Despite a slight decrease from the record year of 2023, global transfer spending remained at a very high level in 2024, reaching €10.96 billion. The recent transfer window saw significant spending by the Big 5 leagues—England, Spain, Germany, Italy, and France—accounting for 69.4% of all transfer spending worldwide over the past decade. This is the second-highest figure ever observed, with a new record set for domestic transfers.
This reflects a decade-long trend of European dominance in the transfer market.
The Premier League continues to be the most active in the transfer market, accounting for 28% of total spending over the past decade. However, there has been a slight decline in the relative importance of spending by Europe’s Big 5 leagues, partially due to the rise of Saudi Arabia.
From a club perspective, Chelsea have led in transfer spending over the last decade, with Manchester City and Manchester United following closely behind. Manchester United has the most negative net transfer spending, while SL Benfica has the most positive.
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A report by the CIES Football Observatory, which analyses transfer fee payments made by clubs from the Big 5 European leagues over the past ten years, highlights this ongoing trend. The report underscores the continued influence of European clubs, particularly the Premier League, in the global transfer market.
Factors Behind the Slight Decline in Spending
The slight drop in spending observed in 2023 and 2024 can be attributed to factors such as the rise of Saudi Arabia as a significant player in the transfer market and financial tightening in Spain. “In each of the ten seasons analyzed, their spending proportion has consistently been close to or greater than two-thirds, although there was a slight drop in 2023 and 2024,” the report notes. “This decrease can be attributed primarily to the rise of Saudi Arabian clubs in the market, especially in 2023, and tighter financial conditions in Spain.”
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Transfer Spending Peaks and Trends
The investment in transfer fees by football clubs hit a peak of €9.99 billion in 2019 but declined due to the global health crisis. However, spending rebounded significantly to €12.24 billion in 2023. Although there was a 10% drop in 2024, the €10.96 billion spent this year is still the second-highest figure ever recorded. In 2024, a new record was set for domestic transfers, reaching €3.63 billion, surpassing the previous high of €3.55 billion in 2017.
Premier League Leads Transfer Spending Over the Last Decade
Football clubs from Europe’s top five leagues—England, Spain, Germany, Italy, and France—continue to dominate the transfer market, consistently accounting for close to or above two-thirds of the global total over the last decade. However, there was a slight dip in 2023 and 2024, primarily due to the rise of Saudi Arabian clubs and tighter financial conditions in Spain.
The English Premier League leads in transfer spending over the past decade, committing €23.02 billion, which accounts for 28.1% of the total. It is followed by Italy’s Serie A with €10.84 billion, and the remaining three of the top five leagues—Spain’s La Liga, Germany’s Bundesliga, and France’s Ligue 1—with between €7 and €8 billion. Outside of Europe, the English Championship ranks sixth with €2.55 billion, while the Saudi Pro League leads non-European leagues with €2.09 billion in transfer spending.
Net Spending Variations Among Top Leagues
The net spending of the top 20 leagues whose clubs have invested the most in transfer fees over the past decade varies significantly, from a high of €2.34 billion for Portugal’s Primeira Liga to a substantial low of €11.54 billion for the English Premier League. Largely fuelled by transfers to the Premier League, the English Championship has the second-best net spending record at €1.50 billion, followed closely by the Dutch Eredivisie and Brazil’s Brasileirão. On the opposite end of the spectrum, after the Premier League, the Saudi Pro League registers the second-highest net spending deficit at -€1.81 billion.
Chelsea Tops Club-Specific Transfer Spending
From a club-specific perspective, Chelsea leads all teams in transfer spending over the last decade, with a massive €2.78 billion investedv42% more than the next highest spenders, Manchester City and Manchester United. Half of the top 20 clubs with the most significant transfer spending are from the English Premier League, with the rest coming from the other four major European leagues: four Italian, three Spanish, two French, and one German club.
Negative Net Transfer Spending Dominated by English Clubs
When considering both transfer expenditures and incomes, Manchester United records the most negative net balance over the last decade at €1.304 billion. Chelsea follows closely with a €1.209 billion deficit, while Paris Saint-Germain ranks third with a €991 million balance. Notably, 14 English clubs are among the top 20 teams with the most negative net transfer spending over the past ten years. Real Madrid, in comparison, is ranked 25th with a net deficit of -€304 million.
Benfica Leads Positive Transfer Records, Manchester United Holds Most Negative
Over the last ten years, several clubs outside Europe’s top five leagues have had the most positive net transfer records. Benfica is at the top with a surplus of €816 million. Ajax and RB Salzburg, non-big-5 European clubs, follow with +€473 million and +€401 million, respectively. Among the major European leagues, LOSC Lille stands out with a positive balance of over €391 million. Outside of Europe, Atletico Paranaense leads with a net gain of over 200 million.
Manchester United holds the record for the most negative net transfer spending over the past decade. The club has had a deficit for all ten years analysed. In seven of those years, including each of the last five, the deficit exceeded €100 million. The lowest point was in 2022, with a deficit of €234 million.
Contrastingly, SL Benfica has achieved a positive net transfer balance in nine out of the last ten years. They only had a near-zero differential in 2020. In four of those years, their gains exceeded €100 million, peaking at €161 million in 2019, largely due to the record sale of João Félix to Atlético Madrid.
