Premier League clubs spent a record £3.4bn during the summer transfer window, but analysis of the fees paid and received suggests Chelsea were the most efficient overall, while Liverpool ranked bottom.
Across the division, clubs paid about one-third more than Transfermarkt valuations as they competed to strengthen their squads. To provide a fairer comparison, those valuations were adjusted to account for transfer inflation before the buying and selling records of each club were assessed.
Aston Villa were judged to be the best buyers, despite a summer that also saw several high-profile departures. The club’s incoming players had a combined adjusted value £60.0m greater than the fees paid for them.
The biggest difference came in the signing of midfielder Johan Manzambi from Freiburg. Villa paid £47m for the player, whose adjusted value at the time was calculated at £74.8m.
Leon Goretzka joined Villa on a free transfer after his contract with Bayern Munich expired, although his adjusted value was put at £13.8m. Joao Gomes, Matteo Ruggeri and Zion Suzuki were also signed for fees significantly below their adjusted market values.
Arsenal ranked second among the best-value buyers. Their efforts to sign a major attacking name ended in disappointment, but Piero Hincapie proved one of the most efficient additions of the window. Arsenal paid Bayer Leverkusen £34.5m for the defender, whose adjusted value was £57.5m.
Christos Tzolis, Bruno Guimaraes and free agent Illan Meslier were also valued above the fees Arsenal paid. Overall, the club’s signings were assessed at £46.6m more than their combined cost.
Chelsea were third in the buying rankings, despite continued criticism of their transfer strategy in recent seasons. Their arrivals had a collective adjusted value £38.3m higher than the amount spent.
Valentin Barco accounted for much of that positive figure. His adjusted value was £46.0m when he moved from Strasbourg to Stamford Bridge for £34m. Morgan Rogers, who cost £117m, was also valued above his fee at £126.6m, despite the widespread view that Chelsea paid too much for him.
Newcastle were rated the worst buyers in terms of value. Their £35.5m deal for Aladji Bamba from Monaco was estimated to be £14.8m above his adjusted value. Matias Fernandez Pardo was also considered a substantial overpayment.
Liverpool were the second-worst buyers, with much of their negative assessment linked to the fees paid for Bradley Barcola and goalkeeper Lucca Brughmans. The club paid £19.4m and £25.4m more than the players’ respective adjusted values.
Tottenham Hotspur were next. Their summer included both the joint-best-value signing and the worst-value deal, according to the analysis.
Marcos Senesi arrived from Bournemouth on a free transfer with an adjusted value of £28.8m, making him joint-best value alongside Leeds’ Harry Wilson. However, Tottenham paid £85m for Savio, a fee calculated to be £44.7m above his adjusted value. The club’s other arrivals only partly offset that overpayment.
Manchester City top sales rankings
Selling players efficiently proved considerably harder across the Premier League. Manchester City and Brentford were the only clubs to record positive sales efficiency scores.
Manchester City were the best sellers, receiving £1.0m more than the adjusted combined value of the players they sold.
Their most profitable departure was Savio, whose £85m transfer to Tottenham was £44.7m above his adjusted value. James Trafford’s £40m move to Leeds was also judged to be £11.2m above value.
Brentford effectively broke even. Their departures generated £0.03m more than the collective adjusted value of the players sold.
Chelsea finished third in the sales rankings, with their total departure figure only £0.5m below value. Liam Delap was their strongest sale, joining Nottingham Forest for £50m – £17.8m more than his adjusted value.
The £125m sale of Enzo Fernandez to Manchester City on Deadline Day was also assessed as £9.9m above value.
Chelsea’s score could have been higher, however. Trevoh Chalobah and Marc Cucurella were sold for £15.2m and £17.2m less than their respective adjusted values.
Liverpool had the weakest sales record. The fees they received were £95.9m below the collective value of their departing players.
A major factor was the free transfer of Ibrahima Konate, whose adjusted transfer value was £51.8m. Andrew Robertson, valued at £8.1m, also left without a fee. The analysis further concluded that the sums received for Mohamed Salah and Curtis Jones were well below their estimated values.
Tottenham were the second-worst sellers, generating £62.0m less than the combined adjusted value of their departures. Cristian Romero, Luka Vuskovic and Djed Spence were sold for £23.5m, £19.0m and £16.0m below their respective market values.
When buying and selling efficiency were combined, Chelsea emerged as the Premier League’s most efficient club of the summer. Their overall score was £37.7m, putting them ahead of Aston Villa on £27.1m and Crystal Palace on £23.1m.
That verdict came despite their Deadline Day disappointment, when a proposed deal for Lamine Camara collapsed.
Liverpool finished bottom of the overall rankings with an efficiency score of -£136.6m. They were followed by Tottenham on -£81.3m and Newcastle on -£70.8m.
