Manchester United's squad at the end of last season was the most expensively-assembled on record, according to a UEFA report.

The Red Devils' squad at 2023's financial year-end cost a collective €1.42billion (£1.21bn) in transfer fees, eclipsing the figure of €1.33bn recorded by Real Madrid in 2020.

United's squad at the end of the 2022-23 season included £82million Brazilian winger Antony, £80m England defender Harry Maguire, £73m signing Jadon Sancho and £60m Brazil midfielder Casemiro.

Further recruits last summer such as Mason Mount, Andre Onana and Rasmus Hojlund are not counted within the figures.

UEFA's European club finance and investment landscape report found three other clubs' squads — Manchester City, Chelsea and Real — cost more than €1bn in transfer fees in their most recently disclosed financial year-end figures.

The Blues' most recent figures go up to the year end June 30, 2022 and therefore do not include their heavy spending in the summer of that year or the January 2023 window.

United have become one of 15 English top-flight clubs recognised within the report as being part of a multi-club investment group, with the purchase of a 25% stake by Ineos founder Jim Ratcliffe almost complete. Ineos also holds majority stakes in French side Nice and Swiss club Lausanne.

In all, 105 top-division European clubs (13% of the total number) have a cross-investment relationship with one or more other clubs, the report found.

Andrea Traverso, UEFA's director of financial sustainability and research, said: "More than 300 clubs are part of multi-club investment groups, leading to an increased risk of seeing two clubs with the same owner or investor facing each other in the same competition, creating potential integrity risks at the European level.

"The current context demands strict enforcement of cost control regulations and more harmonisation of financial rules between leagues. This is paramount to limit overspending, 'creative finance' and rules circumvention.

"As long as differences on key regulatory matters continue between leagues, inflationary tensions will persist, contributing to imbalances and instability."