Real Madrid’s transfer strategy falls to pieces

Real Madrid doesn’t have one problem - it has several. It’s true there’s one overarching issue: they’re not winning. This now makes two straight seasons without a major trophy, an intolerable drought for any European giant - and especially for Madrid. Winning covers everything; the absence of it casts a harsh light on everything that isn’t working. And one of the areas that hasn’t been right at the Bernabéu of late is how the club operates in the transfer market.

What’s gone wrong with Real Madrid’s signings?

The defeat at Spotify Camp Nou was the final nail in the coffin of Madrid’s 2025/26 season. It provided mathematical confirmation - if any was still needed - that this campaign has also gone the wrong way. And in the starting XI, only one of the six signings made since July 2024 featured: Trent Alexander-Arnold, who arrived from Liverpool for roughly $9.5 million - a last-minute fee to ensure he could play at last summer’s Club World Cup. Injuries have certainly played a major role here, but it’s still telling that after an outlay north of $230 million, the England fullback was the only new face present to show up in the biggest game against their eternal rival.

Real Madrid’s touch in the transfer market has clearly gone astray of late, with two key figures under the spotlight: director general José Ángel Sánchez - who also carries sporting director responsibilities - and head of international scouting Juni Calafat. In the past, their hit rate was remarkable, both in terms of performance and resale value: Vinícius Júnior, Rodrygo Goes, Feder Valverde, Éder Militão, Martin Ødegaard, Thibaut Courtois, Aurélien Tchouaméni, Antonio Rüdiger, Ferland Mendy…

To varying degrees, all of them contributed to Madrid’s recent era of success. The best example is the 2023 summer window: a major investment in Jude Bellingham ($120 million), a smaller bet on a high-upside talent like Arda Güler ($24 million), and a low-cost return to fill a very specific role (Joselu). The result in 2023/24? A Liga-Champions League double, with Bellingham delivering superstar performances, Güler offering flashes of brilliance, and Joselu chipping in 18 goals as a luxury supporting piece.

Endrick, Carreras, Mbappé, Huijsen…

A complete success. Even more so when contrasted with the last two off-season windows. In 2024, Kylian Mbappé arrived on a free, and his numbers speak for themselves - but so does the fact that he joined a Madrid side already crowned domestically and in Europe, and under his leadership on the field the team has gone two seasons without silverware. Endrick also came in, but saw limited action last season and even less at the start of this one, leading to a loan move to Lyon. He’ll return, but for now the investment ($40 million guaranteed plus $30 million in add-ons) hasn’t paid off.

But this current season has been the most wasteful of all in that regard. At Camp Nou, Dean Huijsen (down with the flu), Álvaro Carreras and Franco Mastantuono were all on the bench. Combined, they represent an investment of around $200 million. All three are young - there’s time to turn things around - but they will emerge from this campaign carrying far more doubts than they had when it began.

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