Premier League champions Manchester City are the first team to have spent more than 1 billion euros ($1.1 billion) to assemble their squad, a study has shown. Data from the Swiss-based CIES Football Observatory showed that City have spent 1.014 billion euros on their current squad. French champions Paris St-Germain were second having spent 913 million euros and Spain’s Real Madrid were third with 902 million euros. Manchester United (751 million euros) have the second-most expensive squad in the Premier League followed by Champions League winners Liverpool (639 million euros). The Premier League average was 345 million euros, it said. At the other end of the scale, Germany’s Paderborn had the cheapest squad in the study (4 million euros), which looked at teams from the English, German, Italian, French and Spanish top flights.