Study: Manchester City build 1st billion-euro squad
Mike Hewitt / Getty Images Sport / Getty

A study from independent research group CIES Football Observatory determined that two-time reigning Premier League champs Manchester City have put together football's first billion-euro squad, according to BBC Sport.

One of football's richest sides since the Abu Dhabi group's takeover in 2008, City spent €1.014 billion on their current squad, according to CIES. That's roughly €100 million more than Europe's second-most expensive team, Paris Saint-Germain.

Pep Guardiola and Co. are joined by Manchester United, Liverpool, Chelsea, and Arsenal as English sides in the top 10. Everton (11th - €486M), Tottenham (12th - €465M), and Leicester City (19th - €312M) all boast squads valued among club football's top 20.

City spent 32 times more on their current players than Premier League returnees Norwich City. The CIES reports that Bundesliga minnow Paderborn's €4-million team is the least expensive among Europe's top leagues.

Rank Club Squad Value (€)
1 Manchester City 1.014B
2 Paris Saint-Germain 913M
3 Real Madrid 902M
4 Manchester United 751M
5 Juventus 719M
6 Barcelona 697M
7 Liverpool 639M
8 Chelsea 561M
9 Atletico Madrid 550M
10 Arsenal 498M
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Study: Manchester City build 1st billion-euro squad
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