2025 transfers: Liverpool most active in record-breaking market
The 511th CIES Football Observatory Weekly Post analyses the financial results of transfer operations carried out in 2025. In total, clubs around the world invested approximately €14.2 billion, 14% more than the previous record set in 2023. This Post presents the balance sheets for the 121 teams worldwide involved in incoming or outgoing transactions totalling more than €50 million overall.
With around €500 million invested and €255 million received (including add-ons and sell-ons), Liverpool tops the rankings in terms of fees generated (€755m). Two other English teams complete the podium: Chelsea (€754m) and, further behind, Manchester City (€556m). In terms of net spending, the most negative balances were also recorded for English clubs : Manchester City (-€369 million), Arsenal (-€366m) and Liverpool (-€245m).
In contrast, three French Ligue 1 teams totalled the most positive net spending for transactions completed in 2025 : RC Lens (+€113m), Olympique Lyonnais (+€108m) and Monaco (+€95m). In terms of the number of fee-paying transfers, whether for revenue or expenditure, the most active clubs were AC Milan (37 deals), Juventus (33) and Chelsea (32).
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