The Football Observatory (CIES) published on Wednesday (11th) a ranking with the financial results of transfer operations completed over the last five years, that is, in the last ten windows.
Regarding the two transfer periods linked to the 2025/26 season, the most negative balance was recorded by the current Premier League leader, Arsenal, which spent 362 million euros.
While the financial efforts of the Gunners may have been worth it so far, those of the second team with the most negative balance in the period, Liverpool (minus 244 million euros), have a somewhat more questionable result, given the sporting performance so far – 6th place in the Premier League.
The same observation, at least in terms of results in the national league, can be made for the two teams with the most negative net spending in the last ten transfer windows: Chelsea (minus 883 million euros) and Manchester United (minus 859 million euros).
On the other end of the scale, the team with the most positive balance this season is Monaco, with 148 million euros.
If we consider the last five years, Benfica tops the list of clubs that have profited the most from transfers, with 346 million euros.
The board led by Rui Costa invested heavily in reinforcements during this period – specifically, 465 million euros.
However, this spending was largely surpassed by the approximately 811 million euros raised from the sale of players to the elite of European football, ensuring the Portuguese club's isolated leadership in the ranking.
The "factory" of Seixal and the scouting department of the Eagles continue to yield valuable fruits.
In this list of million-dollar departures, names like Enzo Fernández (sold to Chelsea for 121 million euros) and Darwin Núñez (to Liverpool, for 85 million euros) stand out.
During this period, the Portuguese club is ahead of other clubs famous for developing players, such as LOSC Lille (273 million euros), Ajax (270 million euros), and RB Salzburg (242 million euros).
All the numbers presented in the study include bonuses/variables (add-ons), regardless of their actual payment, as well as resale percentages (sell-ons).
Brazilian Giant in the Top-15 🇧🇷
Regarding clubs outside Europe, Palmeiras has consolidated its position as one of the major powers in the global transfer market, occupying the 14th position worldwide among clubs that have profited the most from negotiations in the last ten windows.
Verdão is the only South American club to feature in the Top 15 and leads the ranking among all teams outside Europe, recording a significant positive balance after moving about 371 million euros in sales and 226 million euros in signings over the last five years.
This financial performance was driven by a strategy that combines the development of elite talents with sales at times of high valuation.
- Main Departures (Sales): The profit generation was driven by the departures of Endrick (72 million euros, to Real Madrid), Estêvão (61.5 million euros, to Chelsea), Richard Ríos (27 million euros, to Benfica), and Vitor Reis (30 million euros, to Manchester City).
- Main Arrivals (Investment): The club reinvested heavily by bringing in names like Vitor Roque (ex-Barcelona, for 25 million euros), Paulinho (ex-Galo), Ramón Sosa, and Facundo Torres, as well as Árias, also for 25 million euros, coming from Wolverhampton.
This article was translated into English by Artificial Intelligence. You can read the original version in 🇧🇷 here.
