Another milestone in sight as the window winds down
Manchester City's squad rebuild is about to hit a number that looks less like a transfer budget and more like a small country's GDP. If the deals for Iliman Ndiaye and Enzo Fernández both go through before the deadline, the club's gross outlay on new players since January 2025 will nudge past €1bn.
According to figures compiled by FootballTransfers, City have already spent around €834m on signings since the start of last year. The £65m agreement with Everton for Ndiaye, plus whatever it takes to prise Fernández away from Chelsea, would push the total over the threshold.
It is a striking figure, though it deserves a little context. That €1bn is gross expenditure, not net. The club have also brought in substantial fees through sales during the same period, so the actual cash outlay is considerably smaller than the headline number suggests.
The spending spree began in earnest in January 2025, when Omar Marmoush, Nico González and Abdukodir Khusanov arrived in a flurry of activity. This summer has continued the theme, with Elliot Anderson and Ayyoub Bouaddi among the big-money additions and Brazilian winger Allan joining from Palmeiras.
Not everyone has stayed long. Marmoush and González have already moved on, and Savinho, Tijjani Reijnders, Rodri and James Trafford are among those to have left for fees this summer. The revolving door has been busy.
Ndiaye is the most likely next name through it, with a medical expected on Tuesday after City agreed a £60m fee plus £5m in add-ons with Everton. The Senegal international would add another option to the attack.
Fernández is a more complicated proposition. City have made contact with Chelsea over the Argentina midfielder, who is reportedly keen on a reunion with Enzo Maresca. Whether the two deals land in time remains to be seen, but the direction of travel is clear enough.