Transfer Window Index – United, City and Chelsea spend over half a billion between them since May

· Manchester clubs spend a third of annual income on players
· Only five clubs have made a profit this summer
· Promoted sides spend 4.5 times more than last year’s new boys

Manchester United, Manchester City and Chelsea have racked up a transfer bill of £551 million between them, equating to 39% of the entire Premier League, while only five clubs have made a profit this summer.

The figures from Bonus Code Bets also reveal that City and United alone account for 40% of this summer’s total net spend, with the Sky Blues splashing out 34% of total annual income for last year ahead of the 2017/18 campaign.

However, looking at purchases as a share of each club’s revenue, City’s spending on Bernardo Silva and co is actually pipped by Watford. The Hornet’s net spend of £38.7 million this summer, including the purchases of Andre Gray and Nathaniel Chalobah, is equivalent to 44% of their total 2015/16 club revenue.

Other clubs to spend big in comparison to their annual incomings include West Brom (40%), Everton (38%) and Bournemouth (35%).

To keep up with the big spenders, new boys Brighton, Huddersfield, and Newcastle have spent a combined £101.7 million since gaining promotion. While this is understandably a huge proportion of their income following a season in the Championship, it is 4.5 times more than last year’s promoted clubs spent ahead of the 2016/17 season.

Just five Premier League sides have made a profit in this window (Arsenal, Burnley, Stoke, Swansea, and Tottenham) and Leicester are the only club to have made a loss of less than a tenth of their income (8%).

The study also found

· Premier League clubs have spent over £1.4 billion since the window opened or over £16.8 million per day

· The total net spend by English top-flight clubs since 9th June is £698 million – an average of a £34.4 million loss per club

· Despite having the greatest revenue of over £515 million last year, Man United still spent more on transfers as a share of their income than 11 other Premier League sides

· Gylfi Sigurdsson’s switch from Swansea to Everton helped the Swans to the greatest profit in this window (£22.9 million) and Arsenal claimed second, with a profit of £14.1 million

Big Six spending since 2013

The research also looked at the summer spending of each Big Six club (Arsenal, Chelsea, Liverpool, Man City, Man United, and Tottenham) over the last five years, finding:

· City have the highest net spend (£456.1 million), which also ranks as the worst as a share of total revenue over the period (29%)

· Arsenal, Chelsea, and Spurs have each profited in at least one window since 2013, with the Blues currently making the largest gain in a single window – a profit equal to 24% of turnover in 2013

· Tottenham are the only Big Six side to make a profit across the five-year period – £2.7 million

· Despite a reputation for splashing the cash, Chelsea have a net spend of just 4% of their total revenue on transfers since 2013

Alexander Kostin of Bonus Code Bets commented, “It is fascinating to see how transfer spending stacks up against clubs’ revenues. We all know the Manchester clubs are big spenders, but we can see that City, in particular, are running at quite an unsustainable rate. Perhaps the Citizens should look to Chelsea for a more viable business model as they have made a minimal loss in recent years, despite some major signings.

“Other clubs should be wary though. The likes of Everton, Watford and West Brom have also all spent over 35% of their income on transfers this summer, which they should look to avoid replicating in windows to come.”