Manchester City have completed the signing of Argentine midfielder Enzo Fernandez from Chelsea for £125 million, matching the British transfer record set by Liverpool's acquisition of Alexander Isak from Newcastle United last year. The 25-year-old World Cup winner has signed a five-year contract at the Etihad Stadium, with City determined to win back the Premier League title after finishing runners-up to Arsenal the previous season.
Fernandez's move comes on deadline day, with Chelsea agreeing to let the midfielder leave despite not having secured a replacement. The transfer appears to be one of the largest in football history, making Fernandez the joint most expensive player in Premier League history.
A Unique Transfer Record
This deal gives Fernandez a unique distinction: he has now been involved in two consecutive transfers exceeding £100 million. His first move, from Benfica to Chelsea in January 2023 for £106.8 million, broke records at the time. Now, his transfer to City matches the £125 million fee Liverpool paid for Alexander Isak.
During the 2025-26 season at Chelsea, Fernandez recorded 15 goals and 7 assists, helping the club win the FIFA Club World Cup. His performances were instrumental in Chelsea's success, but the club ultimately agreed to his departure.
Top 5 Most Expensive Premier League Transfers of All Time
- Enzo Fernandez – Chelsea to Manchester City (£125 million)
- Alexander Isak – Newcastle United to Liverpool (£125 million)
- (Further entries not detailed in available reports)
Inflation-Adjusted Perspective
While Fernandez and Isak's fees are the highest in nominal terms, football finance expert Kieran Maguire notes that when adjusted for inflation, neither would rank in the Premier League's top 20 most expensive signings. According to Maguire, Alan Shearer's £15 million move to Newcastle in 1996 equates to approximately £238.3 million in today's money – the largest figure by a significant margin.
Juan Sebastian Veron's £28.1 million arrival at Manchester United in 2001 would be worth around £185.1 million today, while Stan Collymore's £8.5 million transfer from Nottingham Forest to Liverpool in 1995 is equivalent to £179.3 million.
Rio Ferdinand appears twice in the inflation-adjusted top 20: his £30 million move to Manchester United is valued at £174.8 million, and his earlier switch from West Ham to Leeds is worth £158.2 million. Romelu Lukaku also features twice, at 14th and 18th place for his moves to Manchester United and Chelsea.
Other players in the inflation-adjusted list include Andy Cole, Wayne Rooney, Paul Pogba, Dwight Yorke, and Angel Di Maria (all for moves to Manchester United), Fernando Torres, Andriy Shevchenko, Moises Caicedo, Didier Drogba, and Michael Essien (for Chelsea), and Faustino Asprilla (Newcastle) and Jack Grealish (Manchester City). Dennis Bergkamp is the only Arsenal representative, with his arrival from Inter Milan valued at £158.2 million today.