City have apparently spent £2bn since the takeover and £900m on their current squad (read that some point last season so it will have changed slightly). That's considering fees alone. Yeah we've spent a bit, but no we haven't spent that much.
That said, City has been reasonably prudent with money and that's why they're winning strings of titles versus the shit you see at United. But Liverpool's is the greater achievement in terms of winning the league and Champions League in this Klopp era with a bit less investment.
If you were to ask for exacting but reasonable expectations for our current squad and recent spending, that would surely be third or fourth in the league, but no higher. There is no world in which to expect a league title from our current setup. But the interesting thing is that 2022–23 is the season where those exacting but reasonable expectations, and what KSE reportedly now expects coincide. Top four is now reported as the expectation from our Board and I'm curious to see what the consequences for failure might be.