A new report from the CIES Football Observatory highlights which clubs are generating the most value in the global transfer market—and, more importantly, which are consistently monetizing player development.
At the top of the rankings is SL Benfica with €589 million in transfer-related value created, followed by AFC Ajax (€454 million) and Chelsea FC (€442 million).
Benfica and Ajax’s presence reflects long-established models centered on identifying, developing, and selling talent at scale. Chelsea, meanwhile, has emerged as one of the most active trading clubs in Europe, frequently buying and selling young players as part of a high-volume transfer strategy.
Much of Chelsea’s recent revenue has come from selling academy-developed players such as Mason Mount and Conor Gallagher, as well as offloading high-profile signings like Christopher Nkunku and João Félix when they failed to secure consistent first-team roles.
However, that aggressive transfer activity has come at a cost. Chelsea recently reported the largest pre-tax loss ever recorded by a Premier League club, underlining the financial risks tied to its approach.
Academy Systems Become Profit Engines
The report also highlights how elite English clubs are increasingly turning academy systems into major revenue generators. Chelsea (€366 million) and Manchester City (€318 million) lead in income derived specifically from academy-developed players.
This shift reflects a broader evolution in football strategy, where youth development is no longer just a sporting asset but a core financial pillar. Clubs are now generating significant returns even from players who never establish themselves in the first team.
Global Market, Structured Pathways
Beyond the top three, clubs such as Olympique Lyonnais, AS Monaco, Sporting CP, Real Madrid, SE Palmeiras, and Bayer Leverkusen complete the top 10.
The study identifies 19 different national associations within the top 100, underlining the increasingly global nature of player development. South America remains a key supplier of talent, while Europe continues to act as the primary marketplace—but the pathways between the two are now more structured and commercially optimized than ever.
Development Defines Value Creation
CIES defines “training clubs” as those responsible for a player’s development between ages 15 and 21—a period that increasingly determines long-term transfer value.
The findings reinforce a clear trend: clubs with strong academy infrastructure, effective contract management, and well-timed player sales are best positioned to generate sustainable transfer income while remaining competitive on the pitch.