playGabriele MarcottiSep 11, 2026, 04:58 AM ETCloseGabriele Marcotti is a senior soccer writer for ESPN.com. Read his archive here and follow him on Twitter: @Marcotti.Multiple AuthorsOpen Extended ReactionsHow should we describe the 2026 summer transfer window? Basically, more of the same. The Premier League throws money around with abandon, while the other top European leagues either skimp or take in far more than they spend.It’s not a new phenomenon — in fact, we’re so used to it that we’ve become desensitized to the sheer scale.<\/p>\n
So let’s remind ourselves, using data from Transfermarkt, with the usual disclaimers.Most of this data isn’t public because clubs often don’t announce fees, there will be currency fluctuations, and some of the spending relates to commitments made the previous season — the infamous “loan with an obligation to make the transfer permanent,” which is nothing more than an accounting trick. Still, it’s the best, most comprehensive database out there, and the numbers are so staggering that a few dozen million either way won’t move the needle.The English top flight recorded a net spend of \u20ac1.539 billion, a slight increase from the \u20ac1.516 billion shelled out last season. Italy’s Serie A came in a distant second at \u20ac420 million, ahead of La Liga’s \u20ac252 million. The other members of the so-called Big Five leagues?<\/p>\n
Well, they actually made money: the Bundesliga took in \u20ac44 million more than it spent, and Ligue 1 pulled in a whopping \u20ac740 million more in transfer fees than it spent on transfers.- Marcotti’s Musings: Arsenal show Chelsea who’s boss – O’Hanlon: Ranking the 50 most expensive deals by true cost – Tighe: Transfer window winners and losersThis is very much a trend, too. Over the past five seasons, the Premier League’s net spend stands at \u20ac6.4 billion, Serie A is at \u20ac945 million and LaLiga is at \u20ac141 million. The other two are in the black: the Bundesliga at \u20ac523 million and Ligue 1 at \u20ac1.03 billion.It’s not surprising that the Premier League should spend more money on transfers than anyone else. According to Deloitte’s Annual Review of Football Finance, its revenue in 2024-25 was \u20ac8.09 billion, dwarfing the Bundesliga (\u20ac4.25 billion), LaLiga (\u20ac4.1 billion), Serie A (\u20ac3 billion) and Ligue 1 (\u20ac2.2 billion).But the scale of the net transfer spending — especially in this era of financial sustainability rules — is remarkable.<\/p>\n
The Premier League earns roughly twice as much as LaLiga, for example, yet its net spend was six times higher this summer and 11 times higher over the past five years.It becomes even more remarkable when you consider other factors at play this past summer.Chelsea and Aston Villa were under settlement agreements with UEFA after breaching financial sustainability rules, and as a result, those clubs had to stay within certain transfer spend targets or they would face fines and\/or other punishments. Everton and Newcastle were in danger of breaching those same rules. All four curbed their spending significantly — Chelsea, Everton and Aston Villa made money in the transfer window, while Newcastle’s net spend was a relatively contained \u20ac33.9 million.What’s more, the numbers for certain leagues are juiced by the presence of certain superclubs — Barcelona and Real Madrid in LaLiga, Bayern and Paris Saint Germain in France — that are revenue powerhouses equal to or greater than the Premier League’s “Big Six” (traditionally defined as Manchester United, Manchester City, Liverpool, Arsenal, Chelsea and Tottenham). Take Barcelona and Real Madrid out of the mix in Spain, and you go from a net spend of \u20ac252 million to a transfer profit of \u20ac9 million.<\/p>\n
Ignore Bayern in Germany, and the league’s transfer profit is around \u20ac100 million.In France, it’s a bit of a different story. Following the collapse of Ligue 1’s TV deal, even normally profligate PSG wheeled and dealed their way to a whopping transfer profit of \u20ac182 million. It’s not an exaggeration to suggest that the Premier League is effectively bankrolling Ligue 1, given that almost France’s entire transfer surplus (\u20ac740 million) is down to the fact that teams transferred players to English top-flight clubs for \u20ac684.8 million more than what they got in return. (And what they got in return, by the way, was juiced by the transfers of Omari Kellyman and Deivid Washington from Chelsea to Strasbourg, two clubs owned by the same people, for a combined \u20ac22 million.)Ligue 1 has had a reputation as a feeder league for some time, but never to this extent, and it’s in part because of the belt tightening at clubs such as Lyon, Marseille and Monaco. The Premier League’s “trade deficit” with the Bundesliga stands at a more contained — but still significant — \u20ac181 million.<\/p>\n
Serie A (\u20ac49.3 million) and La Liga (\u20ac32.6 million) both had a small “trade surplus” with the Premier League, driven largely by the former’s willingness to give older or underappreciated Premier League players a go (Curtis Jones, Manuel Akanji, Donyell Malen, Djed Spence, Trevoh Chalobah, Rasmus Hojlund) and the financial muscle of the latter’s big clubs (rostering Marc Cucurella, Anthony Gordon, Rodri).Net spend is, of course, just one vantage point from which to view the health of the game. But what it tells us — that the Premier League is far outspending everyone else and effectively subsidizing France and Germany — it tells us loud and clear.Now, is this sustainable? That’s a question for another time.<\/p>\n","protected":false},"excerpt":{"rendered":"
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