Chelsea Pays €138M for Morgan Rogers as City Breaks Record for Enzo Fernández

Chelsea spent 24.10% of their revenue to acquire Morgan Rogers, while Manchester City paid a record €145 million for Enzo Fernández.

Manchester City broke the English transfer record this summer by paying €145 million to acquire central midfielder Enzo Fernández from Chelsea. This transaction represents 17.84% of City’s revenue. Simultaneously, Chelsea committed 24.10% of their total revenue to sign attacking midfielder Morgan Rogers from Aston Villa for €138 million. Rogers has averaged over one goal-plus-assist per 90 minutes through his first two matches under coach Xabi Alonso. Despite Chelsea holding just 32% possession—the second-lowest share in the league—the club has generated 5.17 expected goals (xG) across their opening fixtures against Fulham and Brighton.

Brentford established a new club record by signing central midfielder Mamadou Sangare from RC Lens for €48 million, a move consuming 23.52% of their revenue. Sangare currently leads all Premier League midfielders in balls won via high pressing according to Futi data. In other major business, Manchester City secured 19-year-old Ayyoub Bouaddi from LOSC Lille for €95 million (11.69% of revenue) and Elliot Anderson from Nottingham Forest for €135 million (16.61% of revenue). Liverpool’s acquisition of Bradley Barcola from Paris Saint-Germain for €125 million (15.25% of revenue) stands as the fifth-most expensive transfer in league history, following their previous record signing of Alexander Isak.

Financial Impact of Promoted Clubs

Ipswich Town, nicknamed the Tractor Boys, outspent Barcelona, Bayern Munich, and Real Madrid this window, placing seven players in the top 50 most expensive transfers by revenue percentage. Their largest investment is attacking midfielder Julio Enciso, signed from RC Strasbourg Alsace for €30.5 million, representing 19.06% of their revenue. Enciso leads the club in both expected goals and expected assists through two games. Other Ipswich acquisitions include Emersonn for €28 million (17.50%), Abdul Fatawu for €23.45 million (14.66%), and Exequiel Palacios for €22.5 million (14.06%).

Coventry City, managed by Frank Lampard, accounted for 10% of the top 50 list. Their signings include Caleb Yirenkyi for €27 million (16.88%), goalkeeper Carl Rushworth for €25.7 million (16.06%), and Sidiki Cherif for €24.5 million (15.31%). Despite this spending, Coventry sits as the most likely team to be relegated according to Simon Grayson’s projection model following a home loss to Hull City. Hull City’s strategy involved spreading funds across three players: Nobel Mendy (€23.4M), Konstantinos Tzolakis (€23.3M), and Ilyas Ansah (€17M).

Record Breaking Defensive and Midfield Moves

Brighton & Hove Albion set a club record by paying €54 million for 19-year-old center back Luka Vuskovic from Tottenham Hotspur, utilizing 20.86% of their revenue. This fee nearly mirrors the funds received from Tottenham for Jan Paul van Hecke. Tottenham also spent €108 million (16.39% of revenue) to sign defensive midfielder Sandro Tonali from Newcastle United and €99 million (15.02% of revenue) for West Ham’s Mateus Fernandes. Arsenal secured Bruno Guimarães from Newcastle for €87.5 million, which accounts for 10.86% of their revenue.

Nottingham Forest committed 20.56% of their revenue to sign center forward Liam Delap from Chelsea for €52.5 million. Delap joined Chelsea for €35.5 million the previous summer but managed only one goal in over 1,000 Premier League minutes, averaging 0.08 goals per 90 minutes. Leeds United utilized 20.76% of their revenue to bring in goalkeeper James Trafford from Manchester City for €46.7 million, alongside a €37 million deal for center back Tarik Muharemovic from Sassuolo.

Squad Cost Ratio and Revenue Benchmarks

The 2026 summer window operated under new squad cost ratio (SCR) rules, limiting clubs to spending 85% of football-related revenue and net transfer profit. Manchester United’s acquisition of Carlos Baleba from Brighton for €75.9 million took up 9.76% of their revenue, while Newcastle paid €60 million (15.36%) for Matias Fernandez-Pardo. Aston Villa’s business included Johan Manzambi for €60 million (13.91%), Nicolas Jackson for €55.5 million (12.87%), and Ibrahim Mbaye for €55 million (12.75%). Sunderland’s primary investment was Malick Fofana from Olympique Lyon for €30 million, representing 15.00% of their estimated revenue.