Issue number 283 of the CIES Football Observatory Weekly Post presents the financial balance for transfers carried out by clubs worldwide during the last two transfer windows. Real Madrid recorded the most negative balance (- €181 million) ahead of Aston Villa (- €169 m) and Barcelona (- €166 m). At the opposite end of the table are Chelsea (+ €205 m), Benfica (+ €167) and Ajax (+ €137 m).

The seven fee paying transfers concluded by Real Madrid during the summer 2019 and winter 2020 transfer windows had a total estimated cost of €330 m (add-ons included). During the same period, the incomes generated by the Spanish team for the release of seven other players were €149 m. On its side, Chelsea earned €250 by transferring 16 footballers, while it only spent €45 m to reinforce its squad (Mateo Kovačić).

At the level of the five major European leagues, the net balance for transfer operations range from - €844 million for the English Premier League and + €106 m for the French Ligue 1. Negative balances were also recorded in the Spanish Liga (- € 418 m), the Italian Serie A (- € 407 m) and the German Bundesliga (- € 263 m).