CIES ranking: Al Hilal worst, Manchester United among biggest losers in five-year transfer test

The CIES Football Observatory published a new ranking that measures which clubs fared best and worst in the transfer market over the last five years, and the results include several surprises.

Instead of simply totalling transfer fees, the study compares two key balances: the net difference between what a club paid for incoming players and the income it received from selling players who have since left, and the difference between the fees paid for current squad members and their present market value. Using that combined approach, the Observatory produced a league table of transfer performance covering the previous five years.

Who gained and who lost

At the positive end of the list sits Eintracht Frankfurt, ranked as the club that made the best business in transfers in the examined period. They are followed by Real Madrid (a result the study partly credits to Mbappé arriving on a free transfer and Arda Güler costing only 30 million), PSG, Benfica, Manchester City, Stuttgart, Villarreal and Leipzig.

On the opposite side, Saudi giants Al Hilal occupy the bottom spot as the least successful club in terms of transfer balance. Immediately after them appear Manchester United, Al Nassr, Tottenham, Al Ittihad and Al Ahli.

The CIES methodology aims to account both for realised profit from past sales and for unrealised losses or gains within current squads, which can produce markedly different rankings than simple expenditure lists. The study covers the five-year window ending with the most recent transfer cycles.

The ranking adds a new perspective to debates about spending and recruitment strategy, highlighting clubs that have converted relatively modest outlays into value and others that have not recouped their investment.

Photo: press material from the event