The 2025 summer transfer window saw clubs unload their war chests to acquire some of the best players in the world.
Premier League clubs specifically were by far the most active, as they bought and sold at record pace.
In fact, records were broken on both ends of the spectrum. Liverpool broke the Premier League transfer record twice in the same window, while Chelsea managed to be the first English club to top €300 million in sales for a single summer.
Putting it all together, net spend can give fans an added look at how the transfer market played out, and what kind of financial standing their team is in.
MORE: Which club spent the most money in the 2025 summer transfer window?
Premier League net spend for all English clubs
All transfer figures via Transfermarkt.com, current as of Sep. 1, 2025 following the close of the major European transfer window.
All financials listed in Euros, with the exchange rate 0.87:1 for pounds (£) and 1.16:1 for U.S. dollars ($).
| Club | Expenditure | Income | Net spend |
| Arsenal | €293.5m | €10.3m | -€283.2m |
| Liverpool | €482.9m | €219.5m | -€263.4m |
| Man United | €250.7m | €74.2m | -€176.5m |
| Tottenham | €210.6m | €41.5m | -€169.1m |
| Sunderland | €187.9m | €51m | -€136.9m |
| Man City | €206.9m | €70.5m | -€136.4m |
| Everton | €129.8m | €13.3m | -€116.5m |
| Newcastle | €288.9m | €176m | -€112.9m |
| Nottingham Forest | €236.9m | €124.4m | -€112.5m |
| Leeds | €113.7m | €8m | -€105.7m |
| Burnley | €128.7m | €35m | -€93.7m |
| West Ham | €143.8m | €89.5m | -€54.3m |
| Fulham | €44.5m | €17m | -€27.5m |
| Wolves | €140m | €137.5m | -€2.5m |
| Chelsea | €328.2m | €332.3m | +€4.1m |
| Crystal Palace | €55.3m | €73m | +€17.7m |
| Aston Villa | €30m | €55.2m | +€25.2m |
| Brentford | €98.7m | €155.3m | +€56.6m |
| Brighton | €80m | €155m | +€75m |
| Bournemouth | €138.1m | €238.4m | +€100.3m |
| TOTAL | €3.59b | €2.08b | -€1.51b |
MORE: A full recap of transfer deadline day including a rundown of all notable completed deals
Arsenal net spend for 2025 summer transfer window
Arsenal transfers in
| Player | From | Fee | Contract |
| Martin Zubimendi | Real Sociedad | €70 million | 5 years (thru Jun. 2030) |
| Eberechi Eze | Crystal Palace | €69.3 million | 4 years (thru Jun. 2029) + 1 year option |
| Viktor Gyokeres | Sporting CP | €65.8 million | 5 years (thru Jun. 2030) |
| Noni Madueke | Chelsea | €56 million | 5 years (thru Jun. 2030) |
| Cristhian Mosquera | Valencia | €15 million | 5 years (thru Jun. 2030) + 1 year option |
| Christian Norgaard | Brentford | €11.6 million | 2 years (thru Jun. 2027) + 1 year option |
| Kepa Arrizabalaga | Chelsea | €5.8 million | 3 years (thru Jun. 2028) |
| Piero Hincapie | Bayer Leverkusen | Season-long loan | €52m obligation to buy |
| TOTAL | €293.5m |
Arsenal transfers out
| Player | To | Fee | Notes |
| Nuno Tavares | Lazio | €5 million | |
| Marquinhos | Cruzeiro | €3 million | |
| Jakub Kiwior | FC Porto | Season-long loan (€2m fee) | |
| Albert Sambi Lokonga | Hamburg | €300,000 | |
| Thomas Partey | Villarreal | Free transfer | |
| Kieran Tierney | Celtic | Free transfer | |
| Jorginho | Flamengo | Free transfer | |
| Fabio Vieira | Hamburg | Season-long loan | €20m option to buy |
| Oleksandr Zinchenko | Nottingham Forest | Season-long loan | |
| Reiss Nelson | Brentford | Season-long loan | |
| TOTAL | €10.3m |
Arsenal net spend
Arsenal weren't the biggest spenders of the 2025 summer transfer window, but because they did basically no offsetting business by selling players, they ended up as the biggest net spenders of any club in Europe.
Arsenal total net spend: -€283.2 million
Liverpool net spend for 2025 summer transfer window
Liverpool transfers in
| Player | From | Fee | Contract |
| Alexander Isak | Newcastle | €145 million | 6 years (thru Jun. 2031) |
| Florian Wirtz | Bayer Leverkusen | €125 million | 5 years (thru Jun. 2030) |
| Hugo Ekitike | Eintracht Frankfurt | €95 million | 6 years (thru Jun. 2031) |
| Milos Kerkez | Bournemouth | €46.9 million | 5 years (thru Jun. 2030) |
| Jeremie Frimpong | Bayer Leverkusen | €40 million | 5 years (thru Jun. 2030) |
| Giovanni Leoni | Parma | €31 million | 6 years (thru Jun. 2031) |
| Freddie Woodman | Preston North End | Free transfer | 1 year (thru Jun. 2026) + 1 year option |
| TOTAL | €482.9m |
Liverpool transfers out
| Player | To | Fee | Notes |
| Luis Diaz | Bayern Munich | €70 million | |
| Darwin Nunez | Al Hilal | €53 million | |
| Jarell Quansah | Bayer Leverkusen | €35 million | |
| Ben Doak | Bournemouth | €23.2 million | |
| Caoimhin Kelleher | Brentford | €14.8 million | |
| Trent Alexander-Arnold | Real Madrid | €10 million | |
| Tyler Morton | Lyon | €10 million | |
| Nat Phillips | West Brom | €3.5 million | |
| Harvey Elliott | Aston Villa | Season-long loan | £30 million obligation to buy |
| TOTAL | €219.5m |
Liverpool net spend
Despite shelling out nearly €500 million for new players this summer, including breaking the Premier League transfer record twice in the same window, Liverpool managed to offset nearly half their costs with departing players.
Liverpool total net spend: -€263.4 million
Man United net spend for 2025 summer transfer window
Man United transfers in
| Player | From | Fee | Contract |
| Benjamin Sesko | RB Leipzig | €76.5 million | 5 years (thru Jun. 2030) |
| Bryan Mbeumo | Brentford | €75 million | 5 years (thru Jun. 2030) |
| Matheus Cunha | Wolves | €74.2 million | 5 years (thru Jun. 2030) + 1 year option |
| Senne Lammens | Royal Antwerp | €21 million | 5 years (thru Jun. 2030) |
| Diego Leon | Cerro Porteno | €4 million | |
| TOTAL | €250.7m |
Man United transfers out
| Player | To | Fee | Notes |
| Alejandro Garnacho | Chelsea | €46.2 million | |
| Antony | Real Betis | €22 million | |
| Rasmus Hojlund | Napoli | Season-long loan (€6m fee) | €44m conditional obligation to buy |
| Marcus Rashford | Barcelona | Season-long loan | |
| Jadon Sancho | Aston Villa | Season-long loan | |
| Victor Lindelof | Aston Villa | Free transfer | |
| TOTAL | €74.2m |
Man United net spend
Manchester United really went for it this summer, but their ability to shed dead weight towards the end of the transfer window will go a long way towards balancing their books. The departures of Alejandro Garnacho, Antony, Rasmus Hojlund, Marcus Rashford, and Victor Lindelof right at the buzzer will see their wage bill decrease considerably and offset a good amount of their incoming business. Overall, United got a lot better this summer, and their books are a lot healthier.
Man United total net spend: -€176.5 million
Chelsea net spend for 2025 summer transfer window
Chelsea transfers in
| Player | From | Fee | Contract |
| Joao Pedro | Brighton | €63.7 million | 8 years (thru Jun. 2033) |
| Jamie Gittens | Borussia Dortmund | €56 million | 7 years (thru Jun. 2032) |
| Alejandro Garnacho | Man United | €46.2 million | 7 years (thru Jun. 2032) |
| Jorrel Hato | Ajax | €44.2 million | 7 years (thru Jun. 2032) |
| Liam Delap | Ipswich Town | €35.5 million | 6 years (thru Jun. 2031) |
| Estevao | Palmeiras | €34 million | 8 years (thru Jun. 2033) |
| Dario Essugo | Sporting CP | €22.3 million | 8 years (thru Jun. 2033) |
| Mamadou Sarr | Strasbourg | €14 million | 8 years (thru Jun. 2033) |
| Kendry Paez | Independiente | €10 million | 8 years (thru Jun. 2033) |
| Facundo Buonanotte | Brighton | Season-long loan (€2.3m fee) | |
| TOTAL | €328.2m |
Chelsea transfers out
| Player | To | Fee | Notes |
| Noni Madueke | Arsenal | €56 million | |
| Christopher Nkunku | AC Milan | €37 million | |
| Joao Felix | Al Nassr | €30 million | |
| Djordje Petrovic | Bournemouth | €28.9 million | |
| Lesley Ugochukwu | Burnley | €28.7 million | |
| Kiernan Dewsbury-Hall | Everton | €28.7 million | |
| Renato Veiga | Villarreal | €24.5 million | |
| Armando Broja | Burnley | €23 million | |
| Carney Chukwuemeka | Borussia Dortmund | €20 million | |
| Nicolas Jackson | Bayern Munich | Season-long loan (€16.5m fee) | €65m obligation to buy |
| Mathis Amougou | Strasbourg | €14.5 million | |
| Bashir Humphreys | Burnley | €14 million | |
| Kepa Arrizabalaga | Arsenal | €5.8 million | |
| Marcus Bettinelli | Manchester City | €2.4 million | |
| Alfie Gilchrist | West Brom | €2.3 million | |
| Ben Chilwell | Strasbourg | Free transfer | |
| Lucas Bergstrom | Mallorca | Free transfer | |
| TOTAL | €332.3m |
Chelsea net spend
Incredibly, after all that wheeling and dealing, Chelsea somehow managed to produce a positive net spend through the 2025 summer transfer window. Additionally, with the ability to amortise the incoming transfer fee purchases over the lives of the player contracts, the Blues come out significantly ahead from a PSR perspective — for now, at least.
They may have to deal with the consequences of those amortisations in future years. But at this point, they are very much in the clear.
Chelsea total net spend: +€4.1 million