The Most Expensive Transfers in Spanish Football History Reassessed

The top ten most expensive transfers in the history of Spanish football, when calculated with a value for 2025, differ significantly from the commonly recognized list.

For instance, the second player is not Martín Zubimendi, for whom Arsenal paid €70 million last summer after his move from Real Sociedad. Instead, it is Gaizka Mendieta, the former midfielder for Valencia and Barcelona, who was transferred to Lazio in 2001 for 48 million euros (8 billion pesetas), equivalent to approximately €94 million today.

Interestingly, Real Madrid does not appear as a buyer in this list of major transfers, although it is present as a seller. In contrast, Atlético de Madrid features prominently with their acquisition of Diego Costa, and Barcelona is noted for the purchase of Ferran Torres.

Less surprisingly, Lazio stands out as the only non-English club making significant purchases, a trend established 25 years ago with Mendieta’s transfer, highlighting how financial power has shifted in recent years.

A report by Betfair utilizing its ‘Calculator’—which incorporates variables such as inflation and currency fluctuation based on transactions conducted in pesetas—has recalibrated the true costs of these historic transfers to their current equivalents. Applied to Spanish footballers, Kepa Arrizabalaga’s transfer to Chelsea in 2018 from Athletic Club now surpasses €108 million, making him the only Spanish player to exceed the €100 million mark in this updated valuation.

Fernando Torres’ move from Liverpool to Chelsea rises from 10th to 5th place in this new assessment, with a real cost of over €90 million, closely rivaling what Alvaro Morata’s transfer from Real Madrid to Chelsea would amount to today—nearly €91 million, which is €25 million more than the original fee paid in 2017.

Notably, Morata ranks as the 5th highest in terms of transfer fees in global football history when adjusted for current costs. His various transfers between Juventus, Atlético de Madrid, and Chelsea, among others, would total approximately €281 million today, reflecting a difference of €64 million from their original fees.