Man City have the first £1 billion squad in football history

Manchester City have confirmed their current first-team squad is valued at £1 billion - the most expensive in football history.

It's taken the value of City's squad past the £1 billion mark according to their recent financial reports for the year.

In total, City's squad cost £1.076 billion to assemble with a £354 million-per-year outlay on player wages.

Despite their summer spending, City did manage to end the year with a cool £68 million profit on transfers.

City CEO Ferran Soriano commented: "Over the last five years, we have seen incredible growth in our global fan numbers. In the US, where we held our pre-season tour in summer 2022, it was encouraging to see the incredibly large number of blue shirts at our games and how our international fanbase is enjoying our football.

We also conducted our transfer business optimally, welcoming new players and seeing others go on to new challenges, generating important profits for our club.

Overall, Manchester City generated record revenues of £613.0 million and record profits of £41.7 million, the latter being more than double the previous club record."

Arsenal leapfrogged them on Sunday with a 1-0 win over Chelsea, however.

The one trophy City are yet to win under Guardiola is the Champions League. They reached the 2021 final before losing to Chelsea and were dumped out of the semi-finals by eventual winners Real Madrid earlier this year.

City return to action against the Blues in the Carabao Cup on Wednesday.