A comprehensive analysis of Premier League transfer spending relative to club revenue reveals Newcastle United\'s €85 million acquisition of Nick Woltemade represents the highest proportional investment at 22.86% of their annual revenue. The study examined all major Premier League transfers from summer 2025 using 2023-24 financial data.
ESPN\'s analysis ranked the transfers by calculating each fee as a percentage of the acquiring club\'s revenue. Research shows players costing 15-20% of revenue typically play 70% of minutes, while those at 10% play approximately half.
Newly-promoted Sunderland placed seven players on the list, more than any other club. Their acquisitions included Habib Diarra (€31.5m, 20.32% of revenue) and Enzo Le Fée (€23m, 14.84% of revenue).
The Black Cats spent more on transfer fees than any promoted side in Premier League history. Only Nottingham Forest (2021) and Aston Villa (2019) approached similar spending levels among newly-promoted teams.
Liverpool\'s €144 million signing of Alexander Isak ranked sixth at 20.15% of revenue, while their €125 million deal for Florian Wirtz placed 12th at 17.49%. Arsenal\'s biggest acquisition, Martín Zubimendi for €70 million, represented just 9.77% of their revenue.
\"Arsenal spent more on transfer fees than everyone other than Liverpool and Chelsea, and then they brought in only €10 million in return,\" the analysis noted regarding their net spending approach.
The analysis highlighted a trend toward acquiring skilled dribblers with limited goal production. Players like Mohammed Kudus (Tottenham, €63.8m) and Kevin (Fulham, €40m) exemplified this pattern of investing in technical ability over proven output.
Top 25 Transfers by Revenue Percentage
1. Nick Woltemade (Newcastle United) - €85.0m, 22.86%
2. Dango Ouattara (Brentford) - €42.8m, 22.05%
3. Omari Hutchinson (Nottingham Forest) - €43.4m, 21.71%
4. Dan Ndoye (Nottingham Forest) - €42.0m, 21.01%
5. Habib Diarra (Sunderland) - €31.5m, 20.32%
6. Alexander Isak (Liverpool) - €144.0m, 20.15%
7. Bafode Diakite (Bournemouth) - €35.0m, 18.93%
8. Kevin (Fulham) - €40.0m, 18.85%
9. Lesley Ugochukwu (Burnley) - €28.7m, 18.65%
10. Tyler Dibling (Everton) - €40.5m, 18.61%
11. Dilane Bakwa (Nottingham Forest) - €35.0m, 17.51%
12. Florian Wirtz (Liverpool) - €125.0m, 17.49%
13. Anthony Elanga (Newcastle United) - €61.4m, 16.51%
14. Simon Adingra (Sunderland) - €24.4m, 15.74%
15. Djordje Petrovic (Bournemouth) - €28.9m, 15.63%
16. Yoane Wissa (Newcastle United) - €57.7m, 15.52%
17. Arnaud Kalimuendo (Nottingham Forest) - €30.0m, 15.01%
18. Armando Broja (Burnley) - €23.0m, 14.94%
19. Enzo Le Fee (Sunderland) - €23.0m, 14.84%
20. Thierno Barry (Everton) - €30.0m, 13.79%
21. Yeremy Pino (Crystal Palace) - €30.0m, 13.70%
22. Mateus Fernandes (West Ham United) - €44.0m, 13.66%
23. Charalampos Kostoulas (Brighton) - €35.0m, 13.63%
24. Hugo Ekitike (Liverpool) - €95.0m, 13.29%
25. Kiernan Dewsbury-Hall (Everton) - €28.65m, 13.17%