From 300 million euros to 70: the devaluation of Girona in two years
The club defends that the balance of the operations is balanced and that it has reinvested all the income, it has lost more than 200 million in squad value
GironaIn just two years of difference, the market value of Girona's squad has devalued by more than two hundred million euros: it has gone from 297.90 in the 2023-24 season to 68.60 in 2026-27 —the highest in the Second Division, mind you—. The sporting aspect, of course, has suffered and has gone from competing in the Champions League to returning to the Second Division, where this Saturday they will visit Sporting (16:15 hours, LaLigaTV Hypermotion).
In this period of time, the economic results of football player purchase and sale operations have left positive figures: according to the specialized portal Transfermarkt, the club has brought in 182.05 million euros and has invested 81.9, with a total of 100.15 in its favor. The club, however, maintains that the accounting balance of the operations is balanced. “The money goes to the pitch, everything is reinvested here. What happens is that people make some calculations where they take the transfer price, which we could say is the gross number, and think that it all goes into the till. This is not the case: first, no one pays you in cash, except when a release clause is paid. To have the real profit figure, it is necessary to count that before selling a player there has been a prior investment, and then there is the book value (amortization, expenses, salaries, et cetera). The good news is that large investments have been made in footballers that have allowed us to make great sales. It is a circle that feeds itself. In the last four seasons we have invested more than 100 million, and we have generated a figure a little lower, but similar. And if we take the accumulated results of the last seven years, the picture says that we are at zero or in the negative. Everything has been reinvested,” said Ignasi Mas-Bagà, the general director of Girona, at the market balance press conference.
The reality shows that in the sporting aspect, little by little, the model eleven that managed to finish third in the First Division in the best historical season for Girona has been dismantled. In the thrashing against Las Palmas, only the goalkeeper Paulo Gazzaniga remained, who has lost the trust of the public after a series of poor performances and was booed every time he touched the ball with his feet. David López could also be included in the equation, although physical problems prevent him from competing regularly. Of the rest, none remain.
The four highest sales in the 96 years of the Gironins' life have arrived in this space of time: Artem Dovbyk (41.10 million), Ladislav Krejci (30 million), Miguel Gutiérrez (20), and Aleix Garcia (18). Four of the five most expensive signings have also taken place: Yáser Asprilla (18 million), Vladyslav Vanat (15), Ladislav Krejci (12), and Abel Ruiz (9).
The fall, step by step
The first post-Champions League market left results of 70.40 million in revenue (“gross figures”, as Mas-Bagà emphasizes) between the aforementioned Dovbyk and Aleix, but also Pau Víctor and Iker Almena. It must be remembered that Girona lost Èric Garcia, Yan Couto, and Savinho without seeing a single euro in return, because they were playing on loan. To counteract this, it spent 50.20 million on Asprilla, Krejci, Abel, Miovski, Francés, Arthur, and Van de Beek. Staying up was a close call after the slump by Míchel's team in the second half of the season: the margin was just one point.
The following year, the last one, Girona received 58.50 million for Krejci, Miguel, Yangel Herrera, Miovski, Ylias, or the loan of Solís, and invested 27.35 in Vanat, Bryan Gil, Ounahi, Fran Beltrán, and the loan of Hugo Rincón. There was no escape anymore, and relegation was a reality on the final matchday, after a draw at Montilivi against Elche in which a victory would have guaranteed staying in the elite.
To finish, this season, the one of the return to the Second Division, which has started with 4 points out of 9 possible, the entity has received a good chunk, with 53.15 million divided between Azzedine Ounahi, Minsu Kim, the remaining part of Krejci, the permanent transfer of Solís, Arnau Martínez, Joel Roca, Viktor Tsygankov, Iván Martín, and Dawda Camara.
But it has been the stingiest summer in terms of spending on new faces, with 4.35 million between Javi Boñar, Mauro Furtado, Oleksandr Pyshchur, Izan González, and Mateu Morey. The current value of Girona is 68.60 million, far from the almost 300 of two years ago, but it is the highest in the Second Division: followed by Almeria, with 59.10, and Mallorca, with 50.20. Will it be enough to return to the First Division?