A recent report by the CIES Football Observatory has revealed the ranking of clubs with the highest net spending in the transfer market during the last two windows leading up to the 2025-2026 season. Arsenal topped the global list with a massive net deficit of €362 million, having spent €378 million to strengthen their squad while generating only €16 million in revenue from player sales, reflecting the club's ambition to win major titles.

This lavish spending by Arsenal comes amidst fierce competition in the English Premier League, as the club's management seeks to provide all the necessary resources to compete both domestically and in Europe. Liverpool came in second with a net expenditure of €244 million, while Manchester City finished third with a net expenditure of €208 million, relying on a larger number of signings (25) to ensure squad depth and rotate tactical options.

Globally, outside of Europe, Saudi Arabia continued to solidify its position as a new football powerhouse. Al-Hilal topped the list of non-European clubs, ranking fourth globally with a net spend of €195 million. The club spent €207 million, generating €12 million in revenue across 11 transfers. This reflects a clear strategy of direct investment to bring in top stars and strengthen the squad without relying on sales revenue, aligning with the Kingdom's ambitious sports development plan under Vision 2030.

The Saudi presence wasn't limited to Al-Hilal; the list also included notable representation from other clubs, confirming the sustainability of the Saudi sports project. Neom FC ranked 18th globally with a net expenditure of €108 million, followed by Al-Ittihad in 19th place with a net expenditure of €104 million, and Al-Qadisiyah in 20th place with a deficit of €87 million. Al-Nassr also appeared outside the top 20 with a net expenditure of €76 million, and finally, Al-Ahli with a deficit of €47 million, which was recorded as the highest-earning Saudi club among those included in the report.

In the fifth through tenth positions globally were Sunderland, Manchester United, Tottenham, Atlético Madrid, Real Madrid, and Everton. The report confirms that the calculated spending includes add-ons and resale percentages to reflect the full and realistic value of the deals. This report highlights how the transfer market has transformed into a strategic arena reflecting the competitive ambitions of clubs, with a notable increase in the influence of Saudi clubs, which are now rivaling Europe's elite in financial power and ability to attract star players.

Barcelona faces a tough challenge in its quest for the Copa del Rey title, as German coach Hansi Flick confirmed on Wednesday that two of his key attacking weapons will miss the first leg of the highly anticipated semi-final. Brazilian Rafinha and Englishman Marcus Rashford will both be unavailable for the crucial match against Atlético Madrid, scheduled for Thursday evening at the Wanda Metropolitano Stadium in the Spanish capital.

In the pre-match press conference, Flick spoke clearly about the team's situation, saying: "As you saw, Marcos cannot play. He took a painful knock during the last match against Real Mallorca. This is not good news, but I have complete faith in my team." This statement reinforced the official announcement made by the Catalan club minutes earlier, which explained that the England international, who is on loan at Barcelona from Manchester United, is suffering from a left knee injury that will prevent him from being included in the squad.

Barcelona's woes aren't limited to Rashford's absence; they extend to a long list of key players missing from the core of the starting lineup. The English striker joins a growing injury list that includes talented midfielders Pedri and Gafi, as well as Danish defender Andreas Christensen. Brazilian winger Rafinha also remains sidelined, having been out for a week with a left thigh muscle problem, leaving the German coach with a tactical dilemma ahead of the match against Diego Simeone's defensively formidable side.

Regarding Rafinha's situation, Flick stressed the need not to rush his return, especially since the player has suffered two similar injuries since the start of the season, explaining: "We must proceed step by step and take care of him. Rafinha is a player who gives everything on the field and with great intensity. When a player feels pain, it is best to deal with it immediately and stop for a while to ensure his long-term safety.".

In a related context, Flick didn't miss the opportunity to cleverly respond to media reports from Madrid that described Barcelona's path in the cup as "easy." The coach replied with a smile, "Ask Real Madrid," a pointed reference to their arch-rivals' elimination in the round of 16 at the hands of Albacete (second division), the same team Barcelona later knocked out in the quarterfinals with a 2-1 victory. He emphasized that cup upsets don't recognize technical superiority.

On a personal note, the former Bayern Munich coach addressed the courageous statements of his Uruguayan defender Ronald Araujo, who revealed in a press interview that he was suffering from depression and anxiety at the end of 2025. Flick showed great support for his player, saying: "Everyone at the club supported Ronald. The fact that he is talking about it in this way shows how strong his character is. I think we should take better care of the players, including us as coaches," highlighting the importance of mental health in the world of professional football.