Manchester City have assembled the first billion-euro squad, says a report by the CIES Football Observatory.

Premier League champions City, who were bought by the Abu Dhabi United Group in 2008, have spent 1.014bn euros (£906m) on their current players.

They spent 32 times the amount Norwich have laid out, the report found.

Paris St-Germain (913m euros) and Real Madrid (902m euros) are next in the list, with Manchester United (751m euros) the second English team.

Top 10

1 Manchester City - 1.014bn

2 Paris St-Germain - 913m

3 Real Madrid - 902m

4 Manchester United - 751m

5 Juventus - 719m

6 Barcelona - 697m

7 Liverpool - 639m

8 Chelsea - 561m

9 Atletico Madrid - 550m

10 Arsenal - 498m