By Martin Graham
Premier League clubs spent over £3bn this summer, but Real Madrid once again highlighted that success in football is not always about paying record-breaking fees. The Spanish champions have developed a reputation for persuading elite players to join them for little or nothing.
Their latest move saw Trent Alexander-Arnold arrive from Liverpool in June for just €10m (£8.4m) – a payment made solely to ensure he was registered in time for the Club World Cup. Had Madrid waited, he would have joined without a fee in 2025.
That deal extended an impressive run. In four of the last five years Madrid have secured stars for minimal cost: David Alaba from Bayern Munich in 2021, Antonio Rüdiger from Chelsea in 2022, Kylian Mbappé from Paris St-Germain in 2024, and Alexander-Arnold in 2025. Each transfer involved a player leaving one of Europe’s strongest teams to move to the Bernabéu.
Commentator Phil Kitromilides told BBC Sport that few can resist the attraction. “It doesn’t matter where you come from or who you supported – this is the pinnacle,” he said. For players like Alexander-Arnold, the chance to represent Madrid proved irresistible.
Often the process involves footballers running down their contracts because Madrid are either unwilling or unable to match high transfer demands. The club’s track record of winning trophies – and its aura – makes players accept that gamble.
This is not a new phenomenon. Back in 1988, German international Bernd Schuster crossed from Barcelona to Madrid for nothing. Others such as Steve McManaman, Michael Laudrup and Fernando Morientes also joined without transfer fees.
Kitromilides added that Madrid’s relentless pursuit of trophies has helped them foster a mystique that persuades high-profile players to let their contracts expire at their current clubs.
Risks, rewards and the players’ perspective
Not every free transfer runs smoothly. Jonathan David’s move to Juventus this summer from Lille was one of Europe’s biggest no-fee deals. His agent Nick Mavromaras revealed that several sides competed for him, and while Premier League clubs balked at high wage expectations, Juventus offered the right package.
David left on acceptable terms, unlike his team-mate Angel Gomes, who was dropped after refusing to extend his stay. Such situations underline the tensions that arise when footballers choose not to renew. Club officials, managers and supporters are often left frustrated, while the player appears to benefit.
Agent Liam Bowes explained that the choice to see out a contract is always a gamble. Circumstances at the future club can change quickly, whether through new ownership, managerial changes or financial pressures. For top talents, the risk is even greater.
The lure of a lucrative free transfer can be powerful, but it comes with uncertainty.
Unforgettable switches and who could be next
The Premier League’s most famous free-agent move remains Sol Campbell’s jump from Tottenham to Arsenal in 2001. Brokered by agent Sky Andrew, it stunned the football world because so few knew about it beforehand. Andrew still believes players are unfairly criticised, whether they leave early or fulfil their contracts.
Other names have recently become available. Dele Alli departed Serie A side Como after his deal was cancelled, while Christian Eriksen and César Azpilicueta are also searching for new clubs.
Looking ahead, the 2026 market could feature major stars. Manchester City’s Bernardo Silva and John Stones, Arsenal’s Leandro Trossard, Bayern Munich’s Dayot Upamecano and Barcelona’s Frenkie de Jong all enter the final year of their contracts.
In the Premier League, Liverpool’s Ibrahim Kanoute and Crystal Palace captain Marc Guehi – whose move to Liverpool collapsed late in the window – are two more to watch. Both have already been linked with Real Madrid.
Given Madrid’s history, few would be shocked if one or both ended up following Alexander-Arnold to the Spanish capital.
