By Andrea Caropreso
Index
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In modern football, it’s not all about petrodollars. There are clubs that, partly by philosophy and partly by necessity, invest in youth. Developing homegrown players, or more generally nurturing raw talents within their ranks, also represents a way for a footballer to eventually generate a capital gain. In fact, more clubs operate this way than one might think, since only a handful in Europe can afford “super top” signings. The rest must rely on ideas and creativity.
The Atalanta Model: The Exception of Italian Football
While in countries like the Netherlands or Portugal youth investment has been a constant for years, in Italy the Atalanta model can be considered unique. In Bergamo, over the last decade, the youth academy has become the economic and sporting engine of a club that has established itself at the top of Serie A and in Europe. It’s no coincidence that Atalanta is often referred to as the “best academy in Italy.”
The figures back this up. Between 2019 and 2024, Atalanta earned €521 million from player sales, against around €370 million spent on acquisitions. The positive balance of €152 million testifies to the efficiency of the model. These capital gains don’t just come from homegrown players (such as Ruggeri), but also from smart purchases of unpolished gems, later developed and sold to the highest bidder.
The highly discussed striker Rasmus Højlund, for instance, was bought for €17 million and sold to Manchester United for €75 million just two years later. Similar paths were followed for players like Romero and Diallo. Thanks to this transfer philosophy, Atalanta has been able to completely renovate its stadium—one of the few modern ones in Italy—and purchase new land to expand the training center, with 3-4 pitches and facilities hosting around 400 young players.
The Ajax Model: Tradition and Sustainability
On the same wavelength, we can look at Ajax. The historic Dutch club is an institution in developing and showcasing young talent. Economically, the club’s finances are constantly replenished thanks to its academy products who join the first team as soon as they are ready.
Since the 2013/14 season, Ajax has earned around €380 million from academy-grown player sales. This figure is impressive given the size of the Eredivisie and the club’s overall revenues. For perspective: in 2022/23, Ajax registered €196 million in revenues and €39 million in net profit—a result unimaginable without consistent youth development. The highlight was the 2019 Champions League semifinal run, when Ten Hag’s young squad eliminated Real Madrid and Juventus.
Emblematic sales include De Ligt to Juventus (€75m), De Jong to Barcelona (€86m), and Van de Beek to Manchester United (€45m). Some players struggled outside Amsterdam, but they guaranteed Ajax significant funds to plan for the future.
The Benfica Model: The Factory of Youth Talents
Finally, we come to Benfica. Portugal’s most successful club, with two European Cups under Bela Guttmann, has also managed to thrive in the modern era of Arab-owned superclubs. Thanks to its UEFA ranking, Benfica even qualified for the inaugural Club World Cup held two months ago in the U.S.
Over the last decade, Benfica has turned its academy into a revenue machine. According to CIES, since 2014 the club has generated over €516 million from youth player sales. Widening the scope, total transfer profits over the decade reached €743 million—placing the “Eagles” at the top of this global business model.
The most striking case is João Félix, sold to Atlético Madrid in 2019 for €126 million, though his career hasn’t fully matched expectations.
The benefits are clear. In the most recent semester, Benfica posted a net profit of €40.3 million, despite disappointing Champions League results. Much of this comes from transfers, which in some years have accounted for over 50% of revenues. Truly a “ youth talent factory” in Lisbon.
Looking ahead, these models may become more than just financial necessity. UEFA itself is pushing in this direction, encouraging clubs to develop homegrown players and U23s by granting extended squad lists in European competitions.
By Andrea Caropreso
