Manchester City spent a Premier League record £458m during the summer transfer window as new head coach Enzo Maresca overhauled his midfield, though questions remain over whether the club have left themselves short of cover for star striker Erling Haaland.
Maresca, who took charge after Pep Guardiola's departure, was given significant financial backing by director of football Hugo Viana in his first window at the helm. City broke their own transfer record twice over the summer, first paying a joint-British record £125m for Enzo Fernandez, who previously played under Maresca at Chelsea, before that fee was surpassed by the £116m deal for Nottingham Forest's Elliot Anderson. An £86m move for 18-year-old Morocco international Ayyoub Bouaddi added further heft to the incomings.
Those three signings represented the bulk of City's spending as the midfield underwent a near-total transformation. Captain Bernardo Silva, 2024 Ballon d'Or winner Rodri, Tijjani Reijnders and Nico Gonzalez all left the club, meaning Maresca now has two credible options in almost every position across the pitch.
The rebuilding process actually stretches back further than this summer. City's recruitment drive can be traced to January 2025, following a difficult opening to that season, when the club moved early to secure long-term targets Antoine Semenyo and Marc Guehi. Just four players remain from City's starting XI and substitutes on the night they beat Inter Milan in Istanbul to win the 2023 Champions League.
Despite the headline £458m outlay, City have also been shrewd in offloading fringe players. Since the turn of the year, the club has recouped £334m through sales, including £75m for Savinho, £65m for Rodri and £52m for Reijnders. That leaves a net spend of £208m for 2026, a figure that will be reduced further once Tottenham's obligation to sign Omar Marmoush for £60m at the end of his loan is triggered.
Sources close to the club say City operated a one-out, one-in policy over the summer, with Maresca successfully replacing almost every departing player except for Gonzalez and Marmoush. With City well-stocked at left-back, Nico O'Reilly is expected to feature more centrally to help fill the void left by Gonzalez.
The club believes the record fee for Fernandez is justified given his pedigree as a winner at the highest level, while Anderson was identified as City's top summer target. Bouaddi, meanwhile, is regarded internally as possessing the attributes to become a world-class player. Against Crystal Palace, footage showed Bouaddi operating in a holding midfield role in deep build-up phases when introduced, with Mateo Kovacic pushed further forward as the right central midfielder.
However, the biggest lingering question surrounds Haaland's understudy. With Marmoush having departed for regular football at Tottenham and 21-year-old Divin Mubama sent on loan to Championship side Southampton despite an impressive pre-season, Haaland stands as City's only recognised senior striker.
The Norwegian remains central to Maresca's plans, having finished as the Premier League's top scorer last season with 27 goals and already netting twice in City's opening two league fixtures of the new campaign.
City insist they have sufficient flexibility elsewhere to cover for Haaland's potential absence. Semenyo, primarily a right-sided player, has experience playing as a false nine in cup competitions, while deadline-day arrival Ndiaye offers further versatility as an established Premier League performer.
Yet among City's forward and attacking options, only Semenyo has reached double figures for league goals in the last two seasons. Cherki, Jeremy Doku and Ndiaye have never hit that mark, while Phil Foden, despite scoring 19 league goals in 2023-24, has struggled for consistency since. Unless several of these players elevate their output, City's lack of a direct Haaland alternative could prove a significant concern if the striker needs to be rested or suffers injury.
Based on reporting from BBC Sport.