A lot has been made about how much Premier League teams spend in the transfer market.
Net spend has become ingrained in the minds of so many fans. But net spend alone can only tell you whether a club operates in profit or at a loss from transfer fees.
What it can’t tell you is how teams have used that net spend to inspire on-pitch success. Which is where Squawka’s Moneyball Index comes in.
We’ve looked over the past five seasons to see which teams are performing the best based on their transfer dealings.
To calculate our Moneyball Index, we ranked all 21 teams to have played in at least three of the past five Premier League seasons (including 2025-26) on:
- Net Spend
- Performance (Total points and trophy points)
We then calculated the difference between the Net Spend rank and Performance ranking to give us our Moneyball Index. A high positive score means a club has overperformed based on their net spend. A large negative score means the opposite. The closer a team is to zero, the more they are meeting expectations.
We also weighted trophies available to Premier League clubs based on their reputation and difficulties.
Transfer figures sourced from Transfermarkt. Points correct as of 20th November 2025.
Squawka Moneyball Index
| Position | Team | Moneyball Index |
|---|---|---|
| 1. | Brighton | +10 |
| 2. | Aston Villa | +8 |
| 3. | Man City | +6 |
| 4. | Liverpool | +4 |
| 5. | Wolves | +4 |
| 6. | Everton | +4 |
| 7. | Leicester | +3 |
| 8. | Brentford | +2 |
| 9. | Crystal Palace | +1 |
| 10. | Southampton | 0 |
| 11. | Arsenal | -1 |
| 12. | Chelsea | -1 |
| 13. | Tottenham | -2 |
| 14. | Newcastle | -2 |
| 15. | West Ham | -2 |
| 16. | Fulham | -3 |
| 17. | Man Utd | -4 |
| 18. | Leeds | -4 |
| 19. | Bournemouth | -6 |
| 20. | Burnley | -8 |
| 21. | Nottingham Forest | -9 |
21. Nottingham Forest
- Moneyball Index: -9
Someone has got to be bottom. And it may not be a surprise to see Nottingham Forest propping up the table. The Tricky Trees sit eighth for net spend over the past five seasons, at just over €375m. They spent big in 2022-23, for their first Premier League campaign, and again this summer to prepare for the Europa League. But last season was the only campaign in which Forest have seen some success on the pitch. And even that hasn’t been enough to be worth the money they have spent.
20. Burnley
- Moneyball Index: -8
Burnley also haven’t used their funds well. The Clarets have been in three of the past five Premier League seasons, but they’ve taken just 69 points from their 87 games. In what may be a bit of surprise, Burnley have spent almost €400million on players across the past five seasons, while recouping just over €250m in sales. The Clarets’ main issue has been spending a lot ahead of their recent Premier League campaigns, with a real lack of success on the pitch.
19. Bournemouth
- Moneyball Index: -6
It might be a surprise to see Bournemouth down this low. But the Cherries continue to be held back by the 2022-23 and 2023-24 seasons. There, Bournemouth spent over €200m on players, bringing in the likes of Illia Zabarnyi, Dango Ouattara, Milos Kerkez, Tyler Adams and Hamed Traore. In that same period, Bournemouth brought in just €1.5m, selling Ben Pearson to Stoke City. And they haven’t seen the results on the pitch.
18. Leeds
- Moneyball Index: -4
Leeds United are another to have battled with relegation and promotion over the past five seasons. And it’s hurt their Moneyball Index. Leeds spent big in the summer of 2025, with little outgoing, as they look to make their stay in the Premier League last longer than one season. They must also be commended for their business in the Championship last season, receiving big funds for the sales of Georginio Rutter, Archie Gray, Crysensio Summerville and Luis Sinisterra. Nonetheless, the lack of success on the pitch is still poor.
17. Man Utd
- Moneyball Index: -4
Only Chelsea have spent more money across the past five seasons than Manchester United, whose spending has reached over €1bn. During that same period, they’ve sold players for just over €300m. It’s been consistent spending too, with Man Utd hitting at least €200m in each of the past four seasons. And they have a higher net spend than any other club. But, as we all know, that hasn’t translated to success on the pitch. Even when you take out last season’s terrible return, Man Utd have underwhelmed, with just one top-four finish. Even their two trophies haven’t been enough to mask the failures.
16. Fulham
- Moneyball Index: -3
Fulham are an interesting case. They’re the second-lowest spenders in the Premier League across the past five seasons, at just over €300m. But they’re also the lowest in terms of income, bringing in €170m for players. That works out to about mid-table for net spend, but they’ve still underperformed slightly. The Cottagers’ best finish came in the 2022-23 Premier League season, when they were 10th.
15. West Ham
- Moneyball Index: -2
West Ham United’s Uefa Conference League success is not enough to see them underperform based on their net spend. That’s because the league performance has been spectacularly average. And the fact that the Hammers rank in the top 10 for Premier League net spend. West Ham have spent just over €700m across the past five seasons, while only bringing in around €330m. In only one of the past five seasons have West Ham brought in more than they’ve spent. And they’ve also had campaigns like 2022-23, when they spent almost €200m but brought in only €20m.
14. Newcastle
- Moneyball Index: -2
Newcastle United rank high for their net spend, the fifth-highest in the Premier League. The Magpies have spent a lot but they’ve also sold well enough. Obviously the recent sale of Alexander Isak to Liverpool has helped them there — but they still spent €100m more than they received in the summer of 2025. Unfortunately, results on the pitch haven’t been as indicative. Sure, they’ve won a cup and have definitely improved on the pitch. But it’s still not up to the standards you’d expect based on their net spend.
13. Tottenham
- Moneyball Index: -2
Tottenham Hotspur are another team to be underperforming based on their net spend. And they’re joined in the group alongside the others with just one trophy propping up more underwhelming on-pitch performances. Like Man Utd, Tottenham had a poor 2025-26 in the league, even if they did win a European trophy. But it’s not matched their spending. Tottenham rank fourth for their net spend across the past five seasons, with just under €950m outgoing and under €300m incoming. They’ll be hoping the big spend in the summer of 2025 helps bring in more success.
12. Chelsea
- Moneyball Index: -1
Some may be surprised to see Chelsea so high on the list. You might think they’ve underperformed massively. After all, the Blues have spent the most over the past five seasons — with over €1.8m on incoming players. But they have also received over €1bn in transfer fees, over €400m more than any other club. So they actually rank third for net spend. And they finally saw some success last season, winning both the Conference League and Club World Cup — the second time they’ve won the latter in the past five seasons. However, it’s worth noting that they are still underperforming.
11. Arsenal
- Moneyball Index: -1
It’s testament to Arsenal’s quality that they rank highly for performance without winning a single trophy in the past five seasons. Mikel Arteta has done a wonderful job in placing Arsenal consistently near the top of the table. But they have still slightly underperformed based on their net spend (with no trophies in this five-season period). The Gunners actually rank second-most for net spend in the Premier League across the past five seasons. They’ve spent just short of €1bn on players, while only recouping a little over €200m. The 2024-25 campaign was the only one in which they made outgoings, receiving decent fees for Emile Smith Rowe, Eddie Nketiah and Aaron Ramsdale. Of course, they will rise up the rankings quite a bit if they do go on to win the title this year.
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10. Southampton
- Moneyball Index: 0
Southampton are the only Premier League team to perform exactly as you’d have expected them to based on their net spend. But Southampton fans won’t care as they currently sit in the Championship, a failure on the pitch. Only one team have a lower net spend than Southampton, who have actually received €4m more than they’ve spent on transfer fees. Now, that is slightly affected by big sales in the summer, with Southampton getting used to life in the Championship. And it was a similar case in 2023-24, another Championship side for Saints. But their Premier League spending would probably have them a lot worse off.
9. Crystal Palace
- Moneyball Index: +1
Now we start to move onto the overperformers, though only just. Last season will go down in history for Crystal Palace, as they lifted their first ever major trophy. And even if they ranked bottom of this list, Palace fans wouldn’t care. The Eagles have a net spend of just over €160m across the past five seasons, and have actually been negative in each of the past two campaigns. Obviously, they have sold Eberechi Eze and Michael Olise in the past two summers. And it has brought their net spend down, after spending almost €70m on players in 2023-24 with no outgoing fees. Overall, though, their league finishes haven’t been the best.
8. Brentford
- Moneyball Index: +2
Brentford always get a lot of praise for their work in the transfer market in relation to their performances on the pitch. And the plaudits are well deserved. Now, the Bees have spent just over €350m across the past five seasons, all of which have been in the Premier League. And they’ve brought in a little under €250m in transfer fees. That includes the €75m for Bryan Mbeumo and €57.7m for Yoane Wissa this past summer alone. Not to mention the fees received for Ivan Toney and David Raya. Brentford had a slow start to life in the Premier League but they have since become regulars and look closer to the top collection of teams than those fighting relegation.
7. Leicester
- Moneyball Index: +3
Leicester City aren’t in the Premier League right now, so their fans may not be happy with this. But their points return during their Premier League campaigns is better than expected when looking at their transfer dealings. The Foxes have the lowest net spend in the Premier League across the past five seasons, at -€41.46m. They’ve spent a little over €250m and sold for just under €300m. Of course, that is affected slightly by their two campaigns in the Championship.
6. Everton
- Moneyball Index: +4
Over the past five seasons, Everton have just about spent more than they’ve received. But they haven’t spent much, with only two teams spending less in the Premier League during that time. Everton only really started the splash the cash in the summer, spending just over €125m on players including Tyler Dibling, Thierno Barry and Kiernan Dewsbury-Hall. They have also sold the likes of Anthony Gordon, Richarlison and Amadou Onana over the years. Despite the big sales, Everton have managed to keep themselves in the Premier League — even with their points deduction. So the Toffees have to be commended.
5. Wolves
- Moneyball Index: +4
Wolverhampton Wanderers may not be in the Premier League in 2026-27. But it’s impressive that they haven’t been relegated already. Wolves have operated at a near-zero net spend, with both their incomings and outgoings bringing funds in the €500m. They’ve been using their money well, always spending just a little more than they have received each season. Big fees in have led to big fees out — and even when they haven’t been close, it’s evened out over a slightly longer period. And they’ve been surviving in the Premier League, which is more than would have been expected. Not that it’ll be comfort for their fans if they’re in the Championship next season.
4. Liverpool
- Moneyball Index: +4
Now, this five-year period doesn’t include Liverpool’s sale of Philippe Coutinho — no matter how far the Reds seemed to be stretching that money. The Reds have been the sixth-highest spenders in the Premier League across the past five seasons, and there have been some big arrivals. Alexander Isak and Florian Wirtz are two from the past summer alone. Liverpool have also spent big for the likes of Dominik Szoboszlai, Darwin Nunez and Cody Gakpo to name but a few. But Liverpool also have the sixth-highest income over the past five seasons, for sales include Luis Diaz, Fabinho and Nunez. The Reds have seen that translate to success on the pitch. They’re, of course, Premier League champions and have been generally consistent in the league alongside a handful of domestic trophies.
3. Man City
- Moneyball Index: +6
Manchester City have been the most successful Premier League team of the past five seasons. They’ve won the league title three times as well as the Champions League, Club World Cup and a few other domestic trophies. The Citizens have a pretty healthy gap over every other team in that regard. And their finances have been interesting too. Man City are one of three teams to spend over €1bn across the past five seasons, signing the likes of Erling Haaland, Omar Marmoush and Josko Gvardiol for big bucks. But in that same time, Man City have received hefty fees for Raheem Sterling, Gabriel Jesus, Ferran Torres and Julian Alvarez to name just a few. It ranks them second for income in the Premier League — and seventh for total net spend.
2. Aston Villa
- Moneyball Index: +8
Aston Villa have been an interesting case over the past five seasons. They’ve spent just under €600m, but have spread it across many players. And it’s still only the 11th-most of any Premier League side on this list. Those incomings have included the signings of Diego Carlos, Jhon Duran, Emiliano Buendia and Moussa Diaby among others. But the Villans also sit third for transfer fees received, at just over €525m. Diaby and Duran have both been sold for profits, with Villa receiving almost €50m more for the latter than they paid to sign him. And they’ve done all of this while being consistent in the league, hitting 60+ points in each of the past three full seasons.
1. Brighton
- Moneyball Index: +10
This probably won’t be a surprise. Brighton are widely regarded as one of the best clubs in the Premier League for their transfer business. And this five-season period includes the signings and sales of the likes of Marc Cucurella and Joao Pedro, as well as the big-money sale of Moises Caicedo — who had been signed before the period. But they have also spent big for themselves. Nevertheless, Brighton still have a net spend of -€2.61m, one of three teams to be in the negative. And yet they’ve still managed to be a success on the pitch. Again, it’s about Brighton’s consistency across the campaigns, becoming an established Premier League team despite being a stepping stone of a club.
