Manchester City have agreed a British transfer record fee of £125m for Enzo Fernández, with the Chelsea midfielder now due to undergo a medical before signing a long-term deal at the Etihad Stadium. The fee matches what Liverpool paid for Alexander Isak last summer. It is a major move for City, who are acting while Chelsea cash in on a player they signed from Benfica in 2023 for £107m.
City's spending and the scale of the fee
BBC Sport reported that City and Chelsea had settled on the joint-British record fee, and the next step is the medical. Personal terms are not expected to be an issue. That leaves the focus on the size of the deal itself, which is still striking even in a market where elite fees are already inflated.
Manchester City finished 2nd in the 2025 Premier League season with 78 points, and they have won 3 of their last 5 matches. The club are not buying from a position of panic, but the fee does show they are willing to pay at the very top end to add another midfielder of real quality.
Chelsea's turnaround on Fernández
Chelsea's side of the story is just as notable. They bought Fernández from Benfica in 2023 for a then-British record £107m, and two years later they are poised to turn that into a £125m sale. That is a big margin on the original outlay, even by modern transfer standards.
Fernández's recent tournament work helps explain why City are prepared to go that high. He has 7 appearances in World Cup play this season, along with a 7.05 average rating and 2 goals. The return is not being sold as a pure scoring move, but the level has been good enough for one of the richest clubs in football to move quickly.
The medical is next, then the long-term Etihad deal if everything goes to plan. When that is done, City will have matched the current British record fee, and Chelsea will have turned a 2023 club record into an even bigger sale.
Written by Jack Mercer with AI-assisted research, cross-checked against 2 outlets. How we work →
