Chelsea and Real Madrid Lead European Clubs in Market Value Decline

As the curtain fell on the 2025/26 club football season, attention across the globe has shifted to the World CupCompetition·World Cup, currently underway in the United States, Canada, and Mexico. With the international tournament set to conclude on July 19th, focus will soon revert to the upcoming 2026/27 club campaign. In the interim, Transfermarkt has released its comprehensive analysis of market value fluctuations, revealing which European clubs saw the most substantial decreases in squad valuation over the past season.

ChelseaTeam·Chelsea Football Club registered the largest decline in market value among all clubs across Europe's top five leagues. After securing the Club World CupCompetition·Club World Cup, the Blues' squad value stood at €1.32 billion in July 2025. However, this figure plummeted by €207 million over the season, settling at its current valuation of €1.11 billion. This significant drop coincided with a challenging season for ChelseaTeam·Chelsea, which saw them miss out on European qualification. Individual player valuations were also affected, with midfielder Cole PalmerPlayer·Cole Palmer experiencing a €30 million decrease in his market value.

Real MadridTeam·Real Madrid ranked second on the list of clubs with the most notable market value depreciation. The Spanish giants saw their overall squad value fall by €154 million. Real MadridTeam·Real Madrid began the 2025/26 campaign boasting the most valuable squad globally but now finds itself in fourth place. Key players Jude BellinghamPlayer·Jude Bellingham and RodrygoPlayer·Rodrygo were among those whose valuations dropped significantly. The club's performance contributed to this trend, as Real MadridTeam·Real Madrid reportedly concluded two consecutive seasons without securing a major trophy, finishing behind rivals BarcelonaTeam·Barcelona in LaLiga for the second year in a row and exiting European competition in the quarterfinals for the second consecutive time. BarcelonaTeam·Barcelona ultimately claimed the LaLiga title in the 2025/26 season.

Beyond the top two, Tottenham HotspurTeam·Tottenham Hotspur, LiverpoolTeam·Liverpool, and Athletic Club also featured prominently in the top five clubs experiencing market value declines. Interestingly, no clubs from France's Ligue 1Competition·Ligue 1 or Germany's BundesligaCompetition·Bundesliga appeared in the top 10 list, indicating a more stable market value environment in those leagues during the period.

Manchester UnitedTeam·Manchester United, while not in the top five, was ranked eleventh for market value decreases. While specific overall squad figures for their 11th position were not detailed, individual player valuations within their ranks were impacted. For instance, Manuel UgartePlayer·Manuel Ugarte of Manchester UnitedTeam·Manchester United saw a €15 million decrease in his market value during the 2025/26 Premier LeagueCompetition·Premier League season. Despite a mixed start to their campaign, Manchester UnitedTeam·Manchester United is anticipated to benefit from Champions LeagueCompetition·Champions League revenue in the upcoming 2026/27 season, suggesting their qualification for the competition in the recently concluded season.