Premier League champion Manchester City has assembled football's first billion-dollar squad, according to figures released on Tuesday by the CIES Football Observatory.

The Swiss-based organization's study revealed Man City invested €1.01 billion ($1.12 billion) in its current players. 

French champion Paris St. Germain scored second place in the CIES study with a €913 million spend on its squad.

CIES reported that teams in the Premier League forked out an average of €345 million on their squads. Real Madrid, Manchester United and Juventus FC rounded out the top five. 

Germany's Paderborn had the cheapest squad in the survey with a total spend of just €4 million.

The report included figures from fixed indemnities for permanent transfers, eventual add-ons, and sums invested for paying loans.  

CIES concluded that an increasing number of teams operate at the limit of their financial capabilities, which may put clubs' stability, independence and competitiveness at risk.

kw/stb (Reuters, CIES)

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