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Some serious number-crunching by the CIES Football Observatory has revealed which 20 European clubs have made the biggest outlays on transfers over the last decade.

Released this week, the data shows that since the summer of 2012, Manchester United have had a higher net spend than any other club.

Despite this, the Old Trafford outfit have only won the Premier League once since 2012.

That is in no small part due to the dominance of five-time Premier League champions Manchester City, who sit second on the list.

According to the CIES data, which "includes eventual add-on fees", United have spent €1.545b on transfers during the period in question. It is claimed they have received €470m back, leaving them with a net spend of €1.075billion ($1.230billion).

City's €1.699b minus €715m, leaves them with a net spend of €984m ($1.126billion).

Paris Saint-Germain are the only other club said to be out of pocket by over a billion US dollars. Their figures show a spend of €1.445b, receipts of €504m and an overall net outlay of €941m ($1.077b).

Net transfer spending of European clubs since summer 2012

CIES Football Observatory

RankClubNet Spend In Euros

1

Manchester United

1.075 Billion

2

Manchester City

984 Million

3

Paris Saint-Germain

941 Million

4

Barcelona

650 Million

5

Arsenal

583 Million

6

Juventus

561 Million

7

AC Milan

432 Million

8

Everton

429 Million

9

Aston Villa

424 Million

10

Chelsea

413 Million

11

Inter Milan

385 Million

12

West Ham

374 Million

3

Bayern Munich

363 Million

14

Liverpool

347 Million

15

Newcastle

339 Million

16

Tottenham

336 Million

17

Crystal Palace

292 Million

18

Leicester

275 Million

19

Brighton

248 Million

20

Wolves

247 Million

Real Madrid did not make the top 20. The Spanish giants were 25th on the list, with a net spend of €179m