Manchester City have the most expensive squad in football, according to research group CIES Football Observatory.
City spent £215m in the summer transfer market to take the total outlay on their squad to 853m euros (£775m).
That is £3m more than the amount spent by Paris St-Germain, who signed Neymar in the summer for a world record £200m.
Manchester United, who have spent 784m euros (£712m) on their current squad, are third.
They were top of the table last year, but their squad’s value has only increased by £66m this summer.
The CIES data covers Europe’s big five leagues – the top divisions in England, France, Germany, Italy and Spain.
Premier League teams fill six of the top 10 positions, and have the highest average squad worth of 287m euros (£261m).
Club Country Cost (euros)
All figures from CIES Football Observatory
Manchester City England 853
Paris St-Germain France 850
Manchester United England 784
Chelsea England 644
Barcelona Spain 628
Real Madrid Spain 497
Juventus Italy 470
Liverpool England 437
Arsenal England 416
Tottenham England 361