Elliot Anderson becomes third most expensive Premier League signing with £116m Man City move but he's only 31st when adjusting historic fees

Elliot Anderson becomes the third-most expensive signing in Premier League history after Alexander Isak and Florian Wirtz with his £116m transfer from Nottingham Forest to Manchester City.

But according to new rankings in which historic fees are adjusted to the purchasing power of clubs today, the midfielder is in fact only the 31st-most expensive addition of the Premier League era.

Most comparisons of this type adjust historic prices according to inflation, but the changing price of a pint of milk in the supermarket doesn't reflect the 3,500 per cent increase in Premier League revenues which has transformed the spending capacity of clubs in the transfer market over the last three decades.

In order to more accurately show what past transfers would be worth today factoring those revenue increases, football finance expert Kieran Maguire and professor Jason Laws have created a new index which throws up some fascinating results.