Manchester City have assembled the first billion euro squad , says a report by the CIES Football Observatory .
Pep Guardiola’ s side were the first team to win back – to – back Premier League titles since Manchester United 10 years ago .
City , who have benefitted hugely since the Abu Dhabi group takeover in 2008, spent (1 . 014 bn /£ 906 m ) on their current players with Paris St -Germain (913 m euros ) and Real Madrid (902 m euros ) in second and third .
The Premier League champions ’ squad is worth 32 times the value of Norwich ’ s . Manchester United have the second most expensive English squad (751 m euros ).
CIES, the football statistics research group based in Switzerland , looked at the senior players in each team in all four of Europe ’ s biggest leagues – Premier League , La Liga , Serie A and Bundesliga .
Paderborn , promoted to the German top flight in the summer , were found to have the cheapest squad , valued at 4 m euros (£ 3 . 57 m ).
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