Interesting piece (lots of other images and breakdowns).
Basically, biggest NET spend across the top 4 leagues in Europe over the past 20 years!
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Are those net transfer spends or net spends on everything?
Those earnings for 20 years are way too low for the latter imo (I guess the same is true for expenditure).
Yeah Arsenals high earnings balances it out nicely. Thing that jumps out at me on that spreadsheet is just how low Bayern Munichs earnings are!
I don't think those are earnings in the way you think they are. Bayern Munich total earnings over 20 years would be much higher.