The Red Devils' outlay on 33 transfers between July 2012 and November 2021 was £209million greater than the estimated total value of those players prior to their transfer under a statistical model developed by the CIES Football Observatory.
Erik ten Hag's men had a particular busy window over the recent summer which saw the club spend in excess of £216million. Antony arrived at Old Trafford with the most expensive price tag after the Red Devils splashed £85million on the Ajax forward.
Juventus and Paris St Germain were found to be the two clubs with the next highest overspends, at £205million and £142million respectively.
Aston Villa registered the second-highest overspend among English clubs at £130million, followed by Chelsea on £118million.
Only three Premier League sides were among the 36 clubs that invested less money than expected to conclude the deals assessed, highlighting the role of English top-flight clubs in driving up transfer inflation. Wolves were found to have underpaid by seven million euro, Tottenham by six million and Brighton by one million.
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