Where Manchester City's 'inflated' transfer money went between 2009 and 2018
Manchester City's transfer spending between summer 2009 and winter 2018 sent fees to 46 different clubs across 19 national league systems, a period during which an independent commission found the club had "inflated" its accounts by more than £900m and which has resulted in a guilty verdict the club has said it will appeal. The question of which clubs benefited from that spending has become central to debate over the wider impact of City's so-called "asterisk era".
Between 2009 and 2018 Manchester City spent roughly £1.2bn on players, equivalent to about £900m net spend, a total the BBC analysis shows was heavier than any other club in that timeframe. Not all of the more than £900m the commission identified as "inflated" related directly to transfer fees; the club also faced wage bills, agents' fees, legal and administrative costs, commercial payments and other operating expenses. The BBC compiled a list of every club that received a transfer fee from City for senior players in that period; the list excludes free transfers, loans and academy graduates. The spending profile demonstrates money flowed widely across Europe and beyond, touching many leagues and clubs.
Just over a quarter of City's transfer outlay in the period was paid to clubs in the English top flight, and City signed players from eight Premier League clubs and eight La Liga clubs. Spending was relatively even across several of Europe's higher-ranked leagues, though the Premier League accounted for the largest single share. City also spent a combined £13m on two players from the Championship during the period covered.
Wolfsburg, a notable recipient, sold Kevin De Bruyne to City and then spent part of that income on Julian Draxler "for about half the fee received for Kevin de Bruyne" in 2016, as well as acquiring veteran defender Dante. After De Bruyne's departure Wolfsburg fell from second to eighth in the Bundesliga and then narrowly avoided relegation in the subsequent two seasons. Those on-field consequences are cited in the analysis as an example of how transfer proceeds were used and the mixed outcomes that followed.
Monaco received significant fees for Benjamin Mendy and Bernardo Silva in the same summer City bought both players, and subsequently signed Terence Kongolo and Keita Balde who "did not work out in the long run" according to the report. Monaco moved from winning Ligue 1 and reaching the Champions League semi-finals to nearly being relegated within two years. The BBC's review uses Monaco to illustrate another case where incoming cash did not translate into sustained sporting stability.
Arsenal was the single club City bought most players from in 2009-18, with four sales to City, and the BBC notes Arsenal "did not mount a serious Premier League title challenge during that time." In Portugal, City paid similar totals to Benfica and Porto but nothing to Sporting, and Sporting "did not win a title between 2009 and 2018." Those patterns are presented in the analysis to show how City's transfer activity intersected unevenly with rivals in particular domestic markets.
Some of City's spending reached clubs indirectly via sell-on clauses: Queens Park Rangers earned roughly £9m from Raheem Sterling's move to City from Liverpool in 2015, Barnsley received about £7m of the fee Everton obtained for John Stones in 2016, and Everton passed on about £2.5m to Wolves when Joleon Lescott moved to Manchester in 2009. The BBC notes Barnsley have never sold a player for a higher fee than the amount they are believed to have been paid for Stones; QPR have not returned to the Premier League and Barnsley dropped to League One from the Championship after two seasons.
Manchester City have confirmed they will appeal the guilty verdict arising from the independent commission's findings, and the BBC analysis concludes that while City's spending had an enormous impact on their rise and on clubs worldwide, "the reality is that it is impossible to unweave the tapestry of football history during that time and since" and that the effects of that spending "will reverberate for years to come."