Ronald de Boer is pondering the question 'what turns a promising young footballer into an Ajax player?' There is a pause, a slight hesitancy at the risk the language might offend, but he decides to deliver it anyway.

“For me, an Ajax player is someone good technically, with good game awareness and, most importantly, someone with, how do you say, balls… They have to be strong mentality, brave, not be scared of making mistakes. That is what makes an Ajax player.”

It is a description that sounds particularly delicious in De Boer’s deep Dutch accent, but it is not said with a smile. Ajax take the development of their young players extremely seriously, perhaps placing more emphasis on their Academy than any other big club in Europe.

It is more than a business model - it is the Ajax way. Yet, it is also born out of necessity. Ajax of Amsterdam remain one of football's more glamorous names, a club with a proud history, but it has had to adapt in a new commercial world. It makes their success in the Champions League the feelgood story of this campaign.

To put things into perspective, Ajax’s annual wage bill, according to their most recent set of accounts, was just £46.6million, less than Aston Villa, Cardiff, Middlesbrough and Wolves when they were in the Championship last season. It is also around £6m a year less than Celtic, a club of similar size and stature, also unable to access the same riches as old European rivals. Ajax focus on youth development because they must.