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Liverpool overpaid when signing Christian Benteke this summer, according to a new study.

A report released by the Centre international d’etude du Sport (CIES) Football Observatory this week suggests the Belgian striker was the third most overvalued player in the transfer market this summer.

Liverpool spent £32.5m taking Benteke to Anfield from Aston Villa, after a lengthy pursuit. He has since started his Reds career with one goal in his opening four games.

CIES’ study, though, says the 24-year-old was overpriced by as much as £13m. Only Anthony Martial, who transferred from Monaco to Manchester United on deadline day, and Kevin De Bruyne, who joined Manchester City from Wolfsburg, are ranked higher.

The calculations are based on what CIES describe as an “exclusive econometric model” taking into account inflation, as well as CIES’ own transfer valuation estimates, which were released back in June.

Benteke’s estimated market value, according to CIES, was around 26.3m Euros (£19.2m), though it is acknowledged within the report that the eventual fee paid by Liverpool was the value of the buyout clause in the striker’s Villa contract.

Interestingly, Raheem Sterling, who left Liverpool for Manchester City in July, is ranked as the most ‘undervalued’ transfer of the summer.

The 20-year-old moved to the Etihad for a total fee of £49m, but CIES’ study suggests his truer value was around 95.1m Euros (£69.5m).

Nathaniel Clyne, who joined Liverpool from Southampton in a £12m deal, is fifth on the list of undervalued transfers, with his market value estimated at around 24.5m Euros (£18m).

CIES’ 10 most overpriced footballers, summer 2015

1. Anthony Martial (Monaco to Manchester United)

2. Kevin De Bruyne (Wolfsburg to Manchester City)

3. Christian Benteke (Aston Villa to Liverpool)

4. Angel Di Maria (Manchester United to Paris SG)

5. Arda Turan (Atletico Madrid to Barcelona)

6. Nicolas Otamendi (Valencia to Manchester City)

7. Alessio Romagnoli (Roma to AC Milan)

8. Aymen Abdennour (Monaco to Valencia)

9. Petr Cech (Chelsea to Arsenal)

10. Ivan Perisic (Wolfsburg to Inter Milan)

CIES’ 10 most underpriced footballers, summer 2015

1. Raheem Sterling (Liverpool to Manchester City)

2. Mapou Yanga-Mbiwa (Newcastle to Roma)

3. Robin Van Persie (Manchester United to Fenerbahce)

4. Denis Suarez (Barcelona to Villarreal)

5. Nathaniel Clyne (Southampton to Liverpool)

6. Mattia Destro (Roma to Bologna)

7. Sergio Garcia (Espanyol to Al Rayyan)

8. Connor Wickham (Sunderland to Crystal Palace)

9. Gerard Deulofeu (Barcelona to Everton)

10. Juanmi (Malaga to Southampton)