Which clubs do you think have had the highest net spending on players across these last two transfer windows?
A new report has studied all football clubs across the globe.
Looking at their transfer activity, in and out, across this last year.
As you can see below, six of the seven with the highest net spending across these last two windows are Premier League clubs.
Arsenal edging out Liverpool for top spot.
Saudi club Al-Hilal are the ones preventing Premier League clubs filling all of the top six spots.
This new report has been published by the CIES Football Observatory.
They explain how the report: ‘Ranks teams worldwide according to the financial results of the transfer operations completed over the current season (last two windows).
Financial results of the most active clubs on the transfer market (€ million, including add-ons and sell-ons) as per CIES Football Observatory
United coming in at number 14 and then taking it down further, it shows 10 of the top 16 net spends are by Premier League clubs.
Newcastle United in 14th place with an estimated net spend these past two transfer windows of €121 (approx £105m).
Whilst the media narrative is persistently claiming that Sunderland have spent very little, the reality is something very different.
The Mackems have done ok this season, though now in the bottom half of the Premier League having won only two of their last ten PL matches.
However, Sunderland have spent far more than any other club ever has after promotion from the Championship. The new report showing that Sunderland have had the fifth biggest net spend in world football these past two transfer windows, an estimated net spend of €191m (approximately £166m).