The CIES Football Observatory Weekly Post at the close of the January transfer window focused on the net spend on transfers by the 100 clubs with the highest volume of trade over the last five seasons, including add-ons and Arsenal find themselves high up the list.

The club with the most negative balance is Chelsea with a deficit of €749 million, followed by Manchester United with a deficit of €670 million and Arsenal with a deficit of €544 million.

Juventus, the ninth-placed club, has the largest deficit among non-English clubs with a deficit of €337 million.

Benfica has the highest positive balance with net revenues of €369 million, followed by LOSC Lille with net revenues of €308 million and AFC Ajax with net revenues of €293 million.

Clubs from 17 countries are included in the 100 most active teams in terms of monetary trade volume, with England being the most represented country with 25 clubs.

Chelsea is the club with the highest trade volume with €2.0 billion, followed by Juventus, Barcelona, Manchester City, and Real Madrid.

Net transfer spending per club since the 2018/19 season