Barcelona, Chelsea and Arsenal lost the most money through player transfers in world football over the last decade, new research shows.
The CIES Football Observatory looked at non-academy players signed and sold from 2014 to 2023.
La Liga giants Barcelona generated the highest loss of 631m euros (£540m), while Ligue 1 side Lille made the most profit - 386m euros (£330m).
Six Premier League clubs feature in the top 10 for losses.
After Chelsea and Arsenal in second and third respectively, Manchester United are fifth, Aston Villa seventh, Everton eighth and Liverpool ninth.