Is Guardiola Right About Man City’s Lower Net Spend?

Is Guardiola Right About Man City’s Lower Net Spend?

Pep Guardiola raised eyebrows when he claimed Manchester City rank seventh in net spend over the past five years, pushing back against criticism of their big-money January moves.

“In net spend the last five years, we are seventh,” Guardiola said. “Good luck to the six teams who are in front of us.”

The claim came as City drew attention for a second consecutive winter as the Premier League’s highest spenders, with January arrivals including Antoine Semenyo and Marc Guehi.

So — is Guardiola right?

The Verdict: Mostly Accurate

According to figures from Footballtransfers.com, City’s net spend since 2019 is £324.7 million, placing them sixth among Premier League clubs. Nottingham Forest come just behind at £323m, despite only recently returning to the top flight.

So while Guardiola is off by one, his broader point stands: City are not top of the net spend table, despite their dominance on the pitch.

City’s Spending Model: High Output, Smart Recovery

Where Guardiola is undeniably right is in highlighting City’s savvy recruitment and player sales strategy:

• Total Spend (5 years): £962.3m – 2nd highest behind Chelsea

• Sales Income: £637.6m – 2nd only to Chelsea again

What makes the difference? Academy sales.

City have generated around £280m from homegrown players such as:

• Cole Palmer to Chelsea – £40.9m

• James McAtee to Forest – £22.2m

• Taylor Harwood-Bellis to Southampton – £20m

These players made just six Premier League starts for City combined. Yet, because they were academy graduates, their sale counts as pure profit under accounting rules.

What About Rivals?

City’s position looks even more favorable when compared with other top English clubs:

Manchester United and Arsenal have both spent heavily with far less success. United’s return on player sales is minimal, while Arsenal top the Premier League but have the lowest sales of any top side.

Zooming Out: 10-Year Snapshot

Taking a decade-long view, Guardiola’s argument still holds weight:

• Total Spending (10 years):

  • Chelsea – £2.35bn

  • Man City – £1.82bn

  • Man United – £1.62bn

• Net Spend (10 years):

  • Man United – £1.18bn

  • Chelsea – £993m

  • Arsenal – £893.3m

  • Man City – £890m

City remain behind in net spend, despite fielding arguably the most successful team in Europe across that span.

So, What’s the Catch?

While Guardiola’s claim is factually close, critics point to the optics: City were the only top club to spend big in January 2026.

They might not top the net spend rankings, but when they do spend, they do it with precision and impact.

And when you’re already winning, even mid-level spending can feel like excess.

Conclusion

Guardiola isn’t wrong. Manchester City’s net spend strategy — powered by elite scouting and academy sales — has kept them below several rivals.

But in the court of public opinion, perception often trumps spreadsheet logic.

When you’re winning everything, spending anything makes you the target.