While Europe's super clubs are spending hundreds of millions of pounds on new players each season, Real Madrid have proved savvy operators in the transfer market in recent years.
Their major summer signing this year, Kylian Mbappe, was signed on a "free" transfer from Paris Saint-Germain (albeit with a £120m signing fee), while Jude Bellingham's £88.5m arrival last summer is already being touted as a bargain. Factor in the fees paid for other stars – £39m for Rodrygo and £40m for Vinicius Jr – and Real Madrid's business seems impressive in the current market.
Given Real Madrid’s track record, it seems highly likely that Mbappe’s free transfer (even with a huge signing bonus factored in) and the sum paid for Endrick (£55m) will come to be considered smart investments. The club’s considered approach to transfers has been crucial in keeping them at the summit of world football, despite paying off heavy debts, keeping onside of UEFA’s profitability rules and funding a £1.5bn redevelopment of the Bernabeu, completed in September 2023.
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“They’ve had to be very savvy in the market in recent years,” Spanish football expert Guillem Balague explains. “They’ve kept clear of bidding wars and only gone after players they’re absolutely certain on. Gradually, they have brought their debts under control while making improvements to their squad and facilities. It’s impressive.”
Despite Forbes naming them the world’s richest football club in July – a 2023-24 revenue of £713m putting them top for the first time since 2017-18 – money is tight, as evidenced by President Florentino Perez’s persistent wrangling for the formation of a European Super League.
“In terms of on-field success, marketing and merchandise, they’re ahead of rivals,” Balague says. “But they’re competing with clubs backed by billionaires and entire states: the likes of Manchester City, PSG, even Newcastle. They’re unable to offer the type of fees others can. The European Super League is seen as a way to redress that balance.”
So, how are Real Madrid still pipping those clubs to the likes of Mbappe, Endrick and Bellingham? “Prestige,” Balague states, matter-of-factly. “We’ve seen again and again that when it comes to prestige, Real Madrid are ahead of everybody else. Mbappe, Endrick, Bellingham and other stars could have gone anywhere and could have earned more money elsewhere. However, the white shirt, the history, and the ambition of Real Madrid are things no other club can compete with. They’re still the biggest draw.”
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