After signing Antoine Semenyo and Marc Guéhi in January, only two Premier League clubs spent more money than Manchester City across the 2025/26 season — a statistic that neatly cuts against the long-running narrative around City’s transfer behaviour.
For years, City have been painted as the division’s ultimate big spenders, a club that simply outbids rivals whenever a squad refresh is required. But the numbers from 2025/26 tell a more nuanced story. Despite making two high-profile January additions, Pep Guardiola’s side finished the season with the third-highest net spend in the league, behind only two domestic rivals who pushed the market further over the course of the campaign.
The January window, in particular, drew attention. City moved decisively to land Semenyo and Guéhi, strengthening both their attacking depth and defensive resilience as the business end of the season approached. The outlay was significant, and inevitably reignited debates around City “flexing financial muscle”. Yet when placed in the wider context of the full season — including outgoing transfers and the spending patterns of other clubs — City’s position looks far less extreme.
Several Premier League sides were far more aggressive. A couple of clubs embarked on major rebuilds, absorbing heavy net losses as they chased either a title push or long-term squad renewal. Others gambled big to close the gap on the established elite or to solidify their status in the division. Against that backdrop, City’s spending appears targeted rather than excessive — the continuation of a long-standing strategy built around evolution rather than overhaul.
That approach has been central to Guardiola’s tenure. City rarely tear everything up at once. Instead, they refresh incrementally, identifying specific needs and acting decisively when the right player becomes available. Semenyo added pace, physicality, and versatility to the forward line, while Guéhi brought Premier League-proven composure and leadership at the back. Neither signing was about headlines; both were about maintaining margins at the very top.
It is also impossible to ignore the role of sales. City’s ability to move on squad players for strong fees continues to offset their spending. Graduates, rotation options, and players deemed surplus to requirements were sold efficiently, helping keep the net spend figure below that of several rivals who struggled to generate comparable income.
In an era where financial scrutiny is sharper than ever, those numbers matter. Finishing only third for net spend — even after a busy January — reinforces City’s claim that success is driven as much by planning and recruitment efficiency as by raw expenditure. It also underlines a broader Premier League trend: the gap in spending power is narrowing, with more clubs willing and able to invest heavily in pursuit of ambition.
Ultimately, the 2025/26 figures serve as a reminder that Manchester City’s dominance cannot be reduced to transfer spend alone. While the arrivals of Semenyo and Guéhi were eye-catching, the bigger story is that even with those deals included, City were outspent by two rivals — proof that smart spending, not just big spending, remains at the heart of their model.
