Manchester City 225-0 Real Madrid

Real Madrid visit City today with a depleted squad—without a natural right-back (typically, Valverde would fill in) and missing a first-team center-back (Asencio has been called up from Castilla, while Tchouaméni is naturally a midfielder).

Despite an inconsistent season, Madrid’s performance has been far from disastrous: they lead La Liga and narrowly missed out on the Champions League Round of 16. That’s still significantly better than City’s struggles—currently fifth in the Premier League, with nine defeats, three draws, and just one win in their last 13 games.

Perhaps that explains Madrid’s decision to ride out the season with their existing squad, opting not to make winter signings, while City have gone all-in during the January transfer window.

The Citizens have spent a staggering €225 million, split across multiple acquisitions: Marmoush (€75M + €5M in add-ons), Nico (€60M), Khusanov (€40M + €10M in add-ons), and Vitor Reis (€35M). They also spent an additional €6M on Juma Bah, who moved from Valladolid before being loaned to Lens.

This isn’t an isolated occurrence but rather a continuation of a long-established trend. Over the past five seasons, City have splurged €970 million on transfers, while Madrid have spent just €299.5 million—a difference of over €670 million, or an average of €134 million less per season. Yet, despite this financial disparity, Madrid have outperformed City in the Champions League. The two clubs are meeting in the competition for the fourth consecutive season, with Ancelotti’s side winning two of the previous three encounters and going on to lift the trophy.

One thing is certain: while neither club is currently at its peak, this remains the premier matchup in European football—the modern-day Clásico of the Champions League. They are also the two most valuable squads according to Transfermarkt: City top the list at €1.3 billion, followed by Madrid at €1.23 billion. Arsenal rounds out the top three at €1.15 billion.

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Madrid’s short squad could impact their valuation, but they still boast some of the most valuable players in the world. At the very top, Haaland and Vinícius Jr. are tied at €200 million each. Below them, Madrid dominate the next tier, with Bellingham (€180M) and Mbappé (€160M) leading the pack.

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