Real Madrid have opened the summer transfer window at full throttle, bringing in Marc Cucurella, Denzel Dumfries, Bernardo Silva and Ibrahima Konate as part of a sweeping squad overhaul ahead of Jose Mourinho's return, following a deeply disappointing title-less campaign.
According to Portuguese newspaper A Bola, a significant portion of the funds used to finance those arrivals has come from the sale of players who did not make a single first-team appearance last season.
Real Madrid raise £92m from players who barely featured
The Spanish club have so far generated £92m from player sales, with the standout operation being the sale of Nico Paz to Como for £51m.
That deal has become the second-most expensive sale of a homegrown player in Real Madrid's history, surpassed only by Alvaro Morata's transfer to Chelsea. Madrid retained a buy-back option of £68m (€80m) for the following season.
Another significant deal was the departure of Victor Munoz. Following a standout season on loan at Osasuna, the midfielder was signed by Liverpool, who triggered his release clause of £34m, of which £17m went directly to the Bernabeu.
The list of profitable sales also includes defender Mario Gila, who moved from Lazio to AC Milan, and Uruguayan forward Alvaro Rodriguez, who signed for Bournemouth.
According to A Bola, each of those deals generated £13m (€15m) for the club. A further £3m (€3.5m) was received for the sale of Mario Martin to Getafe.
Further income could still follow. Sergio Arribas, one of the leading scorers in the Spanish second division, is eyed by Liverpool and expected to leave Almeria for around £21m (€25m), with Real Madrid in line to receive an estimated £11m (€12.5m) from that deal.
Real Madrid using the market to correct their 2025 planning
The pattern of Real Madrid's summer activity reveals a significant shift in the club's strategy.
Just one year after a major investment aimed at solving structural weaknesses in the squad, the board has returned to the market to reinforce exactly the same positions, a clear signal that the bets placed last summer did not deliver the expected returns.
The previous window saw around £145m committed to Alvaro Carreras, Dean Huijsen, Trent Alexander-Arnold and Franco Mastantuono across the left flank, central defence, right flank and attack. None of the four established themselves as indispensable players, and all were absent from the 2026 World Cup.
With the new signings factored in, Real Madrid will have directed approximately £210m across two transfer windows to address broadly the same areas of the squad.