Enzo Fernandez is Manchester City’s new record signing and the joint-highest transfer in British football ever – but he wouldn’t even crack the top 25 signings in Premier League history when we take inflation into account.
Premier League revenues and spending have blown out of proportion in recent years, to the point where it’s hard to know what’s good value for money anymore.
Eyebrows will be raised at the £125m fee City have spent on Fernandez, just like they would have at fees £100m lower than that 30 years ago.
We often wonder how much a great player of the past would have cost in today’s money. Fortunately, football finance expert Kieran Maguire has devised a system to adjust historic transfer fees for football inflation.
Maguire’s model takes into account the collective revenues of Premier League clubs and is based on the three largest transfer fees paid per season in the competition’s history.
He openly admits it isn’t a fool-proof method, but it’s as good as we’ve got. After all, football inflation has exploded at a greater rate than everyday inflation.
The findings are interesting. Fernandez’s £125m move ranks at just 22nd among the most expensive Premier League transfers adjusted for inflation, and not the second place it is in terms of the actual fee.
Instead, the top spot is taken by Alan Shearer’s £15m move to Newcastle in 1996. A fee like that would get you an average player these days, but back then it was a world-record deal. Safe to say it worked out pretty well.
Shearer’s previous move to Blackburn in 1992 would also be worth marginally more than Elliot Anderson’s move to Manchester City this summer, which until Rogers’ move was the most expensive deal of the year so far.
It’s also eye-catching that a move as recent as, say, Jack Grealish’s to Manchester City would already be worth more than £30m more now than it was when it happened five years ago.
Manchester United make up half of the entries in the top 10, mainly with moves from the late 90s and early 2000s. Arsenal, Chelsea and Liverpool are also represented along with Newcastle.
The top 40 even includes business by the likes of Leeds and Middlesbrough.
Here are the top 40 most expensive Premier League transfers adjusted for inflation by Maguire’s model.
1. Alan Shearer to Newcastle (1996) – £15m > £236.9m 2. Rio Ferdinand to Manchester United (2002) – £33.3m > £198.5m 3. Juan Sebastian Veron to Manchester United (2001) – £28.1m > £178.5m 4. Stan Collymore to Liverpool (1995) – £8.5m > £176.8m 5. Fernando Torres to Chelsea (2011) – £50m > £157.8m 6. Dennis Bergkamp to Arsenal (1995) – £7.5m > £156m 7. Andy Cole to Manchester United (1995) – £7m > £153.8m 8. Andriy Shevchenko to Chelsea (2006) – £30.8m > £152.6m 9. Dwight Yorke to Manchester United (1998) – £12.6m > £144.7m 10. Paul Pogba to Manchester United (2016) – £89.3m > £141.6m 11. Wayne Rooney to Manchester United (2004) – £25.6m > £140.2m 12. Rio Ferdinand to Leeds (2000) – £18m > £139.8m 13. Tino Asprilla to Newcastle (1996) – £6.7m > £139.3m 14. Jack Grealish to Manchester City (2021) – £100m > £132.7m 15. Alexander Isak to Liverpool (2025) – £125m > £132.6m 16. Didier Drogba to Chelsea (2004) – £24m > £131.5m 17. Moises Caicedo to Chelsea (2023) – £115m > £131.2m 18. Romelu Lukaku to Chelsea (2021) – £97.5m > £129.4m 19. Angel Di Maria to Manchester United (2014) – £59.7m > £128.7m 20. Enzo Fernandez to Chelsea (2023) – £106.8m > £127.5m 21. Michael Essien to Chelsea (2005) – £24.4m > £127.2m 22. Enzo Fernandez to Manchester City (2026) – £125m > 125m 23. Les Ferdinand to Newcastle (1995) – £6m > £124.8m 24. Florian Wirtz to Liverpool (2025) – £116m > £123.1m 25. Jaap Stam to Manchester United (1998) – £10.6m > £121.8m 26. Robinho to Manchester City (2008) – £32.5m > £121.7m 27. Ruud van Nistelrooy to Manchester United (2001) – £19m > £120.7m 28. Declan Rice to Arsenal (2023) – £105m > £119.8m 29. Sergio Aguero to Manchester City (2011) – £38m > £117.3m 30. Morgan Rogers to Chelsea (2026) – £117m > £117m 31. Jimmy Floyd Hasselbaink to Chelsea (2000) – £15m > £116.5m 32. Alan Shearer to Blackburn (1992) – £3.3m > £116.5m 33. Elliot Anderson to Manchester City (2026) – £116m > £116m 34. Dimitar Berbatov to Manchester United (2008) – £30.8m > £115.1m 35. Romelu Lukaku to Manchester United (2017) – £75m > £112.6m 36. Virgil van Dijk to Liverpool (2018) – £75m > £112.6m 37. Harry Maguire to Manchester United (2019) – £80m > £112.4m 38. Fabrizio Ravanelli to Middlesbrough (1996) – £7m > £110.6m 39. Andy Carroll to Liverpool (2011) – £35m > £110.4m 40. Chris Sutton to Blackburn (1994) – £5m > £109.9m
Tonakopstz
0
if u have play football before U we no that Enzo is a good player I am a Chelsea fan I will miss u
Amienu Garba
0
See how this journalist twisted the story just to protect MCFC’s big spending. If Man United had signed Enzo for that kind of money, his transfer fee would be debated every single day for the next eight months. But since it’s MCFC, suddenly spending big is no longer a problem.
johannes“Jockxiele”
1
weydkmtz
1
kg-4991
1
This is the actual inflation adjusted Transfer market across football. Not the transfer Market inflation which is bogus.
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this is football income vs expenditures based inflation. one look and you will understand why analysing this way is Bogus.
kg-4991
5
This is the actual inflation adjusted Transfer market across football. Not the transfer Market inflation which is bogus.
collinsjo
3
Where is Barcola? was he not bought by Liverpool?
piabeipt
0
What happened to all the charges against city. Is it all erased or still pending
Hmm! U will get gray hair and see your great-grandchildren the results won’t come, money control this humanity nowadays, so just forget it move on. 🥱🥱🥱🥱🥱
lbcrna
0
They are complaining bcoz Enzo is from South America but if he was from their region there are would be no complain
Let him go to their region now no one is begging him to stay in England
keaadt
2
What happened to all the charges against city. Is it all erased or still pending
powciknsu
0
What are the people at city doing He is not worth that much I think all this overate deal hv something to do with Cash back
Wamiklmsty
0
Enzo Fernandez. Over rated. Will not do well at City. Which is great coz no one in their right mind likes him or his new team. Whiners and cheaters!
mebbmoru
0
They are complaining bcoz Enzo is from South America but if he was from their region there are would be no complain
Wiyikmtz
0
nonsense, Enzo is second highest transfer fee in epl history, no story
Simple and short bro . 😂😂😂
Waybpstyz
0
this is the worst thing that economics learn to us. inflation is shity thing because you in 90s and 2000 you have an x income and buy x output, and now you have x higher income and buy the same x product with a higher price. This is not an economic problem but this is created by the rich businessman's to make the employees happier with a higher wage and then take the money back by increasing the prices, in the name of inflation.
otherwisetoivo
1
Good bye enzo fernandez will miss back at our club
Mosdilmtz
0
Then some ignorant and delusional United fans will claim that Ferguson didn't spend big money, while he outspent his generation of all coaches. He bought success with money and bought the best players from rival teams.
Like which rival team?
Schlembeckler
2
This is very fuzzy math
femackmouy
1
hello guys this Ezo is coming or not
Theskyisblue
1
no team is bigger than Chelsea Football club when it comes to business believe me or not
Keudenprst
1
easy
yotcinorst
2
nonsense, Enzo is second highest transfer fee in epl history, no story
Nedabdlsuz
4
Then some ignorant and delusional United fans will claim that Ferguson didn't spend big money, while he outspent his generation of all coaches. He bought success with money and bought the best players from rival teams.
Blinksclinton1997
1
We don't want to sell Enzo.
adepsalm19
0
Good business for both parties
AFeryQZo4183
2
Ok great
Ruecekopr
0
Chelsea and business is 5/6
IshmaelChimombo
2
he's a world cup winner
fuubcknpuz
3
u are highly welcome to the blue 💙 city my blood
fuubcknpuz
3
u are highly welcome