3) Arsenal (€-583m)
This is more of a damning indictment of the Gunners’ failure to recoup a great deal of money from sales. Over the past ten years, they have been the fifth-highest spenders but even Southampton have brought in more revenue from selling players than Arsenal.
The huge turnover in players since the departure of Arsene Wenger has not helped matters either and their poor recruitment has played a major role in their failure to qualify for the Champions League in recent seasons.
