Barça, Julián Álvarez and the effects of a model based on fear

BarcelonaAfter the express signing of Anthony Gordon in the early days of the summer transfer window, Barça made an initial offensive for Julián Álvarez. But while Newcastle gladly accepted the 70 million fixed plus 10 in variables offered by the Blaugranas, the mattress makers considered the initial offer of 100 million for the Argentine striker to be insufficient. The entry of Real Madrid into the scene and the public offer of 150 million for Julián are part of the football theatre, halfway between a gesture for show by the newly re-elected president Florentino Pérez and the meringue intention of increasing the transfer fee so that if the Spider ends up in Barcelona, it is at the highest possible price.are part of the football theatre, halfway between a gesture for show by the newly re-elected president Florentino Pérez and the meringue intention of increasing the transfer fee so that if the Spider ends up in Barcelona, it is at the highest possible price.

But this three-way fight between Barça, Madrid, and Atlético for the same player goes beyond the economic aspect and is part of a business model that La Liga would like to change. The reluctance among the big teams to buy and sell footballers among themselves contrasts with what happens in competitions like the English Premier League, where it is common for stars to move from one club to another but without necessarily moving countries. In other words, there is not so much fear of strengthening the rival, because in the end, this money will be used to strengthen oneself with a player who leaves another opponent, and so on. Just look at the ranking of English signings in 2025: of the 20 most expensive transactions, 10 were made between clubs in the British Isles, with Alexander Isak's signing for Liverpool (150 million euros paid to Newcastle) being the most expensive of all.

The problem arises when it's the European clubs that want to fish in England, as this constant exchange of transfers on British soil – some of which are more about balancing the books than sporting reasons – has led to a bull market. In the Premier League, therefore, the 70 million the Barça has paid for Gordon are reasonable. However, those around Barça are wondering if this investment is truly justified.

But the truth is that Barça constantly needs to look for reinforcements outside the League. When it knocks on the door of a Spanish team, it is met with a blatant refusal. Last summer, Espanyol refused to sit down and talk about the departure of Joan Garcia, who arrived at Camp Nou after Barça paid over 25 million for his release clause. Athletic Club also didn't want to sell Nico Williams, who, if he had ended up at Barça, would have also meant paying over 50 million for his clause. Going back, one can review the archives to see the difficulties the blaugrana team had when they wanted to sign Jules Kounde, then at Sevilla, or the absurd signing of Antoine Griezmann, who, in addition to the initial 120 million, also cost an additional 20 million after a lawsuit from Atlético de Madrid for having negotiated with the player without permission.

Real Madrid also has difficulties signing players, although Los Blancos have used a different formula to gain the complicity of the mid-to-low table clubs in the League. Knowing that talent developed in the Madrid academy rarely gets a place in the first team, Florentino and his team have woven a notable network of loans and low-cost sales among the top-tier clubs. A win-win, as you start by looking good by strengthening a team that doesn't compete with you for the title; and if this player eventually gains value, you can always buy them back or collect the corresponding percentage of a sale to a third party.

Little global money to sign players

However, this model does not convince Javier Tebas, who would prefer a transfer market in full swing, with many more operations and at a higher price. The president of the employers' association, who oversees strict compliance with fair play, would like that, now that he can afford it, Barça would buy talent from a La Liga club at a high price, that this club would use the money to strengthen itself with someone from the squad of a third state club and, thus, complete a cycle that would boost the competition and make it grow economically.

The problem, and this is where the Premier League model becomes an obstacle again, is that the Spanish competition suffers from endemic problems, such as the commercialization of television rights. Even if La Liga collects them jointly, the distribution among clubs is not equitable, which is why Barça and Madrid, followed by Atlético de Madrid, receive a larger share of the pie. Most clubs have little cash, and when a foreign club wants to sign an emerging star, they have very little room for maneuver. In the short term, it turns out they make more money without strengthening a direct rival. In the long term, they find they cannot replace this key player on the pitch, either because the local rival does not want to sell or because the talent is abroad and the price is unaffordable.

While waiting to see what happens at the World Cup, and whether some players may devalue or revalue, Barça will continue to insist on Julián. The fact that Atlético is in the hands of the investment fund Apollo may facilitate things, as long as the offer – which could be with money and some footballer in return – is substantial. However, if it is successful, it will be for a purely economic reason. Because the desire of Gil Marín (CEO), Enrique Cerezo (president), or Mateu Alemany (sporting director) to see their star striker end up playing for Barça is nil. All three prefer to do business with other leagues.