Manchester City have assembled the most expensive squad in football history, according to analysis by the CIES Football Observatory.

The Football Observatory calculate City’s total squad recruitment cost at €878m.

That’s higher even than Paris Saint-Germain (€805m), Manchester United (€747m) and Barcelona (€725m), the only other clubs to spend over €600m on their squad.

Arsenal, meanwhile, are down in ninth overall, and fifth in the Premier League list.

Here are the top 10 teams in England:

1. Manchester City

– €878m

2. Manchester United

– €747m

3. Chelsea

– €592m

4. Liverpool

– €461m

5. Arsenal

– €403m

6. Everton

– €365m

7. Tottenham

– €358m

8. Southampton

– €229m

9. Crystal Palace

– €225m

10. West Ham

– €178m

Everton make it into the top six after their spending spree over the last two windows.

They’ve spent €202.7m since the start of summer 2017 alone, according to transfermarkt fees. That’s over half the total cost of Arsenal’s squad.

No English club is anywhere near the two Manchester teams though.

Funnily enough, that spending has been pretty well reflected in the league table. Although United have fallen off the pace in recent weeks, they still sit in second place.

City, of course, are the runaway Premier League leaders.

Tottenham are the only big-six side significantly over-performing against the cost of their squad. That’s largely thanks to the fact they have youth product, Harry Kane, scoring their goals, whilst the other clubs have spent big on their attacking players.