Manchester United and Liverpool have been the teams with the deepest pockets this summer, but will their huge investment translate into fortunes on the pitch?

A run down of the top four clubs' transfers activities might give an indication of who will improve this coming season, but, as always, money does not always talk when it comes to league points - just ask any Newcastle fan.

ARSENAL: Finished a disappointing fourth last year and their close-season activity so far has given very little optimism that they can improve on that.

'Arsenal will be lucky to be in the top four. Chelsea will always compete for the title with Roman`s millions. United will be very hard to overcome if they sign Tevez. And Liverpool are an unknown quantity'


Transfers In: Bakari Sagna, Eduardo da Silva, Lukasz Fabianski.

Transfers Out: Matthew Connolly, Arturo Lupoli, Thierry Henry, Jeremie Aliadiere, Mart Poom.

Verdict: Their lack of funds makes it clear that the cost of the new Emirates Stadium will take a long time to absorb. But Arsene Wenger is the master at picking up young bargains and turning them into stars or potential transfers for profit. His choices this year seem a little out of character. Da Silva is no spring chicken and little is known of the other two. Unless something major happens between now and the start of the season Arsenal will be a much lesser team and could be actually overtaken by their free spending neighbours Spurs.

CHELSEA:

Transfers In:
Florent Malouda, Steve Sidwell, Tal Ben Haim, Claudio Pizarro.

Transfers Out: Khalid Boulahrouz, Geremi, Yves Ma Kalambay.

Verdict: Surprisingly quite summer. Is Roman Abramovich becoming bored with his play thing? Florent Malouda is the major signing but is only a replacement for Arjen Robben, and the only other notable addition is Claudio Pizarro, who arrived on a free transfer. Chelsea seem more like a team in sleep mode. Surley, this would be the time to invest heavily to try and bring the title back to Stamford. The Russian seems happy to let it all coast along until he becomes interested again - or perhaps the manager he really wants is not available yet!

MANCHESTER UNITED:

Transfers In:
Anderson, Owen Hargreaves, Luis Nani.

Transfers Out: Phil Marsh, Floribert Ngalula, Daniel Rose.

Biggest spenders and the money seems to have been spent wisely. Anderson and Nani are investments in the future to replace Paul Scholes and Ryan Giggs. This pure maintenance. Owen Hargreaves and Michael Carrick will compete to replace Roy Keane, but they will have a hard job. These two are good, but it remains to be seen whether they can control the midfield  against teams like Liverpool and Chelsea. But if United sign Carlos Tevez, as seems likely,  that would improve their chances immeasurably. They may not have the best defense but if Tevez joins their ranks then they will score more goals than most teams in Europe and must be favourites to at least clinch the Premiership title once again. And if they get lucky, and that dodgy defence holds up, they could improve on their European record.

LIVERPOOL:

Transfers In:
Ryan Babel, Yossi Benayoun, Ryan Crowther, Andrei Voronin, Fernando Torres, Krisztian Nemeth, Andras Simon.

Transfers Out: Jerzy Dudek , Craig Bellamy, Luis García, Boudewijn Zenden.

Verdict:  This is the team with the biggest changes and the biggest challenges. They have always had a solid defence but they have launched an all-out assault on attacking options, and Rafa Benitez has definitely spent the money where it was needed most. But for Liverpool to become a true threat to United, then a couple of positions still have to to be improved.

We still need a right winger or Steven Gerrard may have to waste his talents there again for another season.  We also need to Achilles heel, the left back position. John Arne Riise is a great player going forward but in defence he leaves a lot to be desired.

Overall: Arsenal will be lucky to be in the top four. Chelsea will always compete for the title with Roman`s millions. United will be very hard to overcome if they sign Tevez. And Liverpool are an unknown quantity. But if Rafa can get his team to gel quickly and still be in contention by Christmas, then i think it is more than likely that Liverpool will add to their massive league title haul.