446 million from player sales.
They are reportedly gearing up to spend big in the upcoming summer transfer window. It will be interesting to see if they can lure big-name players, with the likes of Manchester City and Liverpool being more attractive destinations lately.
#4 Barcelona (-€650 million)
From being a European powerhouse to being knocked out of the group stages of the UEFA Champions League, Barcelona have experienced it all over the last few years.
Since Lionel Messi’s departure at the start of the 2021-22 season, the Blaugrana have seemingly hit rock bottom. However, that does not mean they did not endure difficult spells with the Argentine in their ranks.
They were mauled by Bayern Munich in 2019-20, outclassed by Liverpool in 2018-19, and embarrassed by Roma in 2017-18, all in the Champions League.
Calling the last decade a disappointment won’t be right either. They also enjoyed the unprecedented high of winning their second treble in the 2014-15 campaign. Barca have dominated La Liga, bagging five Spanish top-flight titles.
For all intents and purposes, it has been a mixed bag for Barcelona, and the trend extends to their balance sheet as well.
The Catalan giants have spent a whopping €1.63 billion on transfers over the last decade. Unfortunately for them, both of their biggest acquisitions, Ousmane Dembele and Philippe Coutinho, have failed to justify their billing.
They have earned €980 million selling their players, with Neymar alone fetching €222 million for his transfer to PSG.
#3 Paris Saint-Germain (-€941 million)
Over the past decade, Paris Saint-Germain have arisen as the biggest disruptors in the footballing world. The French giants are determined to win the UEFA Champions League and will stop at nothing to get it.
What started as an ambitious project with Zlatan Ibrahimovic’s transfer in 2012, has become full-blown lunacy. They currently have a front three of Lionel Messi, Kylian Mbappe, and Neymar, who, on paper, are the strongest attacking trio in the world.
The Parisians have spent a whopping €1.445 billion on transfer since 2012, which has helped them become the strongest force in France. In the last decade, PSG have won seven Ligue 1 titles amongst other domestic honors. Before their new owners arrived in 2011, they had only won two league titles in their history.
Paris Saint-Germain have also made €504 million selling their stars. If reports are to be believed, PSG could have added €200 million more to their tally had they let Mbappe leave for Real Madrid last summer.
#2 Manchester City (-€984 million)
Since Sheikh Mansour’s takeover in 2008, Manchester City have slowly and steadily emerged as a footballing powerhouse in Europe.
Yes, they are yet to win the coveted Champions League, but their dominance in the Premier League has not gone unnoticed. In Pep Guardiola, they have one of the best coaches in world football and the Spaniard looks eager to extend his stay at the Etihad Stadium.
If they can keep their man and get him the players he demands, they are likely to eventually bag a Champions League crown or two in the coming seasons.
Since 2012, Manchester City have spent €1.699 billion on transfers. They have also earned €715 million getting players off their payroll. Courtesy of their heavy-hitting, they have won four Premier League titles, one FA Cup and six EFL Cups over the last decade.
They currently lead the Premier League table by nine points and are on course to lift their fifth league title since 2012.
#1 Manchester United (-€1.075 billion)
20-time English champions Manchester United have not been going through the smoothest of patches lately. They have already been knocked out of two domestic cup competitions this season and are currently sitting in fourth position in the Premier League.
Although they are still alive in the UEFA Champions League, the Red Devils are unlikely to go far in Europe.
Over the last decade, United have won only one league title, one Europa League, one FA Cup, and an EFL Cup. They have also won a couple of FA Community Shields but those are nothing more than glorified friendly triumphs.
The return has been considerably bleak considering the amount they have spent on transfers since the summer of 2012.
Since 2012, the Old Trafford outfit have spent €1.545 billion to bring new players to the club, and have earned only €470 million selling old ones.
The Old Trafford outfit need a qualified manager at their helm to turn their fortunes around or else could be looking at an even bleaker spell over the next decade.
