The 2020 Real Madrid squad were previously the most costly at £1.13bn.

United's squad included £82m Antony, £80m Harry Maguire, £73m Jadon Sancho and £70m Casemiro.

The total does not include £72m Rasmus Hojlund, £55m Mason Mount or £47m Andre Onana, all of whom joined in the 2023 summer transfer window.

United finished third in the Premier League last season, their first campaign under manager Erik ten Hag.

The reports says three other squads - Manchester City, Chelsea and Real - cost more than £1bn in transfer fees.

Chelsea's figures go up to June 2022, meaning the £850m they spent from the summer of that year to August 2023 is not counted.

British billionaire Sir Jim Ratcliffe's deal to buy a 25% stake in United was approved by the Football Association on Wednesday.

The purchase is worth about £1.03bn and his Ineos Group will take control of football operations.