Chelsea cracked Europe's top 3 for selling homegrown players. In the last decade, it made €442 million from its academy. Only Benfica and Ajax did better.
The business of youth academies in European football now moves figures comparable to major transfer operations. Between 2015 and 2025, only five clubs exceeded €400 million in sales of players trained in their academies, according to the most recent report from the CIES Football Observatory. This data confirms that youth development has ceased to be a sporting area and has become a structural source of revenue.
The leadership belongs to Benfica of Portugal, with €589 million generated from academy player transfers over the last decade. The figure not only identifies it as the most efficient club in this model but also places it above several teams that invest large sums in signings. On average, Benfica has generated nearly €59 million per year from homegrown talent alone.
In second place appears Ajax of Amsterdam, with €454 million, maintaining a historic tradition of youth development that combines sporting results with consistent revenue. The podium is completed by Chelsea of England, with €442 million, driven by a strategy focused on loans and the sale of young players.
Outside the top three, two teams from Ligue 1 appear: Olympique Lyon with €423 million, Sporting de Portugal with €417 million, and Monaco with €382 million. These teams reflect the weight of France and Portugal as talent-exporting markets in Europe.
The key fact of the report is that these revenues are neither extraordinary nor isolated. The leading clubs have turned their academies into business units with recurring flows. In financial terms, this reduces dependence on external capital and balances the books against transfer-market volatility.
A relevant case is Manchester City, which exceeds €400 million in academy-player sales, despite being recognized for its investment in signings. This shows that even clubs with high spending prioritize monetizing young talent.
In Spain, the first club on the list of most valuable academies is Real Madrid, with €395 million. Although it does not surpass the €400 million barrier, it remains close to the top five. The player who generated the most revenue for the club is Alvaro Morata, showing how specific sales can significantly impact the accounts.
The second Spanish team is Real Sociedad, with €266 million. Further back appear Villarreal, with figures higher than Barcelona's €203 million, and Atletico Madrid, which appears further back in the ranking with €181 million.
The comparison shows a clear difference: while clubs like Benfica or Ajax exceed €450 million, the main Spanish teams, except for Real Madrid, are below €300 million. This suggests lower efficiency in monetizing internally trained talent.
As a curiosity, Benfica has generated more revenue from academy players in one decade than several medium-sized European clubs have in their entire history from total transfers. Furthermore, its figure of €589 million exceeds the cost of multiple record signings in Europe, evidencing the scale of the model.
The report concludes that player development is consolidating as one of football's economic pillars. With revenues that in some cases exceed €500 million, youth academies are no longer just a sporting bet, but a key financial asset within the industry.
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