Manchester United have the biggest transfer losses in Europe in the last decade, according to the Swiss-based research institute, CIES Football Observatory.

Since 2012 United have a negative net spend of more than one billion euros, more than rivals Manchester City.

The study revealed that the Red Devils have spent €1.545bn on transfers, making €470m back in player sales.

Fourteen Premier League clubs are in the top 20.

United broke the Premier League transfer record when they signed Paul Pogba in 2016 for £89.5m and are set to make no return on the midfielder, whose contract expires at the end of the season.

Other costly signings include Anthony Martial (£36m) in 2015 and Donny van de Beek (£40m) in 2020. Both players left on loan in the January transfer window.

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Premier League champions City are second in the table with a negative net spend of €984m. City have spent €1.699bn on players in the past decade but made 715bn in sales.

Paris St-Germain were third with losses of €914m and Barcelona fourth with €650m. Arsenal completed the top five with losses of €583m.