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Two European clubs currently lead the continent in transfer spending – though the picture could shift once the Premier League powerhouses start flexing their financial muscle.

With the transfer window now officially open, clubs around the world have begun sealing deals and finalising contracts.

Here’s a look at the teams that have spent the most so far this summer.

It might come as a surprise that Olympique de Marseille (OM), despite facing possible UEFA sanctions for financial issues, have been quite active. Their three new arrivals include permanent deals for former loanees Hamed Traore and Timothy Weah, along with the exercise of an option to buy Facundo Medina.

Brighton & Hove Albion have made notable moves too, bringing in winger Zadok Yohanna and defender Costinha. They are also eager to invest similarly in Luka Vuskovic – provided Tottenham Hotspur agree to the transfer. Given Brighton’s track record, all three could be worth £200 million within a year.

Juventus have seen most of their spending go towards Lois Openda, a financial obligation they might now regret. The Belgian striker, who joined from RB Leipzig last summer, has managed just one goal for the Bianconeri so far. Nonetheless, several Premier League clubs – including Leeds United and Everton – are reportedly interested in rescuing Juventus from their predicament.

Arsenal’s only major expenditure this summer has been the signing of Ecuadorian defender Pierro Hincapie. However, reports indicate they may consider selling him almost immediately after Bayer Leverkusen receive the payment.

Real Madrid have been especially busy, securing three players from the Premier League – Ibrahima Konate, Bernardo Silva and Marc Cucurella. Of these, only Cucurella involved a transfer fee. President Florentino Perez has also secured another term in office and appointed a new manager to lead the club forward.

Sporting CP have also been active but stand out as the only club on this list operating with a positive balance this summer, showing a surplus of nearly £10 million.

Chelsea are not far from breaking even at this stage – though that situation is likely to change soon. Whether their three recruits – Geovany Quenda, Denner and Dastan Satpaev – will feature in the first team remains uncertain, but their profiles seem to align well with Strasbourg’s typical player mould.

Liverpool’s spending was largely pre-arranged in January when they agreed to sign Jeremy Jacquet from Rennes. However, they might need to pay twice as much to bring in Yan Diomande if his impressive World Cup form continues.

Napoli’s expenditure includes around £38 million paid to Manchester United, who managed to recover roughly half of their investment in Rasmus Hojlund. The Italian side also spent approximately £14 million to make Alisson Santos’s loan move from Sporting Lisbon permanent.

True to form, Barcelona splashed a significant sum on Newcastle United’s Anthony Gordon before appealing to Manchester United for a discount on Marcus Rashford. Their reported interest in Julian Alvarez indicates that there are still some financial ‘levers’ left to pull. However, Real Madrid and Florentino Perez may have outmanoeuvred them with what appears to be a perfectly legitimate – and certainly not contrived – bid for the Atletico Madrid striker.