You would expect Pep Guardiola to press home the line that money doesn’t guarantee success in football.
After all, he’s spent nearly £1.1 billion on new players in his time at the club, with a net spend in the region of -£500 million. And all City have to show for it, continentally speaking, is a sole Champions League title.
So yes, you can see why Pep is only too happy to slam home that rhetoric…
But does he actually have a point? The answer is, erm, complicated.
Kings of Europe
Once upon a time, Real Madrid were the kings of bloated transfer spending – living up to their ‘Galacticos’ nickname by any means necessary.
They are the 6/10 favourites in the Champions League betting, with final opponents Borussia Dortmund the 4/1 underdogs. It’s a battle of two teams doing their best to undermine Pep’s fiscal beliefs.
Real spent £110 million on new talent during the 2023/24 season, to go with £68 million in 2022/23 – ‘if you’ve got it, spend it’ seems to be the Spaniards’ mantra. And it continues to work for them, both domestically and on the continent.
???? Dortmund vs Real Madrid.
???? June 1.
????️ Wembley Stadium. #UCLfinal pic.twitter.com/Naf4rN8aBy— UEFA Champions League (@ChampionsLeague) May 8, 2024
Dortmund, meanwhile, shelled out £56 million in 2023/24 on top of £89 million the campaign prior, so the German outfit are another that aren’t exactly shy in opening up the chequebook.
Does money buy success in football? It certainly has for these Champions League protagonists – even if Dortmund are struggling to achieve a top-four finish in the Bundesliga this term.
Pounds Make Points and Prizes
The idea that money doesn’t buy success in football is further damaged by a glimpse at the Premier League table.
There is the odd outlier – Chelsea spending more than any other EPL club in 2023/24, but getting minimal reward for their investment. That said, the manner in which they are finishing the campaign (three wins from three in May, ten goals scored) suggests that ROI may be improved heading into next season.
Three wins on the bounce. ✊#CFC | #NfoChe pic.twitter.com/PrLY7M0n3e
— Chelsea FC (@ChelseaFC) May 12, 2024
Aside from the Blues, the top two spenders in the Premier League this season have been… you guessed it, Man City and Arsenal, who have exclusively duked it out for the title.
Tottenham have forked out in the region of £166 million on new players – they are very much still a work in progress, while Manchester United continue to splash the cash but get very little reward from it.
Liverpool and Newcastle have also spent north of £100 million, as have Bournemouth – for the Cherries, progress from relegation candidates to mid-table comfort would suggest that it was money well spent.
The three promoted clubs from the Championship each season are on a hiding to nothing these days, but they – at least, two-thirds of them in 2023/24 – do add some credence to the idea that money does not buy success in football.
Luton splashed just £19.5 million on new players this term – effectively a Championship budget, which helps to contextualise the outstanding work Rob Edwards has done with the Hatters.
But Burnley and Sheffield United have spent £95.2 million and £55.3 million respectively – making them the tenth and fourteenth highest spenders respectively. Should their fans have expected more from their teams than simply being relegation cannon fodder?
You can make up your own mind about whether money buys success in football or not. But here’s one strong takeaway: Manchester City, and Pep, would not have dominated the Premier League without their £1.1 billion transfer kitty.
He should be careful what he wishes for…
