Liverpool’s $450 million transfer window wasn’t enough: Who beat them in Premier League spending?

The 2025/26 Premier League transfer window has officially closed, and clubs across England spent heavily in hopes of strengthening their squads. Liverpool dominated headlines by shattering records with the most expensive signing in English soccer history and the highest single-window outlay ever by the club.

The Reds added stars such as Alexander Isak, Florian Wirtz, and Hugo Ekitike, among others, spending a staggering $446.5 million. However, despite Liverpool’s splash, they did not finish as the club with the largest net spend in Europe’s summer market. That distinction belongs to Arsenal, according to a detailed report from Sky Sports.

Arsenal spent $267 million during the window but generated just $10 million in player sales, leaving them with a net spend of $257 million—the highest figure in the Premier League.

Liverpool, by contrast, offset part of their spending with significant departures, bringing in $228.1 million in sales. Their net spend came to $218.4 million, nearly £40 million less than Arsenal.

Interestingly, Chelsea—a club known for extravagant spending in recent years—was one of the few to finish in the green. The Blues spent $296.5 million, but with $314.4 million in sales, they posted a positive balance of $17.9 million.

The top net spenders in the Premier League

The Sky Sports analysis highlighted how only seven clubs managed a positive balance sheet, while the majority posted heavy losses. Here are the largest net spenders this summer:

• Arsenal: $257 million
• Liverpool: $218.4 million
• Manchester United: $170.7 million
• Tottenham Hotspur: $154.2 million
• Sunderland: $141.4 million
• Everton: $114 million
• Leeds United: $103.1 million
• Nottingham Forest: $101 million
• Newcastle United: $99.3 million
• Manchester City: $89.8 million

At the other end, several teams recorded positive balances, with Bournemouth (+$65.8 million), Brighton (+$59.8 million), and Brentford (+$59.2 million) leading the way thanks to profitable sales.

The figures show a growing divide in the Premier League. Clubs like Arsenal and Liverpool went all-in on building title-challenging squads, while others like Brighton and Bournemouth leaned on smart business and player development.