Manchester City's summer transfer business has seen them add £48million to the valuation of their squad - but still sees them trail Liverpool in terms of overall player value.
New figures released by Transfermarkt sees City ranked as the second-most valuable squad in the world with an overall valuation of £971.64m.
That is up by 5.2 per cent from City's valuation before the window started, which was £923.27m.
The growth in valuation has seen City leapfrog Real Madrid into second place on the list of most valuable squads in the world.
Madrid were previously the most valuable club in the world with a squad valuation of over £1bn.
Yet a turbulent summer and the coronavirus pandemic has seen their squad valuation shrink by nearly a quarter to £769m, which drops them to sixth-most valuable.
After the additions of the likes of Ruben Dias and Nathan Ake in the summer, City would be considered to be the most valuable squad in the world but were overtaken themselves by Liverpool.
Liverpool's summer saw them sign the likes of Thiago Alcantara and Diogo Jota and that, combined with the fact they were crowned Premier League champions last season, has seen their value shoot up by seven per cent.
The Anfield club's squad is now valued at £973m - around £2m more than City's.
In terms of player valuations, Raheem Sterling and Kevin De Bruyne are ranked as the most expensive in City's squad.
Sterling has been given a valuation of £115m, which is £7m more than De Bruyne's £108m rating.
Bernardo Silva is the third-most valuable, with a rating of £72m.
While the website does suggest that City overpaid for Ake and Dias, their values have risen since joining City.
Dias is valued at £45m whilst Ake is given a £36m value.
