The 408th CIES Football Observatory Weekly Post presents the net spending (including add-ons) for transfers concluded over the last five seasons by the 100 clubs with the highest volume of trade. Chelsea has the most negative balance with a deficit of €749m, of which a record €620m during the current season, ahead of Manchester United (-€670m) and Arsenal (-€544m). Ninth-placed Juventus has the biggest deficit among non-English clubs (-€337m).

Benfica tops the list of positive balances with net revenues of €369m, including €157m in the current season, notably thanks to the record transfer of Enzo Fernández to Chelsea. LOSC Lille ( €308m) and AFC Ajax ( €293m) complete the podium of the main beneficiaries, ahead of three other clubs used to generating revenue through the development of talent, either locally trained or recruited young: RB Salzburg, Sporting Clube de Portugal and Olympique Lyonnais.

Clubs from seventeen countries are among the 100 most active teams on the transfer market over the last five seasons in terms of monetary trade volume. England is the most represented country with 25 clubs, of which only two have a positive net spending (Watford and Norwich City). In terms of trade volume, Chelsea (€2.0 billion) are ahead of Juventus (€1.56 billion), Barcelona (€1.51 billion), Manchester City (€1.4 billion) and Real Madrid (€1.27 billion).

Top 10 net transfer income