Premier League champions Manchester City are the first team to have spent more than €1 billion to assemble their squad, a study has shown.

Data from the Swiss-based CIES Football Observatory showed that City have spent €1.014 bn on their current squad.

French champions Paris St-Germain were second, having spent €913m and Spain's Real Madrid were third with €902m.

Manchester United (€751m) have the second-most expensive squad in the Premier League followed by Champions League winners Liverpool (€639m). The Premier League average was €345m.

At the other end of the scale, Germany's Paderborn had the cheapest squad in the study (€4m), which looked at teams from the English, German, Italian, French and Spanish top flights.