Arsenal top the big spenders, Brazilian giant ranks in top 15 for sales

The Football Observatory (CIES) published on Wednesday (11) a ranking showing the financial results of transfer operations carried out over the last five years, that is to say over the last ten windows.

Regarding the two transfer periods linked to the 2025/26 season, the most negative results were recorded by the current leader of the Premier League, Arsenal, who spent 362 million euros.

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While the Gunners’ financial efforts may be worth it so far, those of the second team with the most negative balance sheet in the period, Liverpool (minus €244 million), have a slightly more questionable result, given the sporting performance so far – 6th place in the Premier League.

The same observation, at least in terms of domestic league results, can be made for the two teams with the most negative net spending over the last ten transfer windows: Chelsea (minus 883 million euros) and Manchester United (minus 859 million euros).

At the other end of the scale, the team with the most positive balance sheet this season is Monaco, with 148 million euros.

Looking at the last five years, Benfica tops the list of clubs that have profited the most from transfers, with 346 million euros.

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The board led by Rui Costa invested heavily in reinforcements during this period – amounting to 465 million euros.

However, this spending was far outweighed by the approximately 811 million euros raised from the sale of players to European football’s elite, securing the Portuguese club an isolated leading position in the rankings.

The Seixal “factory” and the Eagles reconnaissance department continue to produce valuable fruit.

In this list of multimillion-dollar departures, names like Enzo Fernández (sold to Chelsea for 121 million euros) and Darwin Núñez (to Liverpool, for 85 million euros) stand out.

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Over this period, the Portuguese club is ahead of other clubs renowned for player development, such as LOSC Lille (273 million euros), Ajax (270 million euros) and RB Salzburg (242 million euros).

All figures presented in the study include bonuses/variables (add-ons), regardless of their actual payout, as well as resale percentages (sell-ons).

Brazilian giant in the Top-15

As for clubs outside Europe, Palmeiras has consolidated its position as one of the main powers in the global transfer market, occupying 14th place globally among the clubs that have profited the most from negotiations over the last ten windows.

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Verdão are the only South American club to feature in the Top 15 and lead the rankings among all teams outside Europe, recording a significant positive balance sheet after making around €371 million in sales and €226 million in signings over the past five years.

This financial performance is driven by a strategy combining the development of elite talents and sales in periods of high valuation.

• Main departures (sales): Profit generation was driven by the departures of Endrick (€72 million, to Real Madrid), Estêvão (€61.5 million, to Chelsea), Richard Ríos (€27 million, to Benfica) and Vitor Reis (€30 million, to Manchester City).

• Main arrivals (investment): The club reinvested massively by bringing in names like Vitor Roque (ex-Barcelona, ​​for 25 million euros), Paulinho (ex-Galo), Ramón Sosa and Facundo Torres, as well as Árias, also for 25 million euros, from Wolverhampton.

This article was translated into English by Artificial Intelligence. You can read the original version in here.