SI reported that a CIES Football Observatory study ranked Manchester United as the European club that has lost the most on signings over the past five years. The study ranked clubs across the world based on the “appreciation or depreciation in value of non-academy players signed over the past five years.”
How the study was measured
CIES Football Observatory said only clubs whose spending and income exceeds $56 million were analyzed, while add-ons were included regardless of whether they have been paid.
Manchester United's figures
The study says Manchester United have lost $452 million on signings over the past five years. Of Manchester United's final tally, $208 million has been lost on players who have already left the club on permanent deals, while $244.5 million has been lost on players still representing Manchester United.
Other clubs in the rankings
CIES Football Observatory said only Al Hilal, at -$560 million, had lost more than Manchester United in the study. Tottenham Hotspur are the closest European club to Manchester United in the study, with $210 million lost.
CIES Football Observatory said Manchester City rank fifth in the study, having gained just shy of $500 million in value over the last five years. Eintracht Frankfurt (+$588 million), Real Madrid (+$587 million), Paris Saint-Germain (+$547 million) and Benfica (+$545 million) are ahead of Manchester City in the study.
Other Premier League clubs
CIES Football Observatory said Chelsea have a positive value of $200 million in the study. Arsenal have a positive value of +$123 million, and Liverpool have a positive value of +$14.5 million.
