CIES Football Observatory have produced a report on the teams with the highest net spends from around the globe, and Liverpool’s -€244m ranks them second.

The report takes into account the two most recent transfer windows (winter 2026, summer 2025).

During those windows, Liverpool spent a lot, most recently paying out £60m in a deal for Jeremy Jacquet.

In the summer, there was around £450m spent on new players, including a British transfer record fee for Alexander Isak.

Despite the high spending from FSG, however, the Reds are second on the list to Mikel Arteta’s Arsenal, who have a world-high net spend of -€362m.

Surprisingly, Saudi Pro League side Al-Hilal take fourth spot with a -€195m outlay across the last two windows, putting them just below Manchester City: -€208m

As expected, though there are a few non-English sides like Al-Hilal high on the list, the top 10 is largely full of Premier League clubs.

Sunderland, who Liverpool beat 1-0 on Wednesday, have a -€191m net spend following their promotion in 2025.

Manchester United (-€187m) and Tottenham Hotspur...