Premier League champions Manchester City are the first team in football history to spend more than €1 billion to assemble their squad, a study has shown.
Data from the Swiss-based CIES Football Observatory showed that Pep Guardiola's club spent €1.014bn on their group of players.
French champions Paris Saint-Germain were second having spent €913 million and Spain's Real Madrid were third with €902m.
Manchester United (€751m) have the second-most expensive squad in the Premier League followed by Champions League winners Liverpool (€639m).
This study follows a report from Deloitte which showed European clubs from the "big five" leagues spent over €5bn during the summer transfer window for the first time.