The transfer window has now closed in most European leagues. Net spend continues to increase across the big five leagues, doubling in the last five years from £464m to just over a billion.
However, this year most of the big spending was done by English clubs outside the top six. More than half the 32 clubs in last week's Champions League draw broke even or spent less than they took in on transfers. The single most profitable club in terms of player trading were Bayern Munich who made £70m. Barcelona's net spend of £40m was less than half that of West Ham.
13 of the 20 biggest net spenders in Europe are Premier League clubs. No surprise there, but what is surprising is the clubs in the list. Fulham are third and West Ham United fourth, not that it has done them much good so far. Brighton and Hove Albion are 11th and Wolves 12th with Southampton, Huddersfield Town and Burnley also in the top twenty. Of course, Premier League clubs have a load of money because of broadcasting contracts and it is well worth spending to avoid relegation.
But why are Champions League clubs (other than Juventus and Liverpool) not spending? Some of it is down to financial fair play rules. Porto, Inter Milan and Galatasaray are under restrictions. Big spending could have put Paris Saint-Germain, Roma and Shaktar Donesk at risk.
It may come down to value. World class players are simply too expensive and they may get injured or fail to fit in. It may be better to spend money on extending contracts.
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