A study from independent research group CIES Football Observatory determined that two-time reigning Premier League champs Manchester City have put together football's first billion-euro squad, according to BBC Sport.

One of football's richest sides since the Abu Dhabi group's takeover in 2008, City spent €1.014 billion on their current squad, according to CIES. That's roughly €100 million more than Europe's second-most expensive team, Paris Saint-Germain.

Pep Guardiola and Co. are joined by Manchester United, Liverpool, Chelsea, and Arsenal as English sides in the top 10. Everton (11th - €486M), Tottenham (12th - €465M), and Leicester City (19th - €312M) all boast squads valued among club football's top 20.

City spent 32 times more on their current players than Premier League returnees Norwich City. The CIES reports that Bundesliga minnow Paderborn's €4-million team is the least expensive among Europe's top leagues.