Only Barcelona and Real Madrid have more valuable squads than Tottenham Hotspur, according to a new study.
The CIES Football Observatory study found that only Barcelona had a greater gap between the cost of assembling their squad and its current value than Spurs.
The Barca squad was named as the most valuable in Europe, worth €1,071 million (£924m), with Real's worth the second-highest amount at €921m.
The report said the Tottenham squad was worth €799m and had cost €274m to assemble.
Academy graduate Harry Kane, who cost nothing, was named by CIES as one of eight players in the world worth more than €100m, while Dele Alli, Eric Dier, Kyle Walker and Danny Rose were signed inexpensively but are now worth huge sums.