New figures show that Nottingham Forest are not just one of the biggest spending teams in the Premier League, but in world football, surpassing the likes of Real Madrid, Barcelona and Paris Saint-Germain in the transfer market.
Much was made of the Reds' summer business as they brought in 23 new players to assist Steve Cooper in his quest to keep the team in the top flight this season. While not all of them have worked out so far, signings such as Morgan Gibbs-White and Serge Aurier have helped lift the club up to 13th in the table in recent weeks.
They have continued bringing in new players during the January transfer window, with Brazilian duo Gustavo Scarpa and Danilo arriving from Palmeiras in Brazil. Chris Wood followed them through the door last week on loan from Newcastle United.
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But how much have all of these transfers cost Forest in fees? It can be difficult to keep track of, particularly when add-ons and clauses are involved or when the fee is undisclosed, but the CIES Football Observatory has calculated the true number and published the top 50 biggest spending clubs in 2022/23.
Excluding loans and free transfers, they estimate that the club have spent €233 million (£205m) on 18 new players, putting them fourth on the list. Taking away add-ons that may or may not be met in the future, it comes to €177m (£156m).
That is an astonishing number, even before you take into account the wages that the players will be paid. And it is even more remarkable when compared to some of Europe's biggest clubs.
Barcelona (€203m), PSG (€191m), Bayern Munich (€185m), Man City (€152m), Real Madrid (€103m), Juventus (€88m) and Atletico Madrid (€56m) have thus far all spent less in the transfer market this season, despite being Champions League regulars.
Forest are not, however, even the biggest spenders in England, coming behind Chelsea (€555m), Man United (€272m) and West Ham (€237m). Indeed, the list is dominated by the Premier League, with only Leicester City failing to make the top 50.
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