Manchester City’s pursuit of Liverpool’s Cody Gakpo and Everton’s Iliman Ndiaye in the final days of the January transfer window has sent shockwaves through the Premier League. With their gross spend across the 2024/25 season approaching €500m, these potential additions would underscore a frantic effort to arrest a shocking title defence. But are these moves a sign of panic, or a calculated step in a long-planned squad overhaul? The answer likely lies somewhere in between, shaped by an unprecedented injury crisis, an ageing core, and the looming shadow of 115 Premier League charges.
City’s current predicament is stark. Without Ballon d’Or winner Rodri for most of the season due to an ACL injury, and with recurring defensive injuries to Rúben Dias, John Stones, and Nathan Aké, their form has plummeted from title favourites to a scrap for top-four. The squad that dominated English football for years suddenly looks vulnerable, and the club’s response has been to open the chequebook on a scale that even they have rarely matched.
The Financial Snowball: How City Reached €500m
The €500m figure is not a single-window record, but a rolling total across the summer 2024 and January 2025 windows. Key signings include Omar Marmoush (€75m), Nico González (€60m), Abdukodir Khusanov (€40m), and Savinho (€25m rising to €40m), adding to previous big-money arrivals like Erling Haaland (€60m release clause), Jérémy Doku (€60m), and Matheus Nunes (€62m). Even with significant sales—Julián Álvarez to Atlético Madrid for ~€95m, Joao Cancelo, and Cole Palmer previously—the gross outlay is staggering.
City’s accounting methods soften the blow. Transfer fees are amortised over contract length, so a €100m signing on a five-year deal costs just €20m per year against Profit and Sustainability Rules (PSR). With revenues around £715m annually, City have headroom, but the 115 charges for alleged financial breaches loom large. The club argues compliance, yet every extravagant purchase fuels the narrative of financial doping, especially if the verdict goes against them.
Why Gakpo? The Profile City Lacks
Cody Gakpo, 27, has been a revelation under Arne Slot at Liverpool, contributing goals and assists across the Premier League and Champions League. He fits the profile of a Guardiola “inside forward”—direct, physical, and capable of playing wide or centrally. City lack exactly that type of player, with their current wide options often favouring intricate combinations over raw power.
Liverpool’s public stance is that Gakpo is not for sale, especially mid-season with a title push underway. Yet City’s reported willingness to offer €80–100m could test that resolve. As the old adage goes, every player has a price. For City, the price might be worth paying to salvage a top-four finish and send a message to rivals that they remain a force.
Ndiaye: The More Attainable Target
Iliman Ndiaye, 24, has been a bright spot in Everton’s otherwise difficult season, with 7+ goals and assists in the league by late January. His versatility across the front line and pressing ability make him an attractive option. Crucially, he is homegrown, which aids squad registration.
Everton’s financial position makes them vulnerable. Having previously breached PSR, they must balance books before 30 June. A €50m+ offer for Ndiaye would be hard to refuse, even if it weakens their survival bid. This is a classic case of a club with a prized asset forced to sell, while the buying club leverages its financial muscle.
Late-Window Scramble or Long-Planned Move?
The timing—reports emerging in the final week of the window—suggests desperation. City have been reactive, not proactive, scrambling to address a crisis that has been building all season. Yet it’s also possible these targets were on a long-term list, and the injury crisis merely accelerated the timeline. Guardiola’s contract extension in November 2024 signaled a rebuild, and these signings could be the first pieces of a younger, hungrier squad.
The contrast with City’s usual calculated approach is stark. Historically, they identify targets months in advance and negotiate patiently. A late-window swoop for a Liverpool player, with the inherent difficulty of dealing with a rival, feels more like a Hail Mary than a strategic masterstroke.
The Broader Context: Guardiola’s Gamble and the 115 Charges
Guardiola is staking his legacy on this squad. With Kevin De Bruyne (33), Ilkay Gündoğan (34), and Bernardo Silva (30) past their peaks, he needs fresh legs. But the 115 charges add an existential uncertainty. If found guilty, City could face severe sanctions, including points deductions or even expulsion. Spending €500m while under investigation is a bold move, signaling confidence in their legal position, but it also raises the stakes.
Should City fail to secure Champions League football, the financial consequences would be severe, potentially triggering a fire sale. These signings are thus not just about immediate performance but about securing the club’s long-term future—on and off the pitch.
What the Numbers Say: Fee Projections and PSR Impact
For Gakpo, a fee of €80–100m would be a premium for a player Liverpool bought for €40m in January 2023. His market value has soared under Slot, but selling a key player mid-season to a direct rival is unprecedented. Liverpool’s reluctance is understandable; they would need a replacement at short notice, and the message to their fans would be damaging.
Ndiaye, valued at around €50m given his form and homegrown status, would be a more rational purchase. Everton’s need to sell is acute, and City could structure a deal with add-ons to fit their PSR calculations. For City, Ndiaye offers depth and youth, fitting the “generational refresh” narrative.
The Bottom Line: Desperation or Design?
Ultimately, these moves are a mix of both. The injuries and poor form have forced City’s hand, but the targets themselves are well-suited to Guardiola’s system and the squad’s needs. Gakpo would be a statement signing, Ndiaye a smart piece of business. Both would address glaring gaps.
Yet the timing and the sheer scale of spending raise questions about the club’s strategy. Are they building for the future or trying to paper over cracks? The answer may only become clear in May, when the season’s trophies are decided and the verdict on the 115 charges is delivered.
Manchester City’s pursuit of Cody Gakpo and Iliman Ndiaye is a high-stakes gamble. With gross spend soaring past €500m, the club is betting that money can buy success and stability. But in a season defined by crisis, these late-window moves could either be the catalyst for a remarkable turnaround or a symbol of a club in freefall. The next few months will reveal whether this is the beginning of a new dynasty or the end of an era.
Summary
- Manchester City’s gross transfer spend for 2024/25 could exceed €500m with the potential additions of Cody Gakpo and Iliman Ndiaye.
- Gakpo, a top target, would cost €80–100m, but Liverpool are reluctant to sell mid-season.
- Ndiaye is more attainable due to Everton’s financial constraints and could be had for around €50m.
- The spending spree is driven by an injury crisis and an ageing squad, but also occurs under the cloud of 115 Premier League charges.
- These moves represent both a desperate scramble for top-four and a calculated long-term rebuild under Pep Guardiola.
FAQ
Q: Why is Manchester City spending so much money?
A: City are facing an injury crisis (notably Rodri’s ACL) and an ageing core, prompting a rebuild. They also need to secure Champions League qualification, making significant investment necessary.
Q: Will Liverpool sell Cody Gakpo?
A: It’s unlikely unless City offer an extraordinary fee (€80-100m). Liverpool value Gakpo highly and are in a title race, so they have little incentive to sell mid-season.
Q: Is Iliman Ndiaye a realistic target for City?
A: Yes, because Everton’s financial situation under PSR rules makes them vulnerable to bids. A €50m+ offer could be too good to refuse.
Q: How does City’s spending comply with Financial Fair Play?
A: City amortise transfer fees over contract length, spreading the cost. Their massive revenues (~£715m/year) give them room under PSR, though the 115 charges could change that if they are found guilty.
Q: What are the 115 charges against Manchester City?
A: The Premier League has charged City with 115 alleged breaches of financial rules, including failing to provide accurate financial information. The hearing concluded in December 2024, but the verdict is pending.













