Top 50 Summer Transfers: True Cost Rankings

What constitutes the most costly player acquisition ever?

The widely accepted answer points towards Paris Saint-Germain’s activation of Neymar’s €222 million exit clause from Barcelona. A close second involves another PSG acquisition from the same timeframe: Kylian Mbappé, secured for €180 million from Monaco. All other transfers pale in comparison, failing to reach even the €150 million threshold.

However, the economic landscape dictates that €50 million in 2025 holds a different value than €100 million in 2015. Furthermore, financial moves by PSG are distinct from those of clubs like Marseille or Mallorca. Considering the prevalence of financial regulations tying expenditure to a percentage of team income across leagues and within UEFA, perhaps a more refined methodology exists for comparing transfer expenses – both across teams and historical eras.

Analyzing Neymar’s acquisition as a percentage of PSG’s income for the 2017-18 campaign reveals it consumed approximately 40% of said income. This is significant, as clubs usually allocate between 15% and 20% of their earnings for marquee player acquisitions. Neymar’s case was, of course, twice that benchmark.

Yet, even this doesn’t surpass Real Madrid’s investment in Zinedine Zidane in 2001. Ushering in the Galacticos epoch, Madrid shattered transfer records to land a 29-year-old (!) Zidane for €77.5 million – equating to 51% of their overall income.

And even that sum falls short of Real Betis’s splurge on Denilson three years prior. Their €30 million swoop for the 20-year-old Brazilian talent devoured a minimum of 60% of their earnings. The “at least 60%” qualifier stems from data unavailability regarding their 1998 revenues. Deloitte’s ranking of the world’s top 20 richest clubs for 1998 placed Celtic last (€50 million in revenue), while Betis didn’t even feature.

Therefore, given that Premier League teams spent $4 billion on player transfers this summer, applying this comparative approach to all landmark acquisitions of recent months seems appropriate.

Below are the top 50 priciest transfers in the Premier League, evaluated in relation to the financial capacity of each respective club.

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Methodology and Interpretation of Rankings

Annual financial reports from clubs typically lag by roughly six months in publication. Consequently, the most recent accessible data is from the 2023-24 season, forming the basis for these rankings.

Given the inherent approximations, precise rank positions shouldn’t be overemphasized. Instead, focus on the general tier where each player resides within the rankings. These revenue metrics are subject to yearly fluctuations. For instance, Liverpool’s revenues for 2024-25 – a season marked by Champions League participation and a Premier League title – will surpass those of 2023-24. However, dramatic shifts relative to competitors are rare.

Research conducted by the Twenty First Group consultancy indicates that players acquired for 15-20% of revenue typically accumulate around 70% of available minutes for their new clubs. Conversely, players secured for approximately 10% of revenue tend to see closer to half of available minutes. This insight underscores the intent of this analysis: some players are secured for seemingly exorbitant sums, yet their club’s financial stature may not necessarily dictate automatic starting status.

For Arsenal supporters concerned about Viktor Gyökeres’s slow start – a legitimate concern given his age of 27, rather than 22 – it’s worth remembering his absence from this compilation. Despite Arsenal’s €65.8 million investment, his acquisition doesn’t represent guaranteed-starter investment for a club of Arsenal’s magnitude.

Lastly, estimations were necessary for newly promoted clubs due to their newfound access to the sport’s most lucrative broadcasting deals. For Leeds and Burnley, their most recent Premier League season revenues were utilized, rounded upwards to the nearest 10 million. Sunderland received the average revenue of the three promoted teams from 2023-24.

With that context established, let’s delve into the 2025 true-cost rankings!

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– The 13 riskiest transfers of this summer window, ranked
– USMNT transfer grades: Turner, Reyna, Weah and all moves
– Transfer window winners and losers: How big clubs fared

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50. Matheus Cunha, attacking midfielder, Wolverhampton Wanderers to Manchester United

• Transfer fee: €74.2m
• Percentage of revenue: 9.63%

49. Evann Guessand, forward, OGC Nice to Aston Villa

• Transfer fee: €30.0m
• Percentage of revenue: 9.67%

48. Eberechi Eze, attacking midfielder, Crystal Palace to Arsenal

• Transfer fee: €69.3m
• Percentage of revenue: 9.67%

47. Granit Xhaka, defensive midfielder, Bayer Leverkusen to Sunderland

• Transfer fee: €15.0m
• Percentage of revenue: 9.68%

46. Bryan Mbeumo, winger, Brentford to Manchester United

• Transfer fee: €75.0m
• Percentage of revenue: 9.73%

Recent critiques have been leveled at Man United’s summer transfer dealings – and the view persists that acquiring seasoned players without significant developmental potential is not a prudent team-building strategy. However, considering the club’s financial resources, their expenditures on Cunha and Mbeumo don’t necessarily indicate an intent to construct the team around them.

While United’s on-field performance has been assessed as less than “good” this season, their underlying statistics appear “good” – topping the league in expected goals generated. Yet, these figures may be skewed favorably due to the inclusion of an inherently easier fixture (Burnley, at home) constituting a third of their played matches. Nonetheless, they haven’t performed as poorly as initial impressions after their loss to Grimsby Town suggested. Cunha and Mbeumo have already contributed positively to their play.

45. Martín Zubimendi, defensive midfielder, Real Sociedad to Arsenal

• Transfer fee: €70.0m
• Percentage of revenue: 9.77%

Although Liverpool led in raw spending during the summer window, their income from player sales rivaled all but three other global clubs. Conversely, Arsenal’s transfer expenditures were only surpassed by Liverpool and Chelsea, while their returns totaled a mere €10 million. Consequently, their net spending – the difference between fees paid and received – was the highest worldwide.

Despite this significant outlay, their most substantial acquisition only represented approximately 10% of their annual revenue. This suggests that Arsenal prioritized building depth rather than aiming to acquire transformational players. This approach aligns with addressing last season’s injury crisis, but that same season showcased the team’s already-high floor, reaching the Champions League semifinals and comfortably securing second place in the Premier League despite Mikel Merino spending much of the spring as their starting striker.

Did they genuinely require greater depth? Or would pursuing a pair of potential superstars have been a more effective strategy?

44. Loum Tchaouna, winger, RC Strasbourg to Burnley

• Transfer fee: €15.15m
• Percentage of revenue: 9.84%

43. Benjamin Sesko, forward, RB Leipzig to Manchester United

• Transfer fee: €76.5m
• Percentage of revenue: 9.93%

42. Jamie Gittens, winger, Borussia Dortmund to Chelsea

• Transfer fee: €56.0m
• Percentage of revenue: 10.27%

41. Antoni Milambo, attacking midfielder, Feyenoord to Brentford

• Transfer fee: €20.0m
• Percentage of revenue: 10.30%

40. Mohammed Kudus, winger, West Ham United to Tottenham Hotspur

• Transfer fee: €63.8m
• Percentage of revenue: 10.37%

The winger market dynamics this past summer were bewildering. Many teams seemingly overspent to acquire players adept at dribbling but not necessarily proficient at the core determinant of soccer success: scoring goals.

Kudus averaged fewer than 0.4 non-penalty goals plus assists per 90 minutes throughout his two-season tenure at West Ham. Intriguingly, through his initial three appearances for Tottenham, his underlying production (expected goals plus assists per 90 minutes) mirrors his previous season’s output: 0.35. However, considering the revenue streams enjoyed by the Premier League’s so-called Big Six, this acquisition may not be as baffling as initially perceived.

39. Jaydee Canvot, center back, FC Toulouse to Crystal Palace

• Transfer fee: €23.0m
• Percentage of revenue: 10.51%

38. Xavi Simons, attacking midfielder, RB Leipzig to Tottenham Hotspur

• Transfer fee: €65.0m
• Percentage of revenue: 10.57%

Simons possesses the potential to evolve into a genuine star, and at 22, he represents a more suitable fit for Tottenham compared to the initially targeted 27-year-old Eberechi Eze. Adjusting for revenue considerations, his transfer outlay cost Spurs less than what Wolves invested in securing Fer Lopez.

Who is Fer Lopez? Precisely the point!

37. Ladislav Krejcí, center back, Girona FC to Wolverhampton Wanderers

• Transfer fee: €22.5m
• Percentage of revenue: 10.87%

36. Noah Sadiki, central midfielder, Union Saint-Gilloise to Sunderland

• Transfer fee: €17.0m
• Percentage of revenue: 10.97%

35. Fernando López, right winger, Celta de Vigo to Wolverhampton Wanderers

• Transfer fee: €23.0m
• Percentage of revenue: 11.12%

Now, a defense of Fer Lopez: He registered 0.62 expected goals plus assists per 90 minutes as a 20-year-old in La Liga last season. According to FBref’s algorithm, his closest statistical comparison is Cole Palmer. The principal caveat: he has only seven professional starts to his name.

34. Amine Adli, winger, Bayer 04 Leverkusen to AFC Bournemouth

• Transfer fee: €21.0m
• Percentage of revenue: 11.36%

33. João Pedro, forward, Brighton & Hove Albion to Chelsea

• Transfer fee: €63.7m
• Percentage of revenue: 11.68%

32. Jacob Ramsey, central midfielder, Aston Villa to Newcastle United

• Transfer fee: €45.15m
• Percentage of revenue: 12.14%

31. Ben Doak, winger, Liverpool to AFC Bournemouth

• Transfer fee: €23.2m
• Percentage of revenue: 12.54%

This case warrants attention, as it approaches the 15% threshold. Doak has only a single professional season under his belt. However, he exhibited maniacal dribbling prowess for Middlesbrough in the Championship last season, carries the Liverpool endorsement, and remains under 20 until November.

This acquisition flew under the radar, yet represents a sizable investment in a very young player by one of the Premier League’s more astute teams.

30. Tolu Arokodare, forward, KRC Genk to Wolverhampton Wanderers

• Transfer fee: €26.0m
• Percentage of revenue: 12.57%

29. James McAtee, attacking midfielder, Manchester City to Nottingham Forest

• Transfer fee: €25.5m
• Percentage of revenue: 12.76%

28. Chemsdine Talbi, winger, Club Brugge to Sunderland

• Transfer fee: €20.0m
• Percentage of revenue: 12.90%

27. Brian Brobbey, forward, Ajax Amsterdam to Sunderland

• Transfer fee: €20.0m
• Percentage of revenue: 12.90%

26. Jørgen Strand Larsen, striker, Celta de Vigo to Wolverhampton Wanderers

• Transfer fee: €27.0m
• Percentage of revenue: 13.05%

25. Kiernan Dewsbury-Hall, central midfielder, Chelsea to Everton

• Transfer fee: €28.65m
• Percentage of revenue: 13.17%

24. Hugo Ekitike, forward, Eintracht Frankfurt to Liverpool

• Transfer fee: €95.0m
• Percentage of revenue: 13.29%

23. Charalampos Kostoulas, forward, Olympiacos to Brighton & Hove Albion

• Transfer fee: €35.0m
• Percentage of revenue: 13.63%

The juxtaposition of Ekitike and Kostoulas within these rankings is amusing – and somewhat illuminating. Brighton and Liverpool represent two of the Premier League’s shrewdest clubs, both operating with top-down, data-driven philosophies. Over the past decade, Liverpool has been the most effective big club in transfer market management, while Brighton has excelled in the tier below.

Therefore, what level of financial investment do these teams allocate towards technically gifted forwards who might lack the immediate refinement to spearhead an attacking line? Approximately 13% of their annual revenue.

22. Mateus Fernandes, central midfielder, Southampton FC to West Ham United

• Transfer fee: €44.0m
• Percentage of revenue: 13.66%

21. Yeremy Pino, right wing, Villarreal CF to Crystal Palace

• Transfer fee: €30.0m
• Percentage of revenue: 13.70%

Palace secured Eze’s replacement for €39.3 million less than the fee Arsenal paid to acquire Eze from them. Yet, their outlay for Pino consumed a significantly higher proportion of their revenue compared to Eze’s impact on Arsenal’s finances.

20. Thierno Barry, forward, Villarreal CF to Everton

• Transfer fee: €30.0m
• Percentage of revenue: 13.79%

19. Enzo Le Fée, central midfielder, AS Roma to Sunderland

• Transfer fee: €23.0m
• Percentage of revenue: 14.84%

This marks the transition towards players expected to exert a substantial impact on their new clubs. The 5-foot-7 Le Fée also played for Sunderland last season, representing the appropriate type of gamble for a club facing likely relegation. Numerous diminutive Ligue 1 midfielders consistently win possession and progress the ball upfield at impressive rates.

However, many of these players are products of specific systems, struggling to adapt within faster-paced Big Five leagues. Should Le Fée prove capable of thriving in the Premier League, Sunderland will have acquired a league-average midfielder – a seemingly modest achievement, but a significant victory for a team anticipated to be embroiled in a season-long relegation battle.

18. Armando Broja, forward, Chelsea to Burnley

• Transfer fee: €23.0m
• Percentage of revenue: 14.94%

Broja turns 24 this month. He has logged over 3,000 Premier League minutes. And he has scored eight non-penalty goals. That equates to 0.23 goals per 90 minutes. His last Premier League goal – or any goal in domestic competition – occurred on Oct. 2… 2023.

17. Arnaud Kalimuendo, forward, Stade Rennais to Nottingham Forest

• Transfer fee: €30.0m
• Percentage of revenue: 15.01%

16. Yoane Wissa, forward, Brentford to Newcastle United

• Transfer fee: €57.7m
• Percentage of revenue: 15.52%

The average age of the subsequent 15 players is 22.6. Wissa recently turned 29.

15. Djordje Petrovic, goalkeeper, Chelsea to AFC Bournemouth

• Transfer fee: €28.9m
• Percentage of revenue: 15.63%

14. Simon Adingra, winger, Brighton & Hove Albion to Sunderland

• Transfer fee: €24.4m
• Percentage of revenue: 15.74%

13. Anthony Elanga, winger, Nottingham Forest to Newcastle United

• Transfer fee: €61.4m
• Percentage of revenue: 16.51%

12. Florian Wirtz, attacking midfielder, Bayer Leverkusen to Liverpool

• Transfer fee: €125.0m
• Percentage of revenue: 17.49%

As Twenty First Group’s Aurel Namziu highlighted earlier this summer, the relative expenditure Liverpool committed to acquiring Wirtz mirrors their investment in Andy Carroll back in January 2011. Carroll amassed six goals and two assists during his Liverpool tenure. Even considering Wirtz’s subdued start, failing to surpass that output this season would constitute a disappointment.

11. Dilane Bakwa, winger, RC Strasbourg to Nottingham Forest

• Transfer fee: €35.0m
• Percentage of revenue: 17.51%

10. Tyler Dibling, winger, Southampton FC to Everton

• Transfer fee: €40.5m
• Percentage of revenue: 18.61%

This represents a considerable investment in a player who registered two goals and no assists across 1,800 Premier League minutes last season. Dibling epitomizes players who excel at dribbling… and little else.

However, he turned 19 in March, leaving ample scope for development, unlike Kudus or Newcastle’s acquisition of Anthony Elanga. The fact that Dibling logged substantial Premier League minutes and showcased at least one high-level skill as a teenager is encouraging. However, the perceived value of that skill may be significantly inflated compared to its actual worth.

This acquisition carries significant upside potential, but also considerable downside risk.

9. Lesley Ugochukwu, defensive midfielder, Chelsea to Burnley

• Transfer fee: €28.7m
• Percentage of revenue: 18.65%

Despite ongoing reservations regarding their team-building philosophy, Chelsea’s ability to facilitate player departures remains impressive. Their €332.25 million in transfer revenue this summer exceeded all other clubs by nearly €100 million.

8. Kevin, winger, Shakhtar Donetsk to Fulham

• Transfer fee: €40.0m
• Percentage of revenue: 18.85%

Following a quiet summer, Fulham shattered their transfer record on the final day of the window, securing the diminutive, 22-year-old Brazilian winger. He continues the theme: exceptional dribbling skills coupled with limited contributions elsewhere. The Ukrainian league’s quality has deteriorated significantly since the onset of the war – for obvious reasons. During Kevin’s single full season with Shakhtar, he averaged 0.31 non-penalty goals plus assists per 90 minutes.

Will that figure realistically improve upon transitioning to the Premier League?

7. Bafodé Diakité, center back, LOSC Lille to AFC Bournemouth

• Transfer fee: €35.0m
• Percentage of revenue: 18.93%

Bournemouth features four players on this list. However, this is less indicative of their efforts to build on last season’s success and more a consequence of receiving €238.41 million in transfer fees for several key starters. Chelsea, the only club generating greater transfer revenue, only parted ways with a handful of first-team regulars, while Bournemouth lost five of their ten most-utilized players. Despite these departures, their performance across the initial three matches has been promising.

6. Alexander Isak, striker, Newcastle United to Liverpool

• Transfer fee: €144.0m
• Percentage of revenue: 20.15%

While clubs may not explicitly structure transfers based on percentage of revenue, their financial capacity inherently influences their willingness to spend on player acquisitions. Consequently, clubs tend to break their transfer records for amounts approximating Liverpool’s outlay for Isak: around 20% of their revenue.

5. Habib Diarra, central midfielder, RC Strasbourg to Sunderland