…11 English clubs now account for 64% of global transfer spending

Onome Amuge

Global football financial power has undergone a notable transformation, with England now firmly established as the undisputed leader in transfer market expenditure. A new report by Sportingpedia reveals that the English Premier League’s top clubs have more than doubled their share among the top 20 spending teams since the turn of the millennium, while traditional giants like Italy and Spain have seen a decline in their economic clout.

The report, a forensic investigation into transfer market dynamics over the past 75 years, highlights five distinct historical phases, showcasing how financial might, rather than just tactical prowess or player talent, dictates control of the global game.

One of the  most striking revelations from the Sportingpedia analysis is the  scale of England’s current dominance. 11 English clubs now feature among the top 20 highest-spending teams globally, marking the highest representation of any country in any period recorded. This translates to nearly 64 per cent of all spending among these elite clubs, the largest share ever documented. To put this into perspective, the top 20 clubs today spend 268 times more on transfers than they did between 1950 and 1970.

The period since 2020 has accelerated this trend. This is as the top 20 clubs have collectively spent €16.13 billion in just five years. England’s 11 clubs alone account for over €10.3 billion of this figure. Extrapolating this trend over two decades suggests an expenditure exceeding €41 billion, a sum four times greater than Italy’s spending during its peak era of dominance. Chelsea, for instance, has single-handedly spent over €2 billion in this recent period.

In contrast to England’s rise, Italy and Spain, once the undisputed financial heavyweights of European football, have experienced a steady decline. Italy’s market share among the top 20 spenders has plunged from 24 per cent in the 2010–2020 decade to just 11.8 per cent after 2020. In the 1950s and 60s, Italy had eight clubs in the top 20; today, that number stands at just three, including Juventus, Napoli, and Atalanta.

Spain’s trajectory mirrors this decline. From having four clubs and a 22.6 per cent share between 1990 and 2010, the country now has only one representative, Atletico Madrid, among the top 20 spending teams since 2020, accounting for just 3.8 per cent of the total. Notably, Real Madrid and Barcelona, once synonymous with ‘Galactico’ spending and market leadership, have fallen out of the top 20 entirely in just 15 years.

The report traces this evolution through distinct eras:

• 1950-1970: The Italian reign. With the advent of the European Cup, Italy emerged as the initial economic powerhouse. Italian clubs accounted for 50 per cent of the €24.56 million total spent by the top 20, with Juventus alone spending €6.25 million. England had eight clubs but lagged significantly in total spend.
• 1970-1990: Italy’s unchallenged expansion. Serie A clubs maintained and expanded their lead, spending over €300 million, again around 50 per cent of the total, as television and commercial revenues began to trickle into the sport.
• 1990-2010: Commercial metamorphosis and rising competition. The Bosman ruling and surging Champions League revenues transformed football. Total expenditure of the top 20 clubs ballooned to over €13 billion. Italy still led with €5.28 billion, but Spain, spearheaded by Real Madrid’s ‘Galactico’ strategy (€1.22 billion by Real Madrid alone), and a resurgent England, driven by the Abramovich revolution at Chelsea and Manchester United’s global brand, began to close the gap. England and Italy each had seven clubs in the top 20.
• 2010-2020: England’s Breakthrough. Premier League clubs spent over €7.43 billion, the largest sum ever recorded in a single decade. This was attributed to booming broadcasting deals and, paradoxically, UEFA’s Financial Fair Play regulations, which English clubs with their vast revenues found easier to operate.

The current era since 2020 also marks a notable development: the first time a non-European country has broken into the top 20 highest-spending clubs. Saudi Arabia’s Al-Hilal has entered this elite bracket, having spent over €550 million, signalling the rising financial muscle of the Gulf region in the global game.

The Sportingpedia report concludes that the transfer market has evolved into the ultimate financial arms race. The rise and fall of leagues and clubs is fundamentally an economic story, reflecting profound shifts in media rights, investor appetite, fan engagement, and even state involvement. The Premier League’s current dominance, the report suggests, is not merely a matter of popularity, but a result of its ability to out-earn, out-legislate, and outspend its competitors in an increasingly globalised and financially driven sport. The question of whether any other nation can bridge this growing financial chasm appears more distant than ever.