MANCHESTER UNITED have the biggest net spend of any club in Europe over the last ten years.
The top ten on the list includes six English clubs, with Everton and Aston Villa perhaps surprise entries.
Big spenders Manchester City rank second behind their neighbours followed by Paris Saint-Germain.
Barcelona are the only Spanish side on the list and their big expenditure has led the purse strings to be tightened this season due to the club amassing a debt of around £408million.
Meanwhile, AC Milan have spent huge amounts to resurrect their former glory but still do not compare to Serie A giants Juventus, who in turn have spent narrowly less than Arsenal.
Chelsea round off the top ten but would be a lot higher if not for some high-profile sales over the last decade, including Eden Hazard.
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The CIES Football Observatory recorded the top ten highest-spending clubs since 2012-13, and here is how they rank.
1. Manchester United – £904m
The Red Devils are the biggest spenders in Europe and have little to show for it after splashing out on the likes of Paul Pogba, Jadon Sancho and Harry Maguire in recent years.
In fact, United's top ten record signings have all come in the past decade, including flops such as Angel Di Maria and Romelu Lukaku, yet they have just one league title in the last ten years.
2. Manchester City – £828m
The Citizens have always spent big since Sheikh Mansour took over but spending accelerated in the first few years under Pep Guardiola.
Jack Grealish was brought in for a British-record £100m last summer with City's squad worth £1.1 billion in 2019 and many of their highest-valued players leaving on free agents or retiring.
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3. Paris Saint-Germain – £792m
The newly-crowned French champions caused an earthquake in the transfer market when they signed Neymar for £200m in 2017.
The Qatari owners have chased Champions League success and spent accordingly with Kylian Mbappe, Marquinhos and Angel Di Maria arriving for big fees.
4. Barcelona – £547m
Funnily enough Neymar is also one of Barca's biggest buys of the last ten years and despite his sale the Spanish giants come in at fourth on the list.
Like United, much of the money spent has been wasted on signings such as Philippe Coutinho and Ousmane Dembele, both of whom cost more than £130m and could be on their way out this summer.
5. Arsenal – £490m
Mikel Arteta's may not have made this list if not for their summer splurge, signing the likes of Ben White and Aaron Ramsdale, amongst others, for a total spend of £129m.
The Kroenke's and Arsene Wenger came under fire for not spending enough in the last ten years but did bring in Pierre-Emerick Aubameyang, Alexandre Lacazette and Nicolas Pepe for considerable transfer fees.
6. Juventus – £472m
It is no surprise Juventus have won the title in all but one season since 2012-13, having hoovered up the top talent in Italy.
The Old Lady's biggest signing was Cristiano Ronaldo while Gonzalo Higuain and Mathijs de Ligt also commanded hefty fees.
The sales of Pogba, Joao Cancelo and Miralem Pjanic prevent the Italians sitting higher up on the list.
7. AC Milan – £363m
The Rossoneri have spent big in recent years to regain their seat at Europe's top table and it has paid off this season as they are challenging rivals Inter for the Serie A title.
Franck Kessie, Fikayo Tomori and Rafael Leao all arrived for considerable fees without breaking the boat but a lack of expensive departures means they have the seventh highest net spend of the last ten years.
8. Everton – £361m
Everton are arguably the worst entry on this list considering they currently sit in the Premier League's bottom three.
There have been countless failed signings from £45m Gylfi Sigurdsson to £25m Jean-Philippe Gbamin, who made just eight appearances for the club.
9. Aston Villa – £357m
The Villans have spent massively considering they were a Championship club for three of the previous ten years – Nassef Sawiris and Wes Edens took over in 2018 and have transformed the club's spending.
£115m has been spent this season with the sale of Jack Grealish funding much of that but Dean Smith also spent more than £100m in Villa's first season back in the Prem without much to show for it.
10. Chelsea – £347m
Chelsea's overall spend over the past decade is huge with the club breaking its transfer record on Kepa Arrizabalaga, Kai Havertz and Romelu Lukaku in recent years.
The Blues' net spend would no doubt be higher had they not been placed under a transfer embargo in the 2019-20 season.
The sales of Hazard, Oscar and Thibaut Courtois have also helped to balance out the spending.
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