A new report has calculated how much Nottingham Forest have splashed out on transfer fees to assemble their current squad.

According to the CIES Football Observatory, the Reds are in the top 20 teams around the world to have committed the most money in transfer fees to recruit their current squad members (both permanently or on loan). The report says a total of EUR398 (PS335m) million including add-ons has been spent to recruit current squad members - testament to the backing provided by owner Evangelos Marinakis.

Without add-ons, the total is listed as EUR306m (PS258m). An average fee of EUR16.6m (PS14m) is said to have been paid out by the club.

It was a summer of change at the City Ground this year as Forest looked to provide head coach Nuno Espirito Santo with the resources to push on in the Premier League. Eleven new signings came through the doors while several players headed in the opposite direction amid a drive to trim numbers.

Eric da Silva Moreira, Elliot Anderson, Carlos Miguel, Nikola Milenkovic, Jota Silva, Ramon Sosa and Morato were added to the ranks on permanent deals. Alex Moreno and James Ward-Prowse both arrived on loan. Marko Stamenic and David Carmo also put pen to paper but were immediately loaned out to Olympiacos.

Last summer, midfielder Ibrahim Sangare was among the recruits and was brought in for a fee in the region of PS30m. Twelve months earlier, Morgan Gibbs-White was one of the players signed following the club's promotion to the Premier League and cost an initial PS25m with the potential for add-ons to take the fee up to PS42m.

The Reds' spending pales into insignificance compared to that of Chelsea. The Blues top the list with EUR1.28 billion including add-ons (regardless of their actual payment) and EUR1.15b without them. The CIES Football Observatory say these are the highest values ever recorded.

In the top 100, 24 English clubs (the 20 Premier League sides and four from the Championship) feature. Nineteen countries are represented in the top 100. The report is based on squads as of September 3 2024 and includes any add-ons and paying loans. Below is the top 20 list.

Transfer fees committed to assemble squad (EUR million) Club / With add-ons / Without add-ons / Transfers with fee / Average fee

Chelsea / 1,263b / 1,140b / 25 / 50.5m

Manchester United / 1,038b / 901m / 20 /51.9m

Manchester City / 1,017b / 948m / 18 / 56.5m

Arsenal / 798m / 734m / 21 / 38m

Tottenham Hotspur / 787m / 687m / 21 / 37.5m

PSG / 772m / 701m / 16 / 48.3m

Liverpool / 735m / 630m / 16 / 45.9m

Real Madrid / 720m / 591m / 18 / 40m

Newcastle United / 683m / 608m / 26 / 26.3m

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Juventus / 626m / 535m / 28 / 22.4m

Bayern Munich / 588m / 510m / 21 / 28m

Atletico Madrid / 496m / 437m / 18 / 27.6m

Al-Hilal / 485m / 473m / 17 / 28.5m

Aston Villa / 475m / 414m / 21 / 22.6m

Barcelona / 461m / 369m / 14 / 32.9m

Brighton and Hove Albion / 433m / 376m / 22 / 19.7m

Wolverhampton Wanderers / 426m / 364m / 29 / 14.7m

West Ham United / 414m / 353m / 20 / 20.7m

RB Leipzig / 410m / 360m / 23 / 17.8m

Nottingham Forest / 398m / 306m / 24 / 16.6m

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