In 2024, $8.59 billion was spent on international transfers. Yet, the biggest transfer coup did not include a transfer fee at all. Real Madrid contracted long term target Kylian Mbappé on a free transfer after his PSG contract ended. With a market value of €180 million, it made Mbappé the free signing with the highest market value.
The attacker was already expected to leave the French club on a free in 2022 but eventually signed a two-year contract extension. This time Mbappé chose not to extend his contract – giving him power over his own future. His move to Real not only meant the realisation of a long held dream, but also a financial coup in the form of a signing-on bonus of reportedly €125 million.
It is characteristic for how players have more power about their careers than ever before. They can and will run down their contracts to give themselves a better negotiating position with their current or a new club. But what factors have played a role in the power shifting from clubs to players?
Bosman ruling
The first increase in player power came on the back of the Bosman ruling in 1995. The European Court of Justice (ECJ) decided there could be no restrictions on foreign EU players within national leagues. More importantly, players could move to a new club at the end of their contract without their former club receiving a transfer fee. This gave players the right to sign pre-contracts six months in advance and more freedom to change clubs. Essentially increasing their control over their careers.
Edgar Davids was one of the first high-profile players to move on a free transfer. After two consecutive Champions League finals, one of which was won, the Ajax academy product moved to AC Milan. Apart from the midfielder, three other players from that successful Ajax side – Michael Reiziger (1996), Patrick Kluivert, and Winston Bogarde (both 1997) – also moved to I Rossoneri. These players took advantage of their ending contracts and the Bosman ruling to secure higher financial returns – as the pay was far better in Italy – and play in a bigger competition.
Free transfers by Premier League Top Six
Afterwards, the number of free transfers increased. With the annual percentage of international transfers conducted without a fee having been fairly stable between 85 and 88 percent since 2014 (2023: 85 percent).
These free transfers, however, are mostly to smaller clubs and in lower-level leagues. The number of free signings by major English clubs has not been tremendously high in the last decade. Between 2015/16 and 2024/25, the Premier League Top Six made 34 such transfers.1 With the players contracted having an average market value of €7.4 million. Excluding transfers for keepers – accounting for 35 percent and often a sort of stopgap – the average market value rises to €10.5 million.
Chelsea signed eight players on a free during this period, the most amongst the six clubs. Also, twice as much as both Arsenal and Tottenham Hotspur. Manchester United signed six and Manchester City five players for free. Whereas Liverpool signed seven players, including James Milner from City in 2015.
Except for Liverpool, all clubs have signed more players on a free between 2019/20 and 2024/25 than between 2015/16 and 2018/19 than. In addition, the average market value of the free transfers rose from €5.4 million to €8.8 million. Suggesting that these clubs have become more open to signing players on a free and/or that more players are willing to run down their contract to secure such moves.
Contracting high value players on a free
During the decade, Arsenal’s free signings had the highest average market value with €11.8 million. United ranked second with €10.5 million. Yet, striking is that 83 percent (five) of the Red Devils’ signings were 30 years or older.
Arsenal’s high average market value was driven by the signing of Willian from Chelsea in 2020/21. The Brazilian had the highest market value – €22.5 million – of a free signing by the Top Six since 2015. Chelsea offered Willian a two-year deal but were unwilling to match Arsenal’s three-year offer. As a free agent, the midfielder had the power to choose and chose the longer contract. However, only three months in, he felt like quitting Arsenal. At the end of his first season, he moved to Brazil – foregoing major financial returns.
Behind Willian, three free signings had a market value of €20 million. Tosin Adarabioyo moved from Fulham to Chelsea in 2024. While United contracted Zlatan Ibrahimović from PSG in 2016 and Christian Eriksen from Brentford in 2022. Especially Eriksen benefitted from being a free agent. Given his medical history – he suffered a cardiac arrest at the 2020 European Championship – his options were limited had he had a running contract. But with no transfer sum to pay, more clubs were willing to take a risk, and the Danish midfielder ended up at United.
Club appeal
Major clubs from other Big Five leagues have made more free transfers between 2015/16 and 2024/25. The difference is possibly caused by the Premier League Top Six having more budget to spend on transfer targets. Therefore, having less interest in free transfers.
Likewise, Real Madrid – the highest revenue generating club in 2023/24 with over €1 billion – has also only contracted four free signings. Yet, with €69.3 million, the average market value of their signings is far higher than for other clubs. Which is mostly driven by Mbappé (market value of €180 million), but also by landing David Alaba (€55 million) and Antonio Rüdiger (€40 million).
Interestingly, these transfers have all been made in the second half of the decade. Similarly, Barcelona have made all their 10 free signings since 2021. Whereas the free transfers were opportunities for Real Madrid, for Barcelona they were driven by their financial predicament. The average market value of Barca’s signings is therefore also lower with €24 million. Still, it is higher than for the Premier League clubs. Because, despite the risks involved and the unfavourable stories, Barcelona still appeals to players.
Their financial situation also resulted in them losing star player Lionel Messi on a free to PSG in 2021/22. For the Paris club it was a productive summer with four major free transfers. Apart from the Argentinian, they contracted Gianluigi Donnarumma, Sergio Ramos and Georginio Wijnaldum. The Dutch midfielder especially profited from the power of being a free agent. He improved on his Liverpool salary of €4.6 million by earning €12.7 million.
5 free signings with high market values by European top clubs between 2015/16 and 2024/25 [source: Transfermarkt1]
| Player | Market value | When | From | To |
|---|---|---|---|---|
| Kylian Mbappé | €180 million | 2024/25 | PSG | Real Madrid |
| Lionel Messi | €80 million | 2021/22 | Barcelona | PSG |
| Gianluigi Donnarumma | €60 million | 2021/22 | AC Milan | PSG |
| David Alaba | €55 million | 2021/22 | Bayern Munich | Real Madrid |
| Milan Škriniar | €50 million | 2023/24 | Inter | PSG |
Power shift
Significant changes in the market in recent years have also affected the power balance between clubs and players. First, there has been an inflation in transfer sums. In 2001, Zinedine Zidane’s £48 million transfer from Juventus to Real Madrid broke the transfer record. In 2017, the record was set at £200 million when Neymar decided to join PSG from Barcelona. Even non-superstars have enormous price tags these days.
Moreover, financial regulations are stricter. It forces clubs to be more efficient with their spending. Including looking for quality players on a free or with short contract durations. Clubs must make the trade-off between offering existing players higher value contracts to retain them or to spend enormous amounts on replacing them. In essence, giving players more power to negotiate contracts, especially when they become free agents.
Liverpool’s 2024/25 situation was characteristic for this change in power shift. While being on course for a second Premier League title, the Reds were in limbo on three key players’ future for most of the season. Mohamed Salah, Virgil van Dijk, and Trent Alexander-Arnold were all in their contract’s final year. Liverpool offered all three new deals, but the ball was in the players’ court. In the end, Salah and Van Dijk extended their contracts with two seasons until 2027. Likely earning more than Liverpool would have wanted. Yet, Alexander-Arnold – the academy product, the youngest, and with the highest market value (€75 million) – decided against renewing.
Power struggles
Similar situations have led to contract standoffs and power struggles in recent years. With clubs deciding not to register or play players if they want them to leave or to renew their contracts. Chelsea, for example, did so with Ben Chilwell at the start of 2024/25. The fullback was frozen out of the squad because he did not feature in Enzo Maresca’s plans. With no club eventually reaching an agreement, Chilwell was reintegrated and played 45 minutes before going out on loan to Crystal Palace in the season’s second half.
In 2022, Ousmane Dembélé was left out of the Barcelona squad after failing to agree to a new contract. The forward felt blackmailed and the Professional Footballers Association in Spain warned the club over their potential illegal treatment. In the end, the Frenchman let his contract run down before signing a new two-year deal two weeks later. A year later Barcelona sold him to PSG for €50 millions.
Risks and rewards
Letting their contract run out, generally gives players more options for their future. For some, it may result in them playing for far bigger clubs than had they not been available on a free. Like Eric-Maxim Choupo-Moting who moved from Stoke City to PSG on a free (market value of €8 million). Subsequently, he was picked up transfer free by Bayern Munich. He may never have ended up at those clubs – where he won amongst others five league titles and the FIFA Club World Cup – if he had not been a free agent.
While there can be such rewards, there are also risks involved. Victor Valdes decided against renewing his Barcelona contract in 2013, looking for a new challenge. However, after tearing his anterior cruciate ligament his proposed free transfer to Monaco broke down and he was left without a club.
Shifting fan loyalty
Apart from regulation chances and clubs’ financial challenges, players have also more power due to a shift in fans’ loyalty from clubs to players. Especially the younger generation seems to better identify with players – who have become brands and are marketed as such – than with clubs.
Social media and (international) streaming and broadcasting aids this tremendously. Giving fans more access than ever before. This player versus club loyalty is visible in the number of social media followers of both.2 The Premier League Top Six, for example, has an average Instagram following of 43 million. Yet, Liverpool star Salah has almost 65 million followers. Which comes closer to the following of PSG (63 million) and Juventus (60 million).
Real Madrid and Barcelona are even more popular with over 175 million and 141 million followers. Dwarfing the Premier League sides. Yet, they in turn fall short of superstars like Cristiano Ronaldo (654 million), Lionel Messi (505 million), and Neymar (229 million).
The Spanish giants’ current stars are followed to a lesser extent. With striker Robert Lewandowski at 38 million followers and rising star Lamine Yamal at 33 million.
Real Madrid’s record free signing Mbappé has 124 million followers. Ahead of winger Vinicius 53 million.
Clubs can utilise the powershift
It is up to clubs to alter their strategy and benefit from this shift in power and fan loyalties. Like Tottenham has taken advantage of Heung-Min Son’s status in South Korea. Before Son joined in 2015, Spurs had few fans in the Asian country. By 2020, research concluded that Spurs were the most popular foreign club (21.4 percent), ahead of Manchester United (6.1 percent). Their fifth pre-season visit to the country in 2025/26, shows how Spurs recognise Son as an asset off the field as well and try to profit from it.
At the end of the day, players are the product. More than ever, players are aware of this themselves and try to take advantage of it. All clubs can do, is utilise these changing circumstances to their advantage.