Transfers: Real Madrid with the most negative transfer balance (-€181m) after the 2 windows (CIES)

Real Madrid CF (Laliga Santander) was the club that posted the most negative financial balance (purchases-sales) during the summer 2019 and winter 2020 transfer windows, with a result of -€181m, according to the CIES Football Observatory in its weekly post published on 10/02/2020.

Over these two consecutive transfer windows, the Madrid club generated €149m in revenue from player transfers, but spent €330m on acquiring players. Real Madrid are ahead of Aston Villa FC (Premier League, -€169m) and FC Barcelona (Laliga Santander, -€166m). In the Top 20 clubs with the "most negative transfer balances" are eight Premier League clubs, six Serie A TIM clubs and three Bundesliga clubs. The Ligue 1 Conforama is represented by just one club, AS Monaco FC (-€121m).

Conversely, Chelsea FC (Premier League) was the club with the most positive transfer balance (+€205m), after spending €45m and generating €250m in revenue. The English club is ahead of Sport Lisboa e Benfica (+€166m) and AFC Ajax (+€137m). Clubs from 13 different leagues feature in the Top 20 clubs with the "most positive transfer…