Football · The Window LedgerPublished · 2026-08-17
The Window Ledger
€801m in, €903m out: LaLiga's 2025/26 ledger across 661 moves
What the league paid, what it recouped, and the 83% of its business that carried no fee at all.
THE BACK PAGE · the money behind the move · ACTUAL SPORTS MEDIA
Across 2025/26, LaLiga recorded 661 incoming moves. 113 of them carried a disclosed fee; the other 548 (83%) were frees, loans or undisclosed.
Spent
€801m
Disclosed incoming fees, 2025/26.
Banked
€903m
Disclosed fees received, 2025/26.
Net
−€102m
Spend minus receipts. Not a profit-and-loss — wages and amortisation are not in this record.
Deals with no disclosed fee
83%
Undisclosed is a real outcome, not a missing number, and is never estimated here.
| Player | From | To | Fee |
|---|---|---|---|
| Dean Huijsen | Bournemouth | Real Madrid | €62.5m |
| Álvaro Carreras | Benfica | Real Madrid | €50.0m |
| Franco Mastantuono | River Plate | Real Madrid | €45.0m |
| Álex Baena | Villarreal | Atlético | €42.0m |
| Ademola Lookman | Atalanta | Atlético | €35.0m |
| Georges Mikautadze | Lyon | Villarreal | €31.0m |
| Dávid Hancko | Feyenoord | Atlético | €26.0m |
| Joan García | Espanyol | Barcelona | €25.0m |
A league ledger measures money moved, not quality bought. The share of business done without a fee is the number most often skipped, and it is usually the majority of it.
Transfer record, fees and market values: ACTUAL TRANSFER MARKET (actualtransfermarket.com). Analysis: ACTUAL SPORT INTELLIGENCE.
Confidence HighEvidence Actual Sport IntelligencePublished 2026-08-17Partial wages, amortisation withheld — the evidence didn't support it
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