Real Madrid raised about €215m from the summer departures of more than a dozen academy graduates, a club-record return that has helped finance the rebuilding of the first-team squad, according to an analysis by The Athletic.
The figures highlight La Fabrica’s growing importance not only as a development pathway but also as a major source of transfer income.
The largest deal involved Nico Paz, with Real Madrid renegotiating his agreement with Como for €60m. Paz joined the Italian club in August 2024 and has opted to remain there for at least another season, despite Real Madrid retaining a buy-back option.
Fulham paid a combined €50m for striker Gonzalo Garcia and midfielder Cesar Palacios. Liverpool, meanwhile, paid €20m for winger Victor Munoz, although Real Madrid received half of that fee because a 50% sell-on clause had been included when he moved to Osasuna in 2025.
The money generated by those transfers has contributed to Real Madrid’s recruitment, including the signing of Yan Diomande from RB Leipzig in a deal worth up to €140m, including add-ons.
Academy graduates as transfer assets
The scale of the income reflects a long-term approach rather than the success of one transfer window. CIES data published in October 2025 showed that up to 58 players trained by Real Madrid were competing in professional leagues across the 49 competitions examined.
La Fabrica’s principal purpose is to develop professional footballers, rather than provide regular first-team places for every graduate. Opportunities in the senior squad are limited, so the club frequently sells young players while retaining a sell-on clause, often worth 50%.
The Athletic identified general director Jose Angel Sanchez as an influential figure in shaping that route out of the academy. Dani Carvajal provides an example of how leaving the club does not necessarily end a player’s Real Madrid career. He joined Bayer Leverkusen in 2012 and returned to Madrid a year later.
Real Madrid did not sell every highly rated prospect who attracted interest during the summer. Centre-back Joan Martinez and winger Daniel Yanez were among those retained by the club.
The academy system has also continued to receive investment. Real Madrid signed Granada centre-back Oscar Nassei for €2.5m and Racing Santander midfielder Sergio Martinez for €3.5m. Martinez is expected to divide his time between Castilla and the first team.
Gonzalo Garcia chose Fulham despite Mourinho wanting him to remain at Real Madrid. Palacios and Manuel Angel also moved to Fulham, where they joined former Madrid coach Alvaro Arbeloa.
The departures produced a record financial return for Real Madrid, but the central sporting question remains unanswered: how many academy graduates can establish themselves in the senior squad, including as rotation options?
