Arsenal have the higher reported net spend: £621.70 million, compared with Manchester City’s £513.62 million. That is a difference of £108.08 million. The figures come from Football365’s comparison published September 23, 2026, and cover the seasons from 2022/23 through 2026/27 to date—not five completed seasons.
How the reported totals compare
Football365 reports that Arsenal’s net transfer outflow over its stated period was £621.70 million. Manchester City’s was £513.62 million. Subtracting City’s total from Arsenal’s gives a £108.08 million higher outflow for Arsenal; this difference is calculated from Football365’s figures, not quoted as a separate statistic by the publisher.
The comparison counts transfers from summer 2022 to the article’s publication date, September 23, 2026. Its five season labels therefore include 2026/27 to date, which was still in progress when the comparison was published. The figures are Football365’s reported balances, not independently audited or universally standardised transfer accounts. Football365’s five-year net-spend table
Season-by-season net spend
Here are the balances Football365 lists. A net spend is an outflow; a profit is a positive balance in the source’s table.
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| Season | Arsenal | Manchester City |
|---|---|---|
| 2022/23 | £141.39m net spend | £5.94m profit |
| 2023/24 | £144.26m net spend | £104.64m net spend |
| 2024/25 | £20.81m net spend | £87.75m net spend |
| 2025/26 | £246.26m net spend | £172.70m net spend |
| 2026/27 to date | £78.91m net spend | £162.26m net spend |
| Reported five-year total | £621.70m net spend | £513.62m net spend |
What the season figures show
- Arsenal’s balance is a net outflow in every season listed.
- Manchester City’s 2022/23 balance is the only listed profit: £5.94 million. The remaining four season entries are net outflows.
- Arsenal’s largest listed season outflow is £246.26 million in 2025/26; City’s is £172.70 million in 2025/26.
- City’s reported outflow is higher in the incomplete 2026/27 season to date: £162.26 million versus Arsenal’s £78.91 million.
What “net spend” does—and does not—measure
Net spend is a transfer-fee balance: broadly, transfer spending less transfer income over a chosen period. It is not a complete measure of the cost of building or running a squad. It does not, by itself, account for wages, agent fees, amortised transfer costs, or whether a club’s finances are sustainable.
Transfer-fee figures can also differ between sources because fees may be undisclosed, reported in different currencies, subject to add-ons, or treated differently for loans and other transfer terms. Football365’s totals should therefore be read as that publisher’s comparison, rather than as a single official ledger.
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Why the cutoff matters
Because Football365’s period ends on its September 23, 2026 publication date and includes 2026/27 to date, the totals are time-sensitive. A later update could change the current-season balances. A comparison of five completed seasons would use a different window and should not be treated as equivalent without recalculating both clubs on the same basis.
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