The transfer value of players in the top 5 European leagues have dropped 28% since last June, according to a new report from CIES.

The overall total has dipped from $35 billion to $25.7 billion, brought on largely by the COVID-19 pandemic.

Manchester City have taken the big financial hit, with their squad losing $450 million of value in recent months. Barcelona, Liverpool, Real Madrid, and PSG make up the top 5.

Olympique Marseille have seen the largest drop percentage wise, with a 37.1% decrease in squad value over that time.