LaLiga is watching talent depart at a pace that signals a broader cash crunch. The market this summer showed Real Madrid standing apart while many clubs sold key assets to rebalance their books. Jude Bellingham moved for 103 million euros, and Arda Güler joined for 20 million, in a climate where the prevailing mindset in sports management seems to be: exit before you enter. Spanish teams rarely hit major transfer thresholds and spent little by comparison.
The league trails behind the two Real Madrid signings, with Loïc Badé joining Seville for 12 million after a loan with a mandatory option, Arsen Zakharyan arriving at Real Sociedad for 13 million, and Anastasios Douvikas joining Celta de Vigo for 12 million as last season’s Eredivisie top scorer.
Almost unnoticeable economic flexibility
At the start of the summer, to inject more pace into the market and entice more players, LaLiga announced a rule tweak. Clubs can use up to 50 percent of revenue from player sales to cover salary and transfer costs, up from 40 percent. If the sold player’s salary burden exceeds five percent of the team’s total squad cost, the cap can rise to 60 percent.
One key caveat remained regarding transfer income. If the sold player’s token value is under five percent of the wage mass, the selling club can only reinvest 20 percent of total turnover into new signings. If the player’s value is above five percent, the reinvestment cap rises to 35 percent. This matters because even with revenue from selling stars, clubs face strict limits on investing when salary mass is high, constraining large moves.
In broad terms, many LaLiga clubs walked into the summer with bigger coffers thanks to asset sales, while coaches faced shrinking squads and tighter salaries. Some felt compelled to cut costs rather than rebuild. As a result, LaLiga slipped to fifth in overall spending behind Europe’s top leagues: Serie A, Ligue 1, and the Bundesliga. Saudi Arabia’s league emerged as a fresh competitor, luring young talents from LaLiga, such as Gabri Veiga, who left Celta de Vigo for 36 million euros at age 19 amid developing Saudi football’s terms.
Only four in Premier imitate our League
This weekend, the Premier League showcased its usual aggressive spending, with only four clubs failing to break the 20 million euro barrier: newly promoted Luton Town, Burnley, Wolverhampton Wanderers, and Nottingham Forest.
For the rest, signings included 75 to 116 million for Declan Rice or Kai Havertz, 116 million for Moisés Caicedo, 62 million for Romeo Lavia from Chelsea, 70 million for Dominik Szoboszlai, and 75 million for Rasmus Hojlund. Manchester United and Manchester City also posted hefty figures, contributing to a league that surpassed 1.2 billion euros in spending.
Italy regained momentum with investments totaling 764 million euros. The market’s biggest transfers were not all players at astronomical prices, but a handful of clubs recorded double-digit millions in signings, a trend seen in clubs like Real Sociedad, Celta de Vigo, and Sevilla in midfield acquisitions as notable outliers.
France’s PSG led the way in outlays with 60 million for Manuel Ugarte, 50 million for Ousmane Dembélé, and 45 million for Lucas Hernández, totaling close to 700 million euros in league expenditures (686.24 million). Bayern Munich added a strategic strike force by signing Harry Kane for 100 million euros, a move once unimaginable for most Spanish clubs except Real Madrid. At 50 million, Min-jae Kim arrived in Munich from Korea, while Barcelona struggled to seal a deal for Iñigo Martínez, who joined on a free transfer from Athletic Bilbao, highlighting Barcelona’s broader financial constraints.
New threat Saudi Arabia
Saudi Arabia’s aggressive approach has become the enduring concern for European and Spanish clubs this summer. The league’s lure—lavish salaries and favorable terms—has disrupted traditional transfer patterns. Stars moved, including big names in Champions League circles, alongside significant investments in players such as Cristiano Ronaldo, Karim Benzema, Riyad Mahrez, Sadio Mané, and others like Fabinho for 47 million euros, Porto’s 60 million, and Neymar’s 90 million transfer linked to Otavio.
The sums and salaries push the envelope for Spanish clubs already strained by Europe’s stringent registration rules. Teams like Barcelona found themselves needing free transfers or zero-cost deals, while Atletico Madrid leaned on outsized signings in marginal ways. In the end, LaLiga’s response has been a mix of cuts, re-signed veterans, and strategic, often cost-conscious maneuvers to stay competitive without breaking budget ceilings. Debt remains a central issue for clubs that lose talent without compensation, potentially harming the league’s long-term appeal. [Attribution: Market analysis briefing]