Premier League transfer budgets have been exhausted this season, with FFP looming large over everyone – but how much can each club spend in the summer?
No one knows just yet, with the final calculations of prize money and revenue from games yet to be determined. But with spending in the top flight following patterns over the past few seasons and several deals or sponsorships already agreed for the coming campaign, there are educated guesses that can be made at this very early stage.
Of course, a lot can depend on how deals are amortised, along with sales – but here's what we expect to happen.
Arsenal
Arsenal transfer budget 2024: How much can Arsenal spend in the summer transfer window?
Arsenal have sailed close to financial restrictions this season, having to bring in David Raya on loan and delay paying Brentford for him, after a £200m outlay in the summer of 2023. With a return to the Champions League, however, matchdays under the lights are stretching into the last-16 (at least) and with a huge new sponsorship of their training ground, the Gunners should have a solid starting budget – before player sales.
Mikel Arteta has had a net spend of over £100m for the last two seasons – and it's safe to expect the same again this time. Sales will boost that, with Hale End graduates Eddie Nketiah and Reiss Nelson touted for the chopping block – pure profit on the books, for those two – while Aaron Ramsdale could raise another £40m or more. A £200m summer is possible once more: striker and two more squad players joining, perhaps?
Aston Villa
Aston Villa transfer budget 2024: How much can Aston Villa spend in the summer transfer window?
Aston Villa have spent big in recent seasons, breaking their transfer record last summer for Moussa Diaby without having to rely on huge incomings to support that. A successful season in the Europa Conference League will once again boost the coffers, though after a net spend of over £300m since they were last promoted, they may need to sell a little better this time around.
Jacob Ramsey has been touted as a potential big sale as a homegrown product who represents pure profit, while big clubs would no doubt be interested in Douglas Luiz and Boubacar Kamara. It's not hard to imagine Villa spending £50m before a couple of sales.
Bournemouth
Bournemouth transfer budget 2024: How much can Bournemouth spend in the summer transfer window?
American businessman Bill Foley has ploughed money into Bournemouth since acquiring the club in 2022, renovating the squad with over £100m of talent last summer – after around £70m the season prior, which included a hectic January to help keep the club in the top flight. The Cherries will struggle, however, to generate money through match revenue at a 12,000-seater stadium and with a new stadium on the horizon, probably can't keep spending at the rate they did last summer.
With a plethora of players who had been around the first-team sent on loan in January – Joe Rothwell, Hamed Traore, David Brooks and Kieffer Moore all left – Foley may be preparing for a clearout, that could in turn help fund another busy summer. The alternative would be a £50m sale of Dominic Solanke, of course. As it stands, there's probably limited cash before outgoings to continue the rebuild.
Brentford
Brentford transfer budget 2024: How much can Brentford spend in the summer transfer window?
Net spends are steadily increasing at Brentford – and David Raya's sale means that they have a minimum of £27m coming in for sure. Ivan Toney has been earmarked as a £100m player by the club, though it's easier to imagine him leaving for somewhere between £60-75m. It's the Bees' way to speculate before they accumulate.
Thomas Frank's side had a net spend of around £50m last season: they probably won't come close to that this time around and could even record a profit, should Toney leave which Frank recently described as 'obvious'. It wouldn't be outrageous to see the west Londoners to spend somewhere between £50-75m improving a side that's looked a little stale and thin in recent months, regardless of who exits.
Brighton & Hove Albion
Brighton transfer budget 2024: How much can Brighton & Hove Albion spend in the summer transfer window?
As the only club to have been in the Premier League for the last two seasons and posted a profit in the transfer market during that time, Brighton and Hove Albion have very few financial limitations this summer – and a good Europa League run only strengthens their hand, in terms of money received. Huge sales of Moises Caicedo, Alexis Mac Allister and Marc Cucurella in recent seasons mean that they probably don't need to accept a bid for either Kaoru Mitoma or Evan Ferguson this time.
Owner Tony Bloom may choose to earmark anywhere between £60-120m on the playing squad. Player sales will boost any money spent – but unlike previous seasons, there aren't any obvious candidates for a super sale. Still just 19, Evan Ferguson will likely miss the merry-go-round of big strikers this summer.
Burnley
Burnley transfer budget 2024: How much can Burnley spend in the summer transfer window?
Last summer was an expensive one for Burnley, as they invested millions into their playing squad ahead of their return to the Premier League. Whether they're relegated or not, they probably won't have the resources to shell out once more, leaving them with very little to spend before player sales.
With few assets capable of turning a huge profit, it would seem likely that in the event of relegation, the Clarets let go of the stars who demand top flight football, while relying heavily on loan deals – as they did in their Championship-topping campaign. Should they stay up, there may be room for £10-20m of buys, with further loans, such as David Datro Fofana's from Chelsea.
Chelsea
Chelsea transfer budget 2024: How much can Chelsea spend in the summer transfer window?
Where to begin? A billion may have been spent but a net spend of over £500 million in five seasons is beginning to catch up with the Blues. Chelsea sold well last summer, shifting deadwood well to re-shape the squad, but with most of the squad now on hyper-long bumper Boehly deals, there are fewer and fewer options to oust and bring in more money.
A lack of European football makes things tricky but two new shirt sponsorships will help – as will a bountiful academy which seems to churn out top talents every year to sell (with Conor Gallagher perhaps the latest £40m+ star set for a pure profit sale). Chelsea won't be able to spend as recklessly this summer but a £100m outlay – plus sales – is feasible.
Crystal Palace
Crystal Palace transfer budget 2024: How much can Crystal Palace spend in the summer transfer window?
Crystal Palace have consistently spent big over the last few years but there is an expectation that sales will be key to rebuilding a squad that some feel hasn't kicked on since the huge investment of summer 2021. Marc Guehi, Michael Olise and Ebere Eze are all touted as potential stars to sell – but injury issues with the latter two may complicate things.
Palace spent around £60m over this season but didn't raise a single fee from outgoings, with Wilf Zaha the most high-profile free transfer out of Selhurst Park. Eagles fans would like to see more than £40m invested this time around… but that could depend entirely on who goes.
Everton
Everton transfer budget 2024: How much can Everton spend in the summer transfer window?
Everton are the hardest team in the division to predict the tides of transfer activity with. The Premier League could well choose to punish them again for breaking Profit and Sustainability Rules – condemning them to a first relegation in 70 years – or they could survive the drop comfortably and have new investors green-lit to inject funds. A lot can happen in a short space of time in football.
As it currently stands, sales may yet again be key and big signings seem ambitious. Jarrad Branthwaite is expected to leave for a sizeable fee, while Amadou Onana, Ben Godfrey and perhaps even Dominic Calvert-Lewin could be jettisoned if Sean Dyche wants to address his squad. Loans will be key.
Fulham
Fulham transfer budget 2024: How much can Fulham spend in the summer transfer window?
Fulham didn't spend much more than the money they earned from Aleksandr Mitrovic's Saudi switch last summer – and with Joao Palhinha signing a new contract following his botched move to Bayern Munich, there could well be an agreement with the Portuguese to sell him for a particular price.
Should Fulham receive £50-70m for Palhinha, they will likely reinvest that amount. Without a big sale behind them, they've consistently oscillated between net spends of around £35-45m one summer before settling more around £15m the next year. This summer points towards a bigger spend after 2023's frugal return – but that's yet to be confirmed.
Liverpool
Liverpool transfer budget 2024: How much can Liverpool spend in the summer transfer window?
It's worth remembering that Liverpool had a transfer bid over £100m accepted by Brighton for Moises Caicedo before the Ecuadorian himself rejected the move. Wataru Endo and Ryan Gravenberch arrived for around half of what Caicedo would've cost – but there's reason to believe the Reds can spend big again this summer.
Barring an epic collapse, Liverpool will be back in the Champions League, with a healthy Europa League run, selling extra tickets at the refurbished Anfield Road stand and a couple of Taylor Swift concerts all providing extra revenue (every little helps). Last term, Liverpool had a net outlay of just under £100m – unusually high in the last few years for them – but they could be likely to do the same once more with a new manager wanting to put their own stamp on the squad
Luton Town
Luton transfer budget 2024: How much can Luton Town spend in the summer transfer window?
Last summer was the most expensive in Luton Town's history – and that's before factoring in the money that they spent bringing the Kenny up to scratch for the bright lights of the Premier League.
The Hatters failed to recoup anything after spending around £20m on players, bringing in two Premier League loans (Albert Sambi Lokonga and Issa Kabore), while adding Andros Townsend and Ross Barkley. They will likely have to sell if they're relegated – though not half the squad, thanks to parachute payments – but should they remain in the league, a similar net spend is realistic.
Manchester City
Man City transfer budget 2024: How much can Manchester City spend in the summer transfer window?
Manchester City have quietly spent around £250m in the past 12 months on the likes of Josko Gvardiol, Jeremy Doku, Matheus Nunes, Mateo Kovacic and teen talent Claudio Echeverri – but given that they sell so well, that's not a problem. Cole Palmer, Aymeric Laporte and Riyad Mahrez recouped £100m… and none of them were first-team considerations anymore.
Spending another £200m is doable, especially with an academy churning out breakout teens that smaller clubs are willing to take a chance on. With City's revenues looking healthy and with the likes of Bernardo Silva and Joao Cancelo touted for exits, raking in another £100-150m to fund their latest spree should be easy enough, too.
Manchester United
Man United transfer budget 2024: How much can Manchester United spend in the summer transfer window?
Stretched by recent transfer activity, the perception is that Manchester United are close to PSR's red line and are desperate for Sir Jim Ratcliffe's investment to enable yet more indulgence. Yet it doesn't paint the whole picture: a new shirt sponsor for next season adds money, as will sales.
And given that several stars will be at a crossroad in the summer with a year remaining on their deals – Raphael Varane, Harry Maguire, Scott McTominay, Aaron Wan-Bissaka and Victor Lindelof – it's feasibly easier for United to cut some losses and recoup what they can. A £200m summer spend in line with Arsenal, Liverpool and City looks to be initially off the cards but United could easily manage half of that before sales – and will be boosted by what Ratcliffe can inject.
Newcastle United
Newcastle transfer budget 2024: How much can Newcastle United spend in the summer transfer window?
Newcastle United had a fairly frugal summer considering they are in theory 'the richest club in the world', bringing in two marquee signings: Sandro Tonali and Harvey Barnes who have had to watch from the sidelines for most of the campaign due to injury and suspension. Talk has since ramped up that big sales are not only necessary but inevitable, as the rest of the football world eyes a nine-figure move for either Bruno Guimaraes or Alexander Isak.
The Magpies may not be able to compete financially with City yet but they're not exactly hamstrung when it comes to improving the squad, either. Their new Adidas deal will bring in new revenue, while the likes of Joelinton and Miguel Almiron may be moved on as their values peak following rumours in January. £50m of sensible spend padding out a smaller squad could easily rise to £100m following a big sale, as the club look to raise the floor of the squad rather than the ceiling. With the injury crisis of this term, that's a sensible and attainable strategy.
Nottingham Forest
Nottingham Forest transfer budget 2024: How much can Nottingham Forest spend in the summer transfer window?
With over £300m in net spend over the past three seasons, Nottingham Forest could be in trouble – especially as they've already sold their finest asset in Brennan Johnson.
The Premier League are coming down hard on the Midlanders, meaning that this summer could be a lean one, unless more sales follow. Morgan Gibbs-White seems the obvious option – regardless of relegation – but Forest fans shouldn't expect another influx of big buys this summer either way. Loans could be key.
Sheffield United
Sheffield United transfer budget 2024: How much can Sheffield United spend in the summer transfer window?
You may have thought that Sheffield United spent modestly last summer – but they still bought over £50m worth of new signings, which was offset by around £40m worth of sales, with Iliman Ndiaye and Sander Berge leaving. With relegation a real possibility once again for the Blades though, they may not have the luxury to invest as much as they did in 2023.
In the worst-case scenario, Chris Wilder's side may have to invest wisely to make a real difference but parachute payments could mean that Sheffield United's summer spend would still dwarf many second-tier sides' budgets. Should they beat the drop, that would obviously rise. Somewhere between £5-20m net seems about right, right now, either way.
Tottenham Hotspur
Tottenham transfer budget 2024: How much can Tottenham Hotspur spend in the summer transfer window?
Tottenham have overtaken Arsenal and Chelsea as the richest club in London revenue-wise and though they haven't had the boost of European nights this season, they're expected to qualify for at least the Europa League this season. Sensible spending and a sensational stadium have paid off for Spurs – and now they can compete with the best.
Ange Postecoglou's first season in charge has seen around £250m spent on the likes of Brennan Johnson, James Maddison, Micky van de Ven and the triggering of Pedro Porro and Dejan Kulusevski on permanent deals, helped, of course, by Harry Kane's £100m exit. Tottenham will likely have more than £120m to splash thanks to boosts in revenue before sales – while a number of promising youngsters could be sold for pure profit, too. The revolution could just be beginning.
West Ham United
West Ham transfer budget 2024: How much can West Ham United spend in the summer transfer window?
Declan Rice's exit to Arsenal funded a restructuring for David Moyes, meaning West Ham made a net profit on the transfer window – though don't get too excited. Serious spending over the past five years made the £105m sale an inevitability, while the structure of that deal actually frontloaded cash for last summer.
It's fair to assume that the Hammers are therefore approaching this summer having reverted to the mean – and as we don't know whether they'll be in Europe again, it's hard to predict how much they'll have to spend. £40-60m on ‘topping up’ the talent is a likely plan rather than selling the family silver again with a nine-figure flog of Jarrod Bowen or Lucas Paqueta. Naturally, more nights under the lights in East London would help.
Wolverhampton Wanderers
Wolves transfer budget 2024: How much can Wolverhampton Wanderers spend in the summer transfer window?
Boy, did Wolves get their house in order to comply with PSR. After two seasons of close to £100m net spend, recouping some cash was vital – and Gary O'Neil's side didn't have a lot of ‘pure profit’ players to mine, either. Matheus Nunes, Ruben Neves Nathan Collins, Conor Coady and Raul Jimenez were sensible sales that helped fund Matheus Cunha and others.
If O'Neil wants to build on this squad, he doesn't have too many more A-listers to put up for sale – though the many loanees playing away from Molineux may be options to sell. Ki-jana Hoever, Goncalo Guedes, Fabio Silva, Sasa Kalajdzic were all high-profile signings who failed to light up the Midlands – and with Wolves not wanting to poke the PSR nest, they may have to suck it up and spend small, gathering what they can from fringe sales. Being unable to spend more than £40m before sales seems likely.
