Manchester City and Spurs have Europe's most valuable squads - study
Manchester City have the most valuable squad in world football, followed by Tottenham Hotspur, a new study commissioned by CIES Football Observatory has said.
Chelsea and Barcelona make up a field of four European clubs with squads valued at more than €1 billion (£883m).
City have four players considered to be worth more than €100m, with Kevin De Bruyne the most valuable at €145m.
Pep Guardiola's squad has a total transfer value of €1.2bn, with forwards Leroy Sane (€119.5m), Raheem Sterling (€118.2m) and Gabriel Jesus (€107m) among their highest-valued players.
Spurs, meanwhile, have players worth €1.17bn, with Harry Kane valued at €185.6m.
The valuation means the England striker, 23, is rated as the second most valuable player in the world behind Paris Saint-Germain's Neymar.
Kane's Spurs and England teammate Dele Alli is the third most valuable player in Europe at €181.7m, while Christian Eriksen (€104.9m) and Heung Son-Min (€67.5m) make up the Tottenham top four.
La Liga leaders Barcelona, whose squad has an overall valuation of €1.13bn, are third on the overall list of squad values, with Luis Suarez (€133.6m), their most valuable player. Lionel Messi, now 30, is worth €117.3m.
The valuations are determined by a number of factors, including performance of players and their clubs, international status, contract, age and position.
PSG, who signed Neymar from Barcelona for a world-record €222m in the summer, are eighth on the overall list.
Fourth-placed Chelsea are worth €1.04bn, while Manchester United, valued at €919m (£812.9m), are fifth.
The study ranked Romelu Lukaku (€165.3m) as more valuable than Suarez, Chelsea's most valuable player Eden Hazard or Real Madrid's Cristiano Ronaldo.
Dan is ESPN FC's Tottenham correspondent. Follow him on Twitter: @Dan_KP.