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Liverpool have assembled Europe’s 10th most expensive squad, according to new figures released this week.

The CIES Football Observatory in Switzerland has calculated the cost of every squad in Europe’s ‘big five’ leagues, in terms of transfer fees spent.

Liverpool’s squad is reported to have cost €356m (£311.3m) to put together, placing them just inside the top 10.

The Reds spent around £65m on transfers during the summer, bringing the likes of Sadio Mane, Gini Wijnaldum and Loris Karius to Anfield. They also offloaded costly assets such as Christian Benteke, who cost the club £32.5m when joining in 2015.

Manchester United boast the most expensive squad, costing €718m (£628m). CIES point out that no club in football history has spent so much in assembling a team.

Real Madrid, Manchester City, Barcelona and Chelsea make up the top five, ahead of Paris Saint-Germain, Arsenal, Juventus and Bayern Munich.

Leicester, the Premier League champions, are listed as Europe’s 26th most expensive squad, with a value of €130m (£113.7m).

And interestingly Atletico Madrid, twice Champions League finalists in the last three years, are only 18th on the list, with a squad cost of €199m (£174m). Sevilla, who beat Liverpool to win last season’s Europa League, are 29th with a value of €119m (£104m).

CIES point out that “generally speaking, the correlation between the squad cost from a transfer fee perspective and the final position in the league table is very high.

“However, last season, Leicester City won the Premier League title with the 17th costliest squad out of 20.”