Football clubs with the biggest gains and losses by comparing purchase value and current value
| Updated: March 12, 2025Football transfers are often measured by the huge fees paid for star players, but another key question is how well those investments hold their value over time. This week, Sportingpedia compared the total cost of assembling each squad with its current market value to reveal which clubs have increased their worth – and which have lost hundreds of millions. The analysis is based on the transfer fees paid for every player currently in a club’s squad, excluding those sent out on loan, providing a clear picture of the money invested and how that compares to the squad’s present valuation. We have highlighted the top 10 clubs with the greatest gains and the top 10 with the steepest drops between squad costs and current valuations.
The positive ranking includes clubs from four different countries, with Spain standing out through four representatives – Real Madrid, Barcelona, Real Sociedad, and Athletic Bilbao. England follows with two clubs (Arsenal and Liverpool), as does Germany (Bayer Leverkusen and Bayern Munich), while Italy (Inter) and Portugal (Sporting) each have one club in the top 10. Real Madrid tops the list with a €624 million increase, closely followed by Barcelona with €622.8 million, while Arsenal and Bayer Leverkusen also excel thanks to major gains from strategic recruitment.
At the other end, the negative ranking is dominated by Saudi Pro League teams, with four clubs recording the steepest losses due to aging squads and high spending. Manchester United, Chelsea, and Leicester add further Premier League presence among the worst performers, underlining how massive investment does not always translate into lasting value. Al-Hilal shows the biggest loss at over €214 million, highlighting the risks of costly signings with little resale potential.
Key Takeaways:
- Real Madrid leads the positive ranking with a €624 million squad value increase, followed closely by Barcelona with €622.8 million, while Arsenal, Bayer Leverkusen, and Inter each gained over €390 million
- La Liga places four clubs in the top 10 for highest value increases – Real Madrid, Barcelona, Real Sociedad, and Athletic Bilbao – the most of any league
- The Premier League has two teams among the best (Arsenal and Liverpool) but also three clubs in the bottom 10 (Manchester United, Chelsea, and Leicester
- Saudi Pro League teams occupy four of the bottom five places, with Al-Hilal recording the worst difference at –€214.31 million, followed by Al-Nassr (–€149.29 million), Al-Ahli (–€97.69 million), and Al-Ittihad (–€70.44 million)
- The top 10 positive clubs gained a combined total of €3.94 billion in squad value, while the 10 worst-performing clubs lost a combined €795 million
The best example of success in this analysis is Real Madrid. Los Blancos have spent €609 million to build the current squad, which is now valued at €1.23 billion – an increase of €624 million. Vinicius Junior, Rodrygo, and Federico Valverde were all signed as young, relatively unknown players and have all since grown into global stars, each now holding a market value of €100 million or more. Valverde and Vinicius have also risen to the role of club captains under Carlo Ancelotti’s steady leadership. Real Madrid’s recent successes on the pitch, including winning the Champions League in 2022 and 2024, have further boosted the value of their squad. The addition of Kylian Mbappe on a free transfer after his contract with PSG expired made the numbers even stronger, adding another superstar without increasing the purchase cost.
Barcelona ranks second in this ranking with a difference of €622.8 million. The club spent €391.7 million to build a squad now valued at €1.01 billion. Despite financial struggles off the pitch, Barcelona have relied on their academy and low-cost signings to rebuild their team, with players like Lamine Yamal, Pedri, Gavi, Alejandro Balde, and Marc Casado becoming key contributors and significantly raising their market values. Hansi Flick has had his hand in improving Barcelona’s performances since taking over relatively recently.
Arsenal completes the top three with a positive balance of €408.8 million. During his 5 seasons, Mikel Arteta has rebuilt the Gunners through a mix of promising young signings and internal development. The club has invested €740.2 million, and the current squad value stands at €1.15 billion. Smart recruitment of talents like Gabriel, William Saliba, and Martin Odegaard combined with nurturing home grown youths like Bukayo Saka and Ethan Nwanieri has turned Arsenal into one of the most valuable squads in Europe.
Bayer Leverkusen is fourth with a difference of €397.5 million. After spending €239.55 million to assemble the team, their current squad is now valued at €637.05 million. The rise of players like Florian Wirtz and Jeremie Frimpong, both signed as teenagers, has been key to the club’s sharp increase in market value. Xabi Alonso has played a huge part in the team’s last season phenomenal unbeaten season in Germany which saw Bayer lift the Bundesliga and DFB Pokal trophies and finish as runner-up in Europa League.
Inter sits fifth with a €390.5 million difference. The Italian club has spent €291.3 million on its squad, now worth €681.8 million. Nerazzurri’s business model has relied on free transfers and strategic low-cost deals, with players like Hakan Calhanoglu and Marcus Thuram contributing to their strong performance on the pitch and helping raise the squad’s value. Others like Alessandro Bastoni, Nicolo Barella, and Lautaro Martinez have been integral part of Simone Inzaghi’s team and were key to Inter reaching the Champions League final in 2023 and winning the Serie A title last season.
Bayern Munich ranks sixth with a €358 million difference. After investing €498 million, their squad is valued at €856 million. Bayern’s ability to consistently replace departing stars with top-level talent, combined with the development of players like Jamal Musiala, has maintained both their dominance in Germany and the high value of the team. Vincent Kompany took over last summer and the Bavarian giants are currently going through a rebuild process with recent reports of negotiations with Joshua Kimmich breaking down.
Real Sociedad follows in seventh with a €336 million difference. Real Sociedad’s strong emphasis on academy products, such as Mikel Oyarzabal and Martín Zubimendi, and solid performances under the guidance of Imanol Alguacil have helped drive the team’s value far beyond its initial cost. The squad is now worth €421 million, having been assembled for just €85 million.
Liverpool is eighth with a €302.75 million difference. After investing €664.75 million into the squad, its current market value stands at €967.5 million. Key to this growth have been the signings of Luis Diaz and Dominik Szoboszlai, combined with steady growth of academy talents like Conor Bradley, Curtis Jones, and Harvey Elliott, and strong team performances under new manager Arne Slot.
Athletic Bilbao comes in ninth with a €298.73 million difference. Their unique policy of only fielding Basque players has not stopped them from assembling a squad valued at €352.9 million, built for just €54.18 million. Stars like Nico Williams and Oihan Sancet have risen through the club’s ranks, greatly boosting the team’s overall worth.
Sporting Lisbon completes the top ten with a €297.95 million difference. The Portuguese side has spent €166.05 million to build a squad currently valued at €464 million. Sporting’s focus on developing players and selling at peak value, such as Pedro Goncalves, Viktor Gyokeres, and Goncalo Inacio, has been central to their strategy and financial success.
Al-Hilal leads the negative ranking with a difference of -€214.31 million. The Saudi club has spent €392.81 million to build their squad, which is currently valued at just €178.5 million. Despite signing big names like Sergej Milinkovic-Savic and Kalidou Koulibaly, age, injuries, and market depreciation have heavily impacted the squad’s overall value.
Al-Nassr is second with a negative balance of -€149.29 million. The club has invested €324.92 million into their current squad, now valued at €175.63 million. Cristiano Ronaldo’s arrival boosted global attention but, at 40 years old, his market value is low, and several other aging stars like Sadio Mane and Marcelo Brozovic contribute to the decline.
Manchester United ranks third with a difference of -€111.37 million. Despite spending €835.42 million to assemble their squad, its value has dropped to €724.05 million. Expensive signings such as Casemiro, Mason Mount, and Harry Maguire have not met expectations, and inconsistent team performances have further affected market values.
Al-Ahli follows with a difference of -€97.69 million. Their €267.62 million squad is currently worth €169.93 million. The club brought in established stars like Riyad Mahrez and Roberto Firmino, but their ages and limited resale potential have caused a sharp decline in value.
Al-Ittihad is next with a -€70.44 million difference. After investing €189.81 million, the squad is now valued at €119.38 million. N’Golo Kante and Karim Benzema were marquee signings, but both are past their peak years, reducing the long-term value of the squad.
Chelsea sits sixth with a negative balance of -€48.2 million. After spending €976.7 million on transfers, their squad is now valued at €928.5 million. While still one of the most expensive squads in Europe, Chelsea’s heavy spending has not translated into market growth, with players like Mykhailo Mudryk, Romeo Lavia, and Marc Cucurella struggling to justify their price tags.
Al-Arabi ranks seventh with a -€43.95 million difference. The Qatari club has invested €73.2 million in their squad, now valued at €29.25 million. Like other clubs in the Gulf region, aging signings have reduced long-term value.
Leicester City follows with a difference of -€21.14 million. Despite spending €302.44 million on their squad, its value has fallen to €281.3 million. The club’s struggles in the Premier League and the departure of key players have contributed to the drop.
Tigres are ninth with a difference of -€19.74 million. The Mexican side has built a squad for €87.14 million, now valued at €67.4 million. Many of Tigres’ core players are well into their 30s, which limits the squad’s market potential.
Sassuolo completes the top ten with a -€18.62 million difference. Now competing in Serie B, the Italian club has spent €101.72 million on a squad currently worth €83.1 million. The relegation from Serie A last season has negatively impacted Sassuolo’s overall value.