When clubs announce player transfer fees, the figures can be surprising.
However, the actual money clubs receive can be quite different.
Benfica’s latest financial report sheds light on how much of last summer’s major sales remained in Lisbon and how much went elsewhere.
One notable name for Manchester United supporters is Alvaro Carreras.
Carreras, who came through United’s academy, moved abroad and made a high-profile transfer to Real Madrid last summer.
The reported fee was £43 million (€50 million).
At first glance, this seems like a significant profit for Benfica.
However, the club’s official accounts reveal a more complicated situation, as noted by Record.
“The final sale of the player Carreras to Real Madrid for £43 million (€50 million) generated a profit of £31.5 million (€36.627 million) after deducting £11.5 million (€13.373 million). This includes: (i) the retention of the solidarity mechanism, (ii) commitments to third parties based on the payment plan, and (iii) the net book value of the athlete’s rights at the time of sale,” according to the Report and Accounts for the first half of the 2025/26 financial year.
In simpler terms, even though Madrid paid £43 million (€50 million), Benfica’s actual profit after deductions was about £31.5 million (€36.627 million).
Solidarity payments, which share part of transfer fees with clubs involved in a player’s development, along with commitments to third parties and accounting updates, significantly reduced the final amount.
Carreras’ story adds an interesting twist. The Spanish left-back joined Manchester United from Real Madrid’s youth setup in 2020, progressing in the club’s academy before gaining senior experience on loan.
Although he never fully broke into the first team at Old Trafford, his development path eventually took him back to Spain and into one of Benfica’s biggest transfers of the summer.
Carreras wasn’t the only case highlighted in the report.
Orkun Kokcu’s transfer to Besiktas followed a similar pattern, where the total transfer number did not accurately reflect the net gain for the club.
The figures often presented in headlines don’t show the entire story.
In Carreras’ situation, the numbers indicate that even a major sale doesn’t always lead to a large profit.