In a surprising and characteristically witty turn of events, Manchester City manager Pep Guardiola has playfully called out his own club’s board. His grievance? Manchester City currently ranks only seventh in net spending among Premier League clubs over the last five years.
Speaking at a press conference on Tuesday, February 3, 2026, the Catalan coach utilized a mix of sarcasm and hard data to address critics who often attribute City’s success solely to their financial muscle. Despite a busy January window that saw the arrival of Antoine Semenyo and Marc Guéhi, Guardiola jokingly expressed his “grumpiness” over the club’s recent frugality compared to their domestic rivals.
The January Reinforcements: Semenyo and Guéhi
The comments coincide with the conclusion of another significant January transfer window for the Citizens. Manchester City confirmed the high-profile signings of Semenyo and Guéhi for a combined fee estimated at £84 million. This follows a staggering £180 million expenditure during the previous January window in 2025.
However, while the gross spending remains high, the net figures tell a different story. Guardiola praised the work of the recruitment team, specifically acknowledging Director of Football Hugo Viana and his predecessor, Txiki Begiristain.
“Really good. Txiki before and Hugo now,” Guardiola said, referring to the club’s administrative transition. “But I am a little bit sad and upset because in the last five years, we have been seventh in the Premier League for net spend. I want to be first. I don’t understand why the club doesn’t spend more money.”
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Fact vs. Opinion: The Net Spend Argument
Guardiola’s remarks appear to be a strategic move to deflect the long-standing narrative that Manchester City “buys” its trophies. By highlighting that six other English clubs have a higher net spend (total spent minus total earned from sales), he challenged the logic that financial investment is the only predictor of silverware.
The manager’s logic was simple: If spending equals success, then the clubs outspending City should be the ones dominating the podium.
“As we won in the past because we spent a lot, now six teams have to win the Premier Leagues, Champions Leagues, and FA Cups because they spend more in the last five years,” Guardiola told reporters. “These are facts. It’s not an opinion. Good luck to the six teams that are in front of us. Let’s go. I’m waiting.”
The Statistical Reality
According to data from Transfermarkt, Manchester City has generated approximately £550 million from player departures over the last five years. This massive influx of capital has offset their high-profile purchases, leaving their net balance significantly lower than several of their “Big Six” rivals and even some mid-table clubs.
The Academy Goldmine: A New Transfer Philosophy
The secret to Manchester City’s financial sustainability lies in its youth system. Since 2020, the club has transformed its academy into a profit-generating machine. City has earned more than £250 million from the sale of academy products alone in the last half-decade.
This strategy allows the club to maintain a world-class first team while complying with increasingly strict financial regulations. Notable sales that have bolstered the club’s treasury include:
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Julián Álvarez: Moved to Atlético Madrid for a record £81.5 million in 2024.
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Raheem Sterling: Transferred to Chelsea for £50 million in 2023.
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Cole Palmer & Others: High-value exits of youth players who moved on for significant fees after limited first-team exposure.
Despite having the reputation of a “big spender,” City has only breached the £100 million mark for a single player once: the 2022 signing of Jack Grealish from Aston Villa.
Reclaiming the Throne After a Trophy Drought
Guardiola’s comments carry extra weight following a rare “trophy-less” season for the club. After securing six of the previous nine Premier League titles, City failed to lift a major trophy last year. This unusual dip in form has perhaps influenced the club’s decision to move aggressively in the 2026 January market.
By signing Marc Guéhi, a proven Premier League defender, and the versatile Antoine Semenyo, Guardiola is clearly looking to solidify his squad for the final stretch of the 2025/26 campaign.
Conclusion: The Mind Games Continue
Whether Guardiola is truly “grumpy” or simply engaging in a sophisticated piece of psychological warfare remains to be seen. By reframing the conversation around “net spend,” he has effectively shifted the pressure onto his rivals. As the 2026 season enters its most critical phase, all eyes will be on whether City’s “seventh-place” spending can translate back into first-place results.
