Study shows Man City's recruitment has outstripped Arsenal's by £285m

Credit: Getty Images

A new study into transfer recruitment across European football has revealed a significant gap between Arsenal and Manchester City when it comes to buying low and selling high, even as the Gunners have overtaken City at the top of the Premier League table in recent times.

According to research by the CIES Football Observatory, cited by football.london, the study measured appreciation and depreciation in value of non academy players signed by clubs whose combined spending and sales exceeded €50m (£42.3m) over the past five years. In simple terms, it ranks clubs on how well they identify value in the transfer market and then either develop or sell players for a profit.

Eintracht Frankfurt topped the list with an appreciation of €527m (£445.9m), followed by Real Madrid, Paris Saint-Germain, Benfica, and Manchester City, who posted a figure of €447m (£378.3m). Arsenal, by contrast, recorded an appreciation value of €110m (£93.1m), placing them well behind City as well as Bournemouth, Brentford, and Brighton, and closer in the rankings to Leeds United and Everton.

A £285m gap in five years

The disparity between Arsenal and Manchester City over the five year period amounts to €337m, or roughly £285.2m, underlining how effectively City have been able to sign, develop, and in some cases sell on emerging talent. Much of that squad value stems from players like Phil Foden, Bernardo Silva, Kevin De Bruyne, Ilkay Gundogan, John Stones, Aymeric Laporte, Kyle Walker, and Ederson, several of whom were already at the club at the start of the study's window in 2021.

It is worth noting that Manchester City were found guilty of all charges related to breaches of the Premier League's financial rules over a nine season period spanning 2009/10 to 2017/18, as well as the majority of charges tied to their failure to cooperate with the investigation. City lodged an appeal at the start of October.

Arsenal's win now approach

Since Andrea Berta became sporting director in March 2025, Arsenal have leaned into a win now strategy, something reflected in several of their recent signings. Even before Berta's arrival, the club paid West Ham £100m plus £5m in add ons for Declan Rice, who has since become one of the best midfielders in world football.

Signings of that profile come with a different set of challenges when it comes to appreciation in value. It is inherently harder for a player bought for £100m to be resold or revalued at a significant profit compared to a player signed for £30m who later breaks out or reaches his ceiling at a club.

The figures raise questions about how Arsenal identify and develop value in the market compared to some of their closest rivals. Despite trailing City significantly in this particular metric over the past five years, Arsenal have still managed to win the Premier League title, a reminder that recruitment efficiency and on pitch success do not always move in lockstep.

As Arteta and Berta look ahead to the next transfer window or two, the challenge will be building a squad that can compete financially as well as competitively, with shrewder business potentially key to establishing lasting success at the top of the English game.