Manchester City are being massively outspent by Liverpool this summer, but they could still match their rivals if they want to, Manchester City News has exclusively learned.
The summer transfer window has been one of the biggest arms races in some time, as the challengers for the Premier League title have all spent serious cash.
Manchester City’s spending will soon surpass £150m when James Trafford becomes the sixth signing of the summer from Burnley.
Trafford is coming in for £27m and will follow Rayan Cherki, Tijjani Reijnders, Rayan Ait Nouri, Sverre Nypan and Marcus Bettinelli to the club.
City’s spending has been gazumped by Liverpool, though, who will soon reach the £300m mark when they complete the signing of Hugo Ekitike.
Arne Slot’s side continues to be linked with a £150m move for Alexander Isak, too, which would see their outlay reach preposterous levels after buying Florian Wirtz for £116m.
Arsenal and Chelsea have also spent big ahead of an intriguing season, but the reigning champions will remain favourites to reclaim their trophy.
However, City could still match Liverpool’s spending if they wanted.
How much Manchester City can still spend after signing James Trafford
City have spent a lot of money in 2025 after their shopping spree in January, but the club still has lots of wriggle room within PSR and have the capability of going blow for blow with Liverpool.
Football finance expert Adam Williams exclusively tells Manchester City News: “When we’re talking about how much Man City can and will spend, you have to look at both PSR and actual cold, hard cash.
“PSR is not based on what you spend but rather by how much you earn. City’s revenue was £715m in the last financial year and, despite a relatively poor season in 2024-25, they will probably see an improvement on that figure again.
“Yes, their wages are the highest in the league and amortisation will have increased pretty significantly thanks to the spending they made in January and now this summer, but they are still going to be running at a chunky profit.
“They have enormous PSR headroom, both in terms of the Premier League’s rules and UEFA’s various tests.
With cash, they’re in a very strong position too, even with the signings they’ve made. They had one of the strongest cash balances in the Premier League at the end of the last financial reporting date.
“Their EBITDA – which is how we sometimes measure the underlying health of the business on a day-to-day basis – is also very, very high. They’ve got a £100m credit facility, which is basically an overdraft, that they can use too.
“If they wanted to, they could match Liverpool’s spending without the owners having to put more money into the club. They can structure deals that way. Even with the money going into the stadium redevelopment, that’s the case.
“I don’t think they’ll do that necessarily because they have reorganised the squad a lot already in 2025, but the scope is there. I suspect there will be a few more chunky sales too.
“It’s been a while since they invested money into the club directly. They’ve put money in at the City Football Group level, but most of that has been used elsewhere – the new stadium in New York, for example.”
Man City spending in the summer transfer window
| Player | Transfer fee |
| Tijjani Reijnders | £46.3m |
| Rayan Ait Nouri | £36.3m |
| Rayan Cherki | £34m |
| Marcus Bettinelli | Undisclosed (nominal fee) |
| Sverre Nypan | £12.5 |
| James Trafford | £27m |
| Total | £156.1m |
The players Manchester City still need to sign in the summer transfer window
Though City could throw money at the wall to try and keep up with Liverpool, they don’t really need to.
The Blues conducted the bulk of their business early and quickly and Guardiola’s squad is now looking fresh and rejuvenated. There isn’t much left for them to strengthen.
A new centre-back might be on the wishlist soon, given John Stones may depart, but Josko Gvardiol is set to move inside next season, which decreases the need for one.
The only position that could still use a proper upgrade is right-back, but signing Tino Livramento this summer is looking unlikely.
Instead, City’s biggest aims for the rest of the window will be selling the players not in Guardiola’s plans, like Jack Grealish and James McAtee.
