Rafa Benitez has costliest squad in Europe

Real Madrid have the costliest squad in Europe according to a new survey by Football Observatory.com.

The La Liga giants top the table of the European clubs with the most expensive squad having spent £428.5m on their stars.

Read: 30 most expensive sports team in the world

Second in the list is Manchester City with a squad which costs £408.8million while their city rivals United with a squad of £389 are third on the list.

Paris Saint-Germain are fourth with £383m spent on their squad while Chelsea are fifth with £297m.

Barcelona come sixth with a squad that cost £287m and Liverpool are seventh, having spent £251.1m on their team.

Read: 10 richest football club owners in England

Bundesliga champions Bayern Munich are eighth on this with a squad which cost  £246m, Arsenal ninth with a £222.7m squad while Juventus are 10th with a squad that cost £219m.

See full list below:

1 Real Madrid with a squad of £428.5m

2. Manchester City with a squad of  £408.8

3. Manchester United with a squad of £389

4. Paris Saint-Germain with a squad of £383m

5. Chelsea with a squad of £297m

6. Barcelona with a squad of £287m

7. Liverpool with a squad of £251.1m

8. Bayern Munich with a squad of £246m

9. Arsenal with a squad of £222.7m

10. Juventus with a squad of  £219m