Manchester City have the most expensive squad in football, according to research group CIES Football Observatory.
City spent £215m in the summer transfer market to take the total outlay on their squad to 853m euros (£775m).
That is £3m more than the amount spent by Paris St-Germain, who signed Neymar in the summer for a world record £200m.
Manchester United, who have spent 784m euros (£712m) on their current squad, are third.
They were top of the table last year, but the value of their squad has only increased by £66m this summer.
The CIES data covers Europe's big five leagues - the top divisions in England, France, Germany, Italy and Spain.
Premier League teams fill six of the top 10 positions, and have the highest average squad worth of 287m euros (£261m).
Top 10 Costliest Squads
Manchester City (England) - €853m
Paris St-Germain (France ) - €850m
Manchester United (England) - € 784
Chelsea (England) - €644m
Barcelona (Spain ) - €628m
Real Madrid (Spain ) - €497m
Juventus (Italy) - €470m
Liverpool (England) - €437m
Arsenal (England) - €416m
Tottenham (England) - €361m