Following the money in the 2024/25 summer transfer window
Football Benchmark
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The 2024/25 summer transfer window was highly anticipated, following both the Euro 2024 and Copa América, and just ahead of the newly restructured UEFA competition league phases. Unlike the previous summer, which witnessed record-breaking spending in the English Premier League and Saudi Pro League, this year's international football market presented a different dynamic. In this analysis, we delve into the summer transfer market finances, not only for Europe's Big Five leagues but also for the Saudi, Dutch, and Portuguese leagues.
Declining Spending in England and Saudi Arabia
Last summer, six of the eight leagues analyzed concluded the transfer window with a positive transfer balance. However, by the 2024/25 summer window, that number had dropped to just two.
In the summer of the 2023/24 season, the English Premier League and the Saudi Pro League posted staggering net spends of €-1.27 billion and €-882 million, respectively, while the Spanish, German, Italian, French, Dutch, and Portuguese leagues all recorded positive balances. This summer, only the Dutch and Portuguese leagues managed to maintain a surplus.
Significantly, four leagues saw major shifts in their spending patterns compared to last summer. The English Premier League, in particular, demonstrated a remarkable turnaround, improving its transfer balance by over €550 million to €-716.2 million compared to the summer of 2023.
Of course, with transfer expenses totaling €2.332 billion, the figures from other leagues around the world still pale in comparison. Nevertheless, the more restrained spending across the window stands out, particularly as it follows the first season where the Premier League's Profit and Sustainability Rules genuinely started to make an impact.
Much like the trend seen in England, the Saudi Pro League have significantly scaled back its spending compared to last summer. In this summer's transfer window, expenditure was slashed by half, with net spending figures dropping from €-882.8 million last year to €-383.2 million this year. To provide some context, the net spending gap between Serie A and the Saudi Pro League last summer stood at €1 billion, but this has now shrunk to €86 million for the 2024 window.
This significant reduction is attributable not only to the Saudi Pro League’s more measured approach this summer but also to Serie A's lower revenue from player sales, which fell from €1.033 billion in 2023/24 to €702 million this year. Furthermore, Serie A's spending increased by nearly €100 million compared to the previous summer. Consequently, the net spend difference between the two summer windows has narrowed by over €420 million, shifting from €+124 million to €-297.7 million.
On the club front in Italy, the transfer balance dynamics have reversed: while 11 clubs ended last summer with a positive balance, this year, 11 clubs closed the window with a negative net spend. In the Saudi Pro League, only two clubs reported a positive transfer balance last summer. This year, the number has increased to nine, including three clubs with a balanced net spend of zero.
Just as Serie A have experienced notable changes, the Bundesliga have also undergone a significant transformation compared to last summer. In 2023, the German first division boasted the highest transfer balance among the leagues analyzed, with a figure of €+295.7 million. This summer, however, LaLiga, Eredivisie, and Liga Portugal all achieved better results. Nevertheless, the Bundesliga’s €-72.8 million net spend remains nearly ten times better than the Premier League’s comparable figure of €-716.2 million.
LaLiga outspent for example the Saudi Pro League this summer but finished last among the Big Five leagues in terms of total expenditure, with a spend of €555.6 million. Furthermore, while LaLiga managed to surpass only the Bundesliga in revenue among the top five leagues, its €-12.9 million transfer balance is the highest figure among the Big Five.
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Atlético outspends Real Madrid and Barcelona; Lyon surpasses PSG
In LaLiga, 14 of the 20 teams finished the transfer window with a positive transfer balance, a notable increase from just 8 teams achieving this last year. The biggest spender in Spain this season were Atlético de Madrid, who strengthened their squad with the likes of Julián Alvarez, Conor Gallagher, Robin Le Normand, and Alexander S?rloth, spending a combined total of €185 million. Remarkably, this is the fourth time in the past decade that Atlético de Madrid have recorded a worse transfer balance than both Real Madrid CF and FC Barcelona.
FC Barcelona sold, loaned out, and released several players for free to improve their financial situation and to be able to buy Dani Olmo from RB Leipzig. However, according to several media reports, the registration of the key summer signing is only guaranteed until December 31st due to the club's financial constraints.
In contrast, Real Madrid CF secured Kylian Mbappé without a transfer fee, despite his market value being pegged at €244 million according to June's Football Benchmark player valuation. Despite this, signing the French world champion undoubtedly required substantial resources from Los Blancos, whether considering the signing fee or the player's salary.
In the English Premier League, there were two more teams with a positive transfer balance compared to last year, and the average net spend per club improved from €-63.6 million to €-35.6 million.
Surprisingly, Brighton & Hove Albion FC are at the forefront this summer with a transfer balance of €-183 million. After years of selling high-profile players like Moisés Caicedo, Alexis Mac Allister, and Ben White for substantial sums, the club spent €231 million to strengthen their squad. Ipswich Town FC and Southampton FC also spent significantly, with both club investing around €120 million upon their return to the Premier League. However, Southampton's transfer balance is higher at €-75.6 million, compared to Ipswich Town’s €-124.8 million.
On the contrary, Manchester City FC and Liverpool FC, the dominant forces of this EPL era, report the lowest expenditure figures, while Arsenal FC's spending remains lower than two of the newly promoted clubs.
Given the whirlwind of activity in Chelsea FC's Clearlake era, it was unsurprising that the west London club invested heavily in transfers this summer, spending €238 million. However, they mitigated this with nearly €200 million in revenue from player sales, resulting in a net spending of €-40.5 million. Despite this significant outlay, seven other Premier League teams reported worse transfer balances.
In Italy, SSC Napoli, now managed by Antonio Conte, have significantly strengthened their squad with nearly €150 million in investments. However, the club’s net spend is at €-138 million, partly due to the absence of a much-anticipated €100 million-plus transfer fee for Victor Osimhen.
In Germany, the Bundesliga record champions are setting their sights on reclaiming the title with a new manager and an enhanced squad. Since Kompany's arrival, FC Bayern München have invested €142 million in new signings while generating €74.4 million in revenue. Reigning champions Bayer 04 Leverkusen focused on and managed to retain their squad and even brought in reinforcements. Consequently, they concluded the summer transfer window with a net spend of €-21.9 million.
In France, Paris Saint-Germain FC have invested €169.9 million in transfers and generated €71.5 million in revenue, resulting in a net transfer balance of €-98.4 million. Despite this significant outlay and the challenge of replacing Kylian Mbappé, PSG does not have the lowest net spend in the league. That distinction goes to Olympique Lyon, whose €-105 million net spend represents the highest deficit in the league for this summer’s transfer window. Notably, this is the first time since the 2019/20 season that PSG do not hold the lowest transfer balance in the league.
Note: Data collection was finalized on September 2, thus the transfer transactions included are those that occurred up to that date.
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2 个月Thanks for sharing In the summer of the 2023/24 season, the English Premier League and the Saudi Pro League posted staggering net spends of €-1.27 billion and €-882 million, respectively, while the Spanish, German, Italian, French, Dutch, and Portuguese leagues all recorded positive balances. This summer, only the Dutch and Portuguese leagues managed to maintain a surplus.