The summer transfer window is always a flurry of activity, but the 2025 offseason has been teeming with life as clubs look to position themselves for competitive action in the coming season.

Thanks to the Club World Cup, there has been additional transfer business as those participating in the summer tournament were allowed additional leeway when it came to signing players. Thus, clubs like Chelsea took the opportunity to bring in players in the middle of the competition, as new signing Joao Pedro came on and scored in both the semifinal and final.

With still plenty of time to go in the window before the season begins for most European clubs, there is an expectation that the activity will continue all the way until deadline day for most leagues on Monday, September 1.

The Sporting News has a roundup of which clubs have been the most active, both in buying players and selling to bolster their finances.

MORE: Is Hugo Ekitike worth the big money Liverpool have spent?

Which club has spent most money in the transfer window?

As of July 27, Liverpool have spent more money than any other club in the 2025 summer transfer window. Their big-money signings of Florian Wirtz and Hugo Ekitike, which smashed their previous transfer record, put them over the top.

Reports linking the Reds to a massive swoop for Newcastle striker Alexander Isak, along with interest in Crystal Palace’s England centre-back Marc Guehi, means their outlay could yet surpass €500 million.

Chelsea are in a distant second, as the Blues have invested just under €240m on new signings by continuing their flurry of recent transfer activity under the current ownership. Arsenal’s deals for Viktor Gyokeres and Cristhian Mosquera moved them into third in late July, although they were passed by Manchester United who swooped for Benjamin Sesko before the start of the season. Manchester City are fifth after goalkeeper James Trafford completed his return to the Etihad Stadium.

The list is unsurprisingly dominated by Premier League clubs, who simply have greater financial might than the majority of teams elsewhere, although Real Madrid have also been busy so far. 

Highest total spend

Transfer figures via Transfermarkt.com, current as of Aug. 9, 2025.

When it comes to net spend — total expenditure minus income from player sales — Liverpool topped the list until adding Luis Diaz’s big-money outgoing to the balance sheet. The Colombia winger has joined Bayern Munich, following Jarell Quansah to the Bundesliga after the defender signed for Bayer Leverkusen.

Then, it was Arsenal now have the biggest net spend thanks to deals for Gyokeres, Mosquera and Noni Madueke, with only around €8m recouped through sales so far. Yet the move for Benjamin Sesko, coupled with other major attacking additions, have Manchester United in front, as they have yet to sell anyone from their squad to offset the costs. The Red Devils have been boosted by income from sell-on clauses attached to other deals such as Anthony Elanga to Newcastle United and Alvaro Carreras to Real Madrid.

Real Madrid have also had a lack of outgoing moves. The arrivals of defenders Dean Huijsen and Trent Alexander-Arnold in particular were both heralded as early successes by their Club World Cup performances, but big-money departures have not yet happened. Only Luka Modric has departed at this point, leaving for AC Milan on a free transfer.

Chelsea might have spent a fortune as detailed above, but significant transfers out of Stamford Bridge have helped to balance things a bit. Same too for Liverpool, who dropped out of the top five in net spend after selling Darwin Nunez, although we may see them back if they do complete a deal for Alexander Isak.

Highest net spend

Transfer figures via Transfermarkt.com, current as of Aug. 9, 2025.

Which club has received the most money this transfer window?

Bayer Leverkusen’s sale of Florian Wirtz to Liverpool for an enormous fee puts them atop the list of clubs for both total and net income. They have looked to reinvest that money in Malik Tillman and Jarell Quansah, but they have still banked a significant total.

Nottingham Forest are also in great financial shape this offseason after the departure of Elanga, while Bournemouth have also used the sales of Huijsen and Milos Kerkez to bolster their coffers. Chelsea and Liverpool’s astronomical expenditure has been offset well by the departures of Noni Madueke and Luis Diaz respectively.

Highest total income

Transfer figures via Transfermarkt.com, current as of Aug. 9, 2025.

Highest net income