Pep Guardiola has always insisted it isn’t just about the money at Manchester City.
And as he prepares his defending champions for the Wednesday night clash with Premier League leaders Arsenal, the Catalan will already be braced for the accusations that will be levelled against his club should his team prevail in the title race for the fifth time in six seasons.
Guardiola has become increasingly spiky about constant suggestions that City’s success has been driven purely by their spending power - and former Gunners boss Arsene Wenger has been one of their most vocal critics. But the reality behind the City manager’s protests is that the Blues really haven’t become the country’s most dominant force over the last decade by simply splashing the cash.
In fact, they are now delivering much more bang for their buck than any of their Premier League rivals when it comes to transfer investment. Over the last 10 years, the 12 trophies they have lifted has come at a net-spend cost of £767.3 million - an average of £63.9 million per trophy.
Compare that to Arsenal, who have lifted the FA Cup four times in that very same period after some lavish spending of their own. The Gunners have been outspent by City over the last decade - but by an average of just £10 million-per-season.
In that time, City have never been out of the top four, lifted the FA Cup, five Carabao Cups and been to the Champions League semi-finals in each of the last three seasons. It’s easy to understand Guardiola’s irritation.
Arsenal have a net spend of £666.1 million since the start of the 2013-14 season - which means each Wembley success cost them a staggering £166.5 million. Gunners fans will be cheered that rivals Tottenham have spent a net £317.1 million without lifting a single trophy.
Arsenal go into the game leading the table by five points, having played two games more than their closest challengers following their dramatic late fightback to force a 3-3 draw with bottom club Southampton on Friday night. City go into the game trailing Arsenal by five points but with two games in hand.
But the reality is that while Arteta has built a brilliant young team since leaving Guardiola’s side to take charge at the Etihad, the North London club have a higher net spend than City over the last five years.
In fact, out of Europe’s biggest clubs, only Chelsea and Manchester United have a higher net spend than the Gunners in that period. Arsenal have invested £593.4 million and recouped £123.5 million in comparison to City’s figures of £660.2 million and £498.8 million respectively.
Wages are also a huge factor at the highest level, of course - and City were the third-highest payers in the Premier League last year behind Manchester United and Liverpool.
According to the Deloitte Football Money League report, City’s wage bill came in at £353 million - which is £140 million more than Arsenal paid. But the reigning champions generated more cash than any other club in football last year - and those revenues put them more than £275 million ahead of Arsenal thanks to their continued success on and off the pitch.
