August 15 – It is the season of astronomical fees paid for players. The transfer market generated an enormous €10 billion in fees in the 2024-25 season. A new report from Football Benchmark says the fees paid are no longer vanity spending but have a structured approach to player valuation.
“Clubs are not just paying for performance but for long-term potential and contractual value, making fewer exceptions and operating with more strategic discipline,” say the report authors.
Football Benchmark highlights the metric of comparing the transfer fee to club revenues.
It says the high point of the transfer market was when PSG activated Neymar’s release clause to complete a €222 million move from Barcelona, a deal that amounted to 46% of the club’s annual operating revenue. That transaction overnight forced an almost overnight recalibration of player values.
Before the Neymar deal at the start of Real Madrid’s Galácticos era, the club signed Luís Figo and Zinedine Zidane whose transfers accounted for 51% and 56% of the club’s revenues, respectively.
Now €100 million+ transfers are frequent, but not necessarily excessive from a financial accounting perspective.
“In recent seasons, the behaviour of buying clubs has changed notably. Although transfer fees have remained high in absolute terms, their weight relative to club revenues has become more consistent. Over the last five completed seasons, the most expensive transfer each year has represented between 17% and 22% of the acquiring club’s revenue,” says the report.
“João Félix’s €127 million transfer to Atlético Madrid in 2019/20 (34%) also ranks highly but such instances have become less common in the five years since.”
Football Benchmark says that club buying behaviour has changed.
“Although transfer fees have remained high in absolute terms, their weight relative to club revenues has become more consistent. Over the last five completed seasons, the most expensive transfer each year has represented between 17% and 22% of the acquiring club’s revenue,” says the report.
“These include Enzo Fernández to Chelsea (21%), Jack Grealish to Manchester City (18%), Declan Rice to Arsenal (22%), Julián Álvarez to Atlético Madrid (17%). This summer’s biggest move at the time of publication, Florian Wirtz to Liverpool for €125 million, follows the same pattern. While Liverpool’s 2024/25 financials are not yet available, the club’s 2023/24 revenue of €715 million provides a reasonable proxy, placing the transfer at 17% of revenue.”
In short, clubs are only spending big in proportion to their own financial scale with the not even the biggest deals going beyond 35% of club turnover.
“A growing trend in recent years has been the closer alignment between transfer fees and estimated market values, a shift that reflects more structured, data-led decision-making at the top end of the game,” says Football Benchmark.
“Declan Rice’s €117 million move to Arsenal in 2023/24 came with a 21% premium over his Football Benchmark’s estimated contract market value of €97 million. Julián Álvarez’s €75 million switch to Atlético Madrid in 2024/25 came at a 25% discount. Florian Wirtz to Liverpool for €125 million, came at a 13% discount to his estimated value of €144 million, further reinforcing the trend of greater alignment between price and underlying valuation.”
Football Benchmark’s Player Valuation Platform shows a record 21 players are now valued at over €100 million. The average value of the top 100 players globally, according to their data, has risen from €78 million in 2019 to €87 million in June 2025.
“This trend reflects the growing depth of high-value talent in the game, driven by earlier player transition to the first team, longer contracts, and enhanced commercial potential,” says the report.
“While €100 million-plus deals are no longer exceptional, they are increasingly expected to reflect the buying club’s financial capacity and the estimated fair market value of the player. This gradually developing alignment marks a structural shift driven by rising revenues, stronger internal governance, and the growing impact of UEFA’s Financial Sustainability Regulations,” concludes the report.
“Crucially, this evolution hasn’t suppressed investment but has encouraged smarter, more strategic activity. Clubs remain active and competitive at the top end of the market, but decisions are now framed by long-term planning, contract value, and data-backed assessment, not just short-term ambition. The gap between price and value is narrowing and transfer activity today is as much about sustainable performance as it is about sporting impact.”
To see the full report click here.
Contact the writer of this story at moc.l1755262123labto1755262123ofdlr1755262123owedi1755262123sni@n1755262123osloh1755262123cin.l1755262123uap1755262123
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