How Manchester City spent £750m to rebuild their squad across two transfer windows

Manchester City have completed one of the most expensive squad rebuilds in Premier League history. Across the winter and summer windows, the club committed around £750m to new signings, a figure that completely reshapes the team. The final major move was the arrival of Enzo Fernández, for whom City ended up paying £125m to Chelsea on deadline day.

The deal appeared blocked the night before the market closed. Chelsea were asking for £135m, a fee City were not willing to meet. Only on the final day, 1 September, did negotiations bring the price down to £125m, matching the British transfer record. Chelsea reduced their demands after their attempt to sign Lamine Camara from Monaco broke down.

• City have spent around £750m across the winter and summer transfer windows.
• Enzo Fernández joined for £125m, matching the British transfer record.
• The midfield rebuild cost £326m and included Elliot Anderson and Ayyoub Bouaddi.
• The club balanced the books with sales such as Savinho's move to Tottenham for £75m initial.
• The squad is now significantly younger after the exits of Rodri, Bernardo Silva, John Stones and Nathan Aké.

City closed the window with a sense of satisfaction. It was the first major summer of the transition from Pep Guardiola to Enzo Maresca in the dugout and from Txiki Begiristain to Hugo Viana as director of football. Even with spending of around £435m in the summer market alone, the club recouped about two-thirds of that through sales, leaving a net spend of £133m.

A £326m midfield revolution built around young talent

The midfield was the main focus of the rebuild. The club carried out an overhaul worth £326m. Elliot Anderson, who cost £116m, was always the first choice to replace captain Bernardo Silva, who left on a free transfer to Real Madrid. City also took satisfaction from beating direct rivals to Anderson's signing, including Manchester United.

Ayyoub Bouaddi arrived for £85m. At just 18, the Morocco international is seen as a player with the attributes to become world class and is expected to play plenty of games this season. The club regards him as the only specialist defensive midfielder in the entire squad. He also stands out for his academic profile: he is studying for a maths degree alongside his football career.

In fact, City made a profit in the defensive midfield position. The net spend on attacking midfielders, however, stands at £191m, with Fernández and Anderson becoming the most expensive signings in the club's history. Tijjani Reijnders left the club to make room. The Argentinian is regarded as world class right now, partly because of his ability to contribute goals and assists.

Why Enzo Maresca pushed for Enzo Fernández

The new head coach played a key role in the final outcome of the transfer saga. The club had prioritised Anderson, but Maresca pushed hard for Fernández, with whom he had already worked at Chelsea. Even with his arrival, City expect Nico O'Reilly to feature more often in midfield as the season progresses.

Winter signings Marc Guéhi and Antoine Semenyo deliver instant impact

City's analysis of the summer window also includes the winter market, because that was when they brought forward the arrivals of Marc Guéhi and Antoine Semenyo, both of whom made an early impact. Guéhi is regarded as the natural successor to John Stones, another player who left on a free transfer in the summer. Vitor Reis, bought in January 2025 and loaned to Girona last season, will gradually take over Nathan Aké's role.

Semenyo has a dual function. The arrivals of Allan Elias and Iliman Ndiaye completed the wing overhaul, but Semenyo now looks the player most likely to operate as a centre-forward when Erling Haaland is not on the pitch. Signing Ndiaye helped too, as he had impressed several people at City with his displays against them for Everton.

The Savinho sale to Tottenham proved a smart piece of business

Savinho's departure raised eyebrows because of the numbers involved. Tottenham paid an initial £75m, with a further £5m guaranteed in add-ons and up to £5m more depending on objectives. City had renewed the Brazilian's contract in October with a five-year deal, a move that, combined with Tottenham's heavy spending on other players, allowed them to set the price almost on their own terms.

The club also recouped what it had paid for Reijnders and Nico González, and will do the same for Omar Marmoush when his loan becomes permanent. In Savinho's case, the profit was significant.

A younger squad and lower future spending

The result of all this movement is a notably younger team. The thirty-somethings Rodri, Bernardo Silva, John Stones and Nathan Aké have all gone, along with Reijnders, aged 28, and Marmoush, aged 27. City believe next summer's outlay could be smaller, especially if the recent arrivals perform as expected. The club feels the squad is stronger now than it was when the 2025 summer window closed. After a £750m revolution, Manchester City have taken on a new look.

Frequently asked questions about the new Manchester City