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£99M Record Breaker: Newcastle United’s Massive 2023 Transfer Spending Unveiled

Football Business (janews)

Data reveals the football clubs that have invested the most in new transfers in 2023

This past summer’s football transfer window has seen clubs spending record sums on new talents, with the likes of Arsenal spending over £100M on Declan Rice, who’ll be earning £250,000 a week, over four times his West Ham wage. But which other teams invest the most in their players overall?

Interested, the experts at City Index analysed data from Deloitte to establish which of the top 30 football clubs invest the most of their revenue and current worth from player transfer activities.

Highlights from the research:

  • Newcastle United have spent 15.8% (£99.76 million) of their current value (and 52.3%, £190.84 million, of their revenue) on transfers – the most out of all clubs. 
  • Aston Villa are second, spending 12.6% (£75.68 million) of their current value.
  • Arsenal’s Declan Rice and Kai Havertz comprise 81.5% of Arsenal’s total 2023 transfer spend. 
  • Everton’s current value is the lowest in the top 10, but they have spent less than Newcastle on transfers.
  • Borussia Dortmund is the only publicly traded club in the top 10.

The Football Teams Investing the Most on Transfers:

Rank Team Current Value (GBP Millions) Revenue (GBP Millions) Expenditure (GBP Millions) Transfer Spend (% of Revenue) Transfer Spend (% of Current value)
1 Newcastle United £631.35 £190.84 £99.76 52.3% 15.8%
2 Aston Villa £601.34 £189.21 £75.68 40.0% 12.6%
3 Everton £591.62 £192.56 £67.25 34.9% 11.4%
4 Arsenal FC £1,797.48 £389.86 £199.18 51.1% 11.1%
5 Crystal Palace £640.64 £170.12 £40.08 23.6% 6.3%
6 Borussia Dortmund £1,530.87 £320.54 £89.96 28.1% 5.9%
7 AC Milan £1,109.45 £237.80 £60.63 25.5% 5.5%
8 Tottenham Hotspur £2,227.50 £470.18 £117.22 24.9% 5.3%
9 Paris Saint-Germain £3,345.55 £587.49 £137.18 23.3% 4.1%
10 Chelsea FC £2,468.31 £510.43 £96.32 18.9% 3.9%

Copyright: (Janews) Shutterstock.com

City Index can reveal that Newcastle United is the football club that has spent the most of its current value of £631.35 million on transfers this year, at 15.8%. The club made headlines when they signed midfielder Sandro Tonali from AC Milan in July for £56.2 million which is almost half of their total transfer spend this year. When compared with their revenue, they have spent over a quarter just on Tonali alone this year, and they have spent a whopping 52.3% (£99.76 million) on transfers overall this year, the most out of all clubs on this list. This may be attributed to their investment from the Saudi Arabia Public Investment Fund (PIF) which has owned the club since 2021.

In second place is Aston Villa, who have spent 12.6% (£75.68 million) on new transfers. Their most recent signing, right-winger Moussa Diaba from Bundesliga club Bayern Leverkusen, cost the club £48.4 million equating to 61% of their total 2023 transfer spend, and 24.6% of their total revenue. Additionally, they spent 40% (£75.68 million) of their revenue on overall transfers this year.

In third is Everton, who spent 11.4% of their £591.62 million value on transfers (£67.3 million). Already this year they have spent a combined £32.9 million on new players, equating to 47.2% of their total 2023 transfer spend. They have also spent 34.9% of their revenue on transfers.

In fourth place is Arsenal. The club has spent 11.1% (£199.18 million) on transfers, the most out of any club in the top 10. They most notably signed ex-West Ham midfielder Declan Rice and ex-Chelsea midfielder Kai Havertz for a combined fee of £168.3 million, equating to 81.5% of their total 2023 transfer spend. Their transfers equate to 51.1% of their revenue, second to Newcastle who spent 52.3%. 

Crystal Palace are fifth, who spent 6.3% (£40.08 million) of their £640.64 million current value on transfers such as goalkeeper Dean Henderson from Manchester United. Their overall transfer spend equates to 23.6% of their £170.12 million revenue.

Borussia Dortmund are the only publicly traded club in the top 10

Borussia Dortmund occupies the sixth spot and is the only publicly traded entity in the top 10. However, despite their public position, they only have the 12th highest current value and are worth almost £2.4 billion less than rivals Bayern Munich.

Clubs that are looking to increase their value could either raise investment through a traditional IPO or merge into a Special Acquisition Company (SPAC) rather than rely on matchday earnings, sponsorships and player transfers to increase their value.

A club that is currently undergoing a SPAC deal is FC Barcelona, who recently announced their partnership with Mountain & Co Acquisition Corp to spin off their Barca Vision and audio-visual platforms under a new company called “Barca Media” for an estimated pro-forma enterprise value of £823 million. The deal is expected to be completed by Q4 2023.

City Index trading expert, Rebecca Catlin offers insight into Barcelona’s new SPAC deal and how football clubs can follow suit:

“Spanish football club FC Barcelona has announced plans to list its Barca Vision and audio-visual units on the Nasdaq later this year. The plans are for the spin-off to take place through a merger with a special acquisition company (SPAC).

The rationale behind this new spin-off is multifold. Barca Vision was created initially as part of the club’s attempts to save itself from a financial crisis by developing new revenue streams and bringing in sponsorships. Their official website states that ‘This will allow them to access additional financing through the US capital markets and will accelerate the Club’s initiatives across digital and audio-visual sectors’. And that they’ll bring fans closer to the club by using emerging technologies, such as NFTs, to create an engaging fan experience. 

Additionally, FC Barcelona and Bridgeburg Invest – the holding company of Barca Vision – are both private companies, so that’s why the Barca Media SPAC has gained attention, as investors can get exposure to a part of the club.”


  1. City Index conducted a study to establish how much the top football clubs across the globe spend on new players.
  2. They started by accessing Deloitte’s official website or relevant sports news sources to obtain the list of the top 30 football clubs based on their latest revenue.
  3. Then they collected data on the top 100 football clubs for the ongoing 2023/24 season, encompassing crucial financial metrics such as current balance, expenditures, and income related to transfer activities.
  4. With comprehensive data from Deloitte at hand, estimated profits for the top 30 football clubs were created. Analysis of their transfer records alongside Deloitte’s financial insights aimed to reveal potential gains or losses incurred during their transfer market engagements.
  5. Publicly traded football clubs were researched and marked. The identification and marking of these entities allowed us to compare publicly traded and non-publicly traded clubs, providing valuable insights into differences in market dynamics and financial strategies.
  6. Further research and analysis was conducted for Roma, Celtic, Lazio, Sporting CP and FC Porto in the same manner as the above steps. Please note these are approximate figures and the actual revenue/transfer balance might vary slightly.
  7. Deloitte’s financial figures were listed in EUR, the Google Finance formula was used to convert to USD and GBP, these will update in real-time.
  8. Data is correct as of 29th August 2023 and is subject to change.