It’s been three years since Manchester City were hit with 115 charges for breaking financial fair play rules, and Premier League fans still await the conclusion of a lengthy investigation.

Once City were charged with breaching rules over a nine-year period, the assumption was that they’d curb spending. That hasn’t been the case as the Cityzens have continued to splash the cash on top talent, including Antoine Semenyo (£65 million) and Marc Guehi (£20 million) in January.

Rival clubs have been waiting for the verdict to land and have been frustrated due to the Sky Blues’ continued success in the transfer market. Take, for example, Manchester United, who are watching their top target, Elliot Anderson, become their rivals’ record signing in a £116 million deal.

With that said, here is how the Premier League net spend table looks since City were charged back in February 2023. While they don’t top the list, they still find themselves in the top five.

18 – 15

via Reuters

The current Premier League club with the lowest net spending during this period is Leeds United. The Peacocks are the only side to have earned more than they have spent.

One of their biggest sales came in August 2024, when they sold Georginio Rutter to Brighton & Hove Albion for £40m. They also raised £98m after selling Archie Gray (Tottenham Hotspur), Crysencio Summerville (West Ham United), Tyler Adams and Luis Sinisterra (both Bournemouth).

Ahead of them in 19th place are Brentford, who have been punching above their weight both on and off the pitch. The Bees have a habit of wheeling and dealing while unearthing gems such as Brazilian goal machine Igor Thiago, who arrived from Club Brugge for £30m in July 2024.

Keith Andrews’ London outfit agonisingly missed out on European qualification on the final day of last season. Had they secured a place in Europe for the first time, they’d undoubtedly be set for a record-breaking summer transfer window.

Everton have been embroiled in relegation battles in recent years but David Moyes’ return has helped the Toffees travel up the Premier League table. The Merseyside outfit have been penalised for breaching the PSR most recently this month and have been ordered to pay Burnley £50m.

A change in ownership in December 2024 has improved their financial situation. That said, some of their spending has raised eyebrows, such as forking out £40m to sign Tyler Dibling from Southampton last summer.

It’s easy to understand why many feel Unai Emery has worked miracles at Aston Villa after achieving UEFA Champions League qualification for a second time last season. The Spaniard has worked on a limited budget, as highlighted by the Villans’ 17th-place position in the net spend table.

Villa’s most expensive signing came in July 2024, when they brought in Amadou Onana from Everton for £50m. Given they are constantly competing for a top-four finish, their success in the market deserves huge plaudits.

11–14

Last season’s surprise package was Bournemouth, who finished sixth in the league despite losing star players over the year. Dean Huijsen headed to Real Madrid for £50m while Semenyo joined City in January, leaving Andoni Iraola without his talisman.

The Cherries haven’t been afraid to get their wallet out though and an upcoming Europa League campaign will surely mean big money is spent. Brazilian frontman Evanilson remains their club-record signing after arriving at the Vitality from FC Porto for £40m in August 2024.

Most Premier League owners use Brighton & Hove Albion as a blueprint in the transfer market and in implementing a project. That’s because the Seagulls have so much joy recruiting up-and-coming talent and selling them for a huge profit.

Moises Caicedo joined the Amex outfit for just £4m and headed to Chelsea in August 2023 in an £115m deal. He’s one of several players who have developed at the club before moving on for astronomical fees, and Carlos Baleba is the latest name to be linked with a potential £100m+ exit.

Fulham are somewhat surprisingly 14th despite very rarely spending heavily, and their fans have often called out the ownership for a lack of ambition. The Cottagers are a mainstay in mid-table, and perhaps their reluctance to fork out hefty fees is why Marco Silva has called it quits and taken charge of Benfica.

That said, they did break their transfer record last summer to sign Brazilian winger Kevin from Shakhtar Donetsk for £34.6m. Since City’s 115 charges, they have sold the likes of Aleksandar Mitrovic for £50m and Joao Palhinha for £43.2m.

Oliver Glasner oversaw the greatest era in Crystal Palace history, during which the Eagles won their first major trophy. The FA Cup, the Community Shield and the UEFA Conference League were placed in the trophy cabinet over the past two years.

This underdog story is perhaps a reminder that money isn’t everything and that success can be achieved by hard work and perseverance. The South London outfit dealt with big-money departures, including Guehi joining City, Eberechi Eze moving to Arsenal, and Michael Olise heading to Bayern Munich, for a collective £138.3m.

10–6

Ipswich Town are set for their second season in the top flight since City were charged, and their expenditure comes as a surprise. The Tractor Boys have tried to ensure they remain in the big time with acquisitions such as their joint-record signings Jaden Philogene and Omari Hutchinson, who both cost £20m.

Liam Delap earned a £30m switch to Chelsea last summer after an impressive 2024-25 campaign. His former club might rue inserting a £30m relegation release clause in his contract as clubs may have paid more at the time.

Spending heavily comes with a risk but Sunderland‘s recruitment staff proved their worth after buying 15 new players for £161m last summer. Shrewd signings such as Granit Xhaka and Omar Alderete helped the Black Cats secure UEFA Conference League qualification.

Last season was the first time the Wearsiders participated in the Premier League for eight seasons. They admirably opted to build a squad good enough to compete at the top half of the table rather than get dragged into a relegation battle.

Another club who have been busy in the market since earning promotion in 2022 are Nottingham Forest. The club’s owner Evangelos Marinakis isn’t everyone’s cup of tea, but the Tricky Trees’ fans can’t fault his ambition given his financial backing.

Forest have swooped for the likes of Omari Hutchinson (£37m), Dan Ndoye (£35.5m) and Elliot Anderson (£35m). It’s been a topsy-turvy period which includes relegation scraps and a Europa League campaign.

Newcastle United are the richest club in world football, but the Premier League’s PSR rules have held the Saudi owners back from making dream signings at St James’ Park. That hasn’t prevented the Magpies from battling the big six in the market and bringing the likes of Sandro Tonali (£55m) and Nick Woltemade (£69m) to Tyneside.

The problem is that without Champions League football, Eddie Howe’s side struggles to entice players to make the switch. They also run the risk of losing star men, as was the case when Alexander Isak downed tools to force a British transfer record £125m move to Liverpool last year.

Chelsea, like City, have had to be cautious with their spending after getting dragged into investigations over secret payments made during the Roman Abramovich era. They were hit with the biggest fine in English football history in March, forced to pay £10.75m and handed a suspended transfer ban.

BlueCo are still happy to pay big bucks, but not always for the right players. Their transfer strategy up until now has largely focused on youth signings they loan out to their sister club, Strasbourg.

5–1

Jurgen Klopp insisted Liverpool couldn’t compete with City and Newcastle during his time at Anfield. Those comments are no longer factual given the Reds broke the record for the most money spent in a single transfer window last year.

The Merseyside giants spent £449m, including add-ons, and broke the British transfer record twice. Florian Wirtz arrived from Bayer Leverkusen for £116m before Isak made a deadline-day move.

Manchester City come in at fourth, and they haven’t been deterred by their 115 charges as they try to remain the powerhouse of English football. Anderson is the prime example: their second £100m+ player to join the club, and it comes with an expected verdict from the investigation.

Spending over £800m since being charged has often led many to believe they are not worried and that they believe they will be acquitted. If not, depending on the punishment, they certainly have a squad that can compete for years to come even if a transfer ban comes into effect.

Ahead of the Cityzens are their neighbours, Manchester United, who have not won a title since Sir Alex Ferguson’s retirement in 2013. For so many years, the previous regime made clumsy transfer decisions that cost the club dearly.

That said, INEOS took over sporting operations in February 2024, and the co-owners have found success in the market. They went all out to rebuild their frontline last summer, and it paid off as the £206m spent on Benjamin Sesko, Bryan Mbeumo and Matheus Cunha paid off with a return to Champions League football.

Tottenham Hotspur narrowly escaped relegation on the final day of last season, and they are already looking to spend big this summer. The Lilywhites’ net spend since early 2023 puts them second, and it’s been a rollercoaster ride during that time.

A Europa League triumph in 2025 should have been the catalyst for Spurs to kick on and try to compete for more major trophies. That’s why there are huge question marks over big-money signings such as Xavi Simons (£51m) and Dominic Solanke (£65m).

Premier League champions Arsenal are the club with the biggest net spend since City were charged and they now possess a squad that is competing domestically and in Europe. Last summer, the Gunners splashed the cash on Viktor Gyokeres (£54.8m), Martin Zubimendi (£60m) and Noni Madueke (£48.5m).

Declan Rice arrived at the Emirates in July 2023 for £105m and he had been linked with the Cityzens. Who knows if Pep Guardiola would have insisted on beating Mikel Arteta to the England midfielder if not for the club’s charges.