A new study by the CIES Football Observatory — a Swiss research institute — has ranked Europe's soccer clubs in terms of money spent, with English giants Manchester United topping the list.

CIES calculated the rankings based on transfer and wage outlay, and it was United who came first having spent an eye-watering €718 million on their squad; a princely sum when taking into account the club's underwhelming start to the 2016/2017 season.

This summer saw the league's all-time record holders splash some serious cash on the likes of Zlatan Ibrahimovic, Eric Bailly and Henrikh Mkhitaryan, not to mention Paul Pogba, who joined from Italian champions Juventus for a world-record fee of some €120 million.

Second in the list was Spanish giants Real Madrid who, uncharacteristically, did not splash out on a big name star during pre-season. They were valued at  €634 million, meaning they pipped United's cross-town rivals, Manchester City (€611 million) into second place. Lionel Messi's Barcelona and Roman Abramovich-backed Chelsea then rounded off the top five.

English clubs — swish from their newly penned mammoth television deal — predictably dominated the top 15. Here it is in full:

1. Manchester United – €718 million EUR (approximately $803 million USD) 2. Real Madrid – €634 million EUR (approximately $709 million USD) 3. Manchester City – €611 million EUR (approximately $683 million USD) 4. Barcelona – €485 million EUR (approximately $542 million USD) 5. Chelsea – €481 million EUR (approximately $538 million USD) 6. PSG – €455 million EUR (approximately $508 million USD) 7. Juventus – €395 million EUR (approximately $441 million USD) 8. Arsenal – €381 million EUR (approximately $423 million USD) 9. Bayern Munich – €357 million EUR (approximately $399 million USD) 10. Liverpool – €356 million EUR (approximately $398 million USD) 11. Inter Milan – €295 million EUR (approximately $330 million USD) 12. Tottenham – €274 million EUR (approximately $306 million USD) 13. Borussia Dortmund – €237 million EUR (approximately $265 million USD) 14. Everton – €212 million EUR (approximately $237 million USD) 15. Monaco – €202 million EUR (approximately $226 million USD)

For the entire list, head on over to the CIES website.

Paul Pogba celebrated his world record deal to Manchester United by getting on the dancefloor with Stormzy. ICYMI, watch it here.

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