4) Arsenal – Net Spend: £-308.15m
There have been a number of factors as to why the Gunners have struggled to recapture past glories on the pitch in the last ten years. Selling their best players has certainly hampered them, but money needed to be diverted to paying off the build costs of their stadium.
However, in recent seasons, poor management both on and off the pitch has been central to their ongoing struggles. Numerous changes at board room level, and differing approaches to player recruitment led to bad decisions being made in the transfer market. Consequently, they are now trying to rebuild after finishing midtable.