Liverpool have the lowest net transfer spend among the Premier League’s ‘big six’ since selling Philippe Coutinho to Barcelona for a club-record fee in January 2018 – despite spending over £200 million in this summer transfer window.
Coutinho money: A Liverpool saga
Talking about the “Coutinho money” has been a recurring theme for Liverpool in recent years. But seven years after the groundbreaking sale, what do the numbers really look like? We have taken a closer look.
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“I don’t think about money. Nobody has said I have to think about money because we are always sensible, we always try to do the right thing,” Liverpool’s then manager Jurgen Klopp told reporters shortly after the sale in January 2018.
“We don’t hesitate to spend money, we’ve done it several times, but it’s not about the moment, it’s about making the right decisions. If something obviously correct appears in the window, we will do it. But it’s not about doing anything to calm the situation or show that we’re not sleeping. It’s just a matter of right or wrong, and in this situation this was right.”
Profitable reinvestment
The Brazilian playmaker struggled to live up to the price tag at Barcelona, but Liverpool reinvested the money effectively. Already in the same window, they brought in Virgil van Dijk for a club record, before securing Fabinho and Alisson later that year.
These signings proved crucial as Liverpool went on to win the Champions League and Premier League in the years that followed. Van Dijk and Alisson remain key players to this day, and Klopp’s successor Arne Slot delivered another Premier League championship in his first season at the helm.
Net spending: Liverpool far behind rivals
Seven years after the sale, it is safe to say that Liverpool have used up the “Coutinho money” – so much so that it has almost become a meme on social media.
But Liverpool’s net transfer spending is significantly lower than both Chelsea and Manchester United, who have far less silverware to show for it despite massive spending of money.
Even after smashing their transfer record to sign Florian Wirtz from Bayer Leverkusen, the Reds have spent less than half of what Chelsea have invested in absolute terms since January 2018.
Chelsea have brought in significantly more in player sales than Liverpool, with over €1 billion in revenue, but their net spending is still almost €500 million higher than Liverpool’s over the same period. Manchester United are over 400 million euros higher.
Even if Liverpool were to break their transfer record again to bring in Alexander Isak from Newcastle United, their net spending over the last seven and a half years would still be lower than both Arsenal and Tottenham.
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Full overview of net spending in the Premier League since 2018
We’ve included all 20 clubs in the Premier League for the 2025/26 season, but only 11 of them have been in the top flight since 2017/18.
Sunderland are the only club in this list to have made a profit on player sales since 2018 – despite being outside the Premier League all along. Next season they will return after eight years in the Football League.
Here is the full overview (figures from Transfermarkt):
- Chelsea
- Expenses: €2,163 billion
- Revenue: €1,134 billion
- Net: -€1.03 billion
- Manchester United
- Expenses: €1,354 billion
- Revenue: €385 mill
- Net: -€969 mill
- Tottenham
- Expenses: €1,098 billion
- Revenue: €346 mill
- Net: -€752 mill
- arsenal
- Expenses: €1.12bn
- Revenue: €386 mill
- Net: -€734 mill
- Manchester City
- Expenses: €1,419 billion
- Revenue: €753 mill
- Net: -€666 mill
- liverpool
- Expenses: €1,028 billion
- Revenue: €491 mill
- Net: -€537 mill
- West Ham
- Expenses: €886 million
- Revenue: €392 million
- Net expenses: -€494 million
- Newcastle United
- Spending: €706 million
- Revenue: €253 million
- Net expenses: -€453 million
- Aston Villa
- Expenses: €855 million
- Revenue: €493 million
- Net expenses: -€362 million
- Brighton & Hove Albion
- Expenses: €799 million
- Revenue: €498 million
- Net expenses: -€301 million
- Fulham
- Spending: €457 million
- Revenue: €188 million
- Net expenses: -€269 million
- Nottingham Forest
- Expenses: €487 million
- Revenue: €228 million
- Net expenses: -€259 million
- Crystal Palace
- Spending: €539 million
- Revenue: €361 million
- Net expenses: -€178 million
- Wolverhampton (Wolves)
- Expenses: €783 million
- Revenue: €618 million
- Net expenses: -€165 million
- Bournemouth
- Expenses: €520 million
- Revenue: €361 million
- Net expenses: -€159 million
- Burnley
- Spending: €372 million
- Revenue: €253 million
- Net expenses: -€119 million
- Brentford
- Expenses: €342 million
- Revenue: €232 million
- Net expenses: -€110 million
- Everton
- Expenses: €568 million
- Revenue: €460 million
- Net expenses: -€108 million
- Leeds United
- Expenses: €460 million
- Revenue: €354 million
- Net expenses: -€106 million
- Sunderland
- Expenses: €58 million
- Revenue: €99 million
- Net profit: +€41 million
conclusion:
- Liverpool have spent smartly, not much
- Chelsea and United have spent a lot more for less success
- Sunderland the only club with a profit – but in the lower divisions
