#4 Manchester United: €306m (£270.36m)
Highest earner: Alexis Sanchez, £500kpw
Manchester United always teeter near the top of lists like these, even with declining performances in recent seasons. Underachieving with a stacked squad saw Jose Mourinho lose his job last December, but the club's issues run deeper than that.
They have ample finances to spend on new players, in addition to a handful of pricey wantaway players who would balance the books should they depart. Their transfer dealings have largely been poor recently, with Paul Pogba and Romelu Lukaku (a combined £165m) reportedly ready to leave just a few years after joining, while wage constraints were broken by signing Alexis Sanchez last January – further upsetting squad morale.
#3 Manchester City: €334m (£295.10m)
Highest earner: Kevin de Bruyne, £280kpw
EPL champions Manchester City have money, but huge spending and low player sales recently has caught FFP's attention. Pep Guardiola's side is fairly stacked but given the Spaniard's desire for Champions League success, he'll be eager for them to keep improving.
They still can by gradually replacing their old guard for long-term alternatives but must be aware of the aforementioned constraints. Selling fringe players would go some way to addressing that, given most of their dealings represent good value for money.
Crucially though, they have avoided disrupting squad harmony by pulling out of proposed deals for Alexis and Frenkie de Jong over breaking their wage cap, which is fairly modest given their quality.