da wazamba： Florentino Perez has invested intelligently to piece together the most well-rounded team in the sport

da fazobetai： Real Madrid fans used to hate Vinicius Jr. The mercurial Brazilian, now the Ballon d'Or frontrunner and consensus world-class talent, couldn't stop missing chances. He did all of the right things asked of a modern winger; he beat his man, made dangerous runs, and put in a shift defensively. In terms of effort, there was little more he could have done for the famous white shirt.

But when it came to the crucial bit – putting the ball in the net – he was maddeningly inconsistent. Around that time, in the 2018-19 season, Vinicius began to feel like an expensive mistake, a pricey venture into the emerging South American market that didn't quite work out.

Now, five years down the line, and a further €800 million (£680m/$870m) later, every skewed opportunity feels like it was worth it. These days, Vinicius is deadly, and the centre-piece of something resembling a juggernaut. What seemed to be a pricey mishap has proven to be the first of a new wave of signings, the maiden investment in turning an ageing squad into Europe's most talented team.

Madrid have spent big in recent years, but they've also spent well, and have set themselves up for both short- and long-term success.

GettyVarying success

Florentino Perez wasn't always the most intelligent club president during his first spell at the helm. In an effort to grow the Madrid brand as much as improve the footballing product, he proposed the idea of the "Galacticos." Every summer, he demanded, Madrid must buy the best player in football – regardless of the price. Throw them all together, put trust in a manager, and surely this team could win domestically and in Europe.

And so the big names came in. Madrid broke the world record – then €60m (£54m) – to buy Luis Figo in 2000. Zinedine Zidane arrived a year later, Los Blancos smashing their own mark to the tune of a €78m (£70m) fee. Throw in Ronaldo in 2002, David Beckham in 2003, Michael Owen in 2004, and this looked like a super team.

Except, it didn't quite work out that way. The Galacticos were good, but perhaps should have won more. Whether it be an imbalanced squad or poor coaching – or both – they weren't the dominant side Perez envisioned. They went trophy-less from 2003-2006, and Perez resigned from his post in February 2006.

He returned three years later, however, and went big again. Over the next five years, Cristiano Ronaldo, Karim Benzema, Xabi Alonso, James Rodriguez, Gareth Bale and Luka Modric – among others – arrived to be managed by a series of celebrity coaches, notably Jose Mourinho. The big spenders were back.

That nearly 10-year era yielded immense success, both domestically and in Europe. But by 2018, that generation was ageing and had started to grow stale. Something had to change.

AdvertisementReal MadridRaiding South America

European football has always shown interest in the South American market. Indeed, Ronaldo, Ronaldinho, Neymar, Lionel Messi and co. all had to come from somewhere. But Madrid, historically at least, had been loathe to venture into it – such was their power on the European stage. Why sign prospects when they could afford the biggest names in Europe whenever they wanted them?

That approach changed with the growing influence of head scout Juni Calafat. The failed footballer-turned-top recruiter had a deep understanding of the global talent pool. Spanish-born but raised in Brazil, Calafat knew that there was talent in the Americas that could be bought, trained and perfected in the Spanish capital. And when Perez famously presented him with the demand to "not let another Neymar slip through the net" after the Brazilian playmaker chose Barcelona over Los Blancos, Calafat went to work.

The next Neymar didn't exist, so instead Calafat went about signing a slew of South American talents, some cheap, others pricey, to help form the next generation of this Madrid side. Signed in 2018, Federico Valverde was first, brought in from Uruguayan giants Penarol and sent straight into the Madrid youth set up. Then came the more established names: Vinicius, Rodrygo and, most recently, Endrick.

The latter three, all teenagers when their moves were agreed, cost a total €150m – hardly a cheap outlay. Should Endrick follow in the footsteps of his two Brazilian predecessors, that investment might just be worth every penny.

Talent over experience

While Madrid knew there was value in South America, they didn't ignore what was happening in Europe, and indeed went about investing in young talent closer to home, too.

Eder Militao was the first example, brought in from Porto in 2019 for €50m (£43m/$57m). At the time, the Brazilian wasn't quite ready for the Madrid first team, and made just 15 La Liga appearances in the 2019-20 campaign. But he worked his way into the side, and was among the best centre-backs in the league for a three year period – before seeing his progress stalled by a torn ACL last August. Ferland Mendy was also brought in for a similar fee, and is starting to show why many believed he could be a long-term replacement for Marcelo.

They did much the same with Eduardo Camavinga. The Rennes midfielder was regarded as one of the top teenage talents in Europe, having bossed Ligue 1 since the age of 16. It was assumed that he would move to a team where he could immediately play, before then seeking a bigger deal down the line, but he instead went to Madrid for €40m (£34m/$47m) in August 2021 in the knowledge that Los Blancos wouldn't be able to guarantee him a starting spot. Camavinga accepted a bench role, and has since grown into a regular starter with the departure of Casemiro and the impending retirement of Toni Kroos.

Madrid took a similar approach with Aurelien Tchouameni. More expensive, and not quite as immediately effective as his compatriot, the former Monaco man seemed primed to be an outright replacement for Casemiro. Although he hasn't quite hit his best for Los Blancos, manager Carlo Ancelotti managed to adapt without him in the XI in 2022-23 before bringing the best out of him over the course of the most recent campaign.

GettyStill dealing in superstars

There have, of course, still been the big-money ventures – the superstars. This is Real Madrid we are talking about, after all.

Thibaut Courtois rather forced Chelsea's hand with a late transfer request after Madrid came calling in 2018, but still cost €39m (£35m/$48m). He has since developed into one of the best shot-stoppers in the world, with another impressive Champions League final performance only reinforcing his claim as being among the game's best.

Jude Bellingham, meanwhile, arrived In typical Madrid style, as his arrival was steadily orchestrated for months. Publicly, it seemed that the midfielder was torn between Liverpool and Madrid, but behind closed doors, Los Blancos had already put the work in to make things happen. They flattered Bellingham with meetings from Zidane, and laid out a vision in which he could become a crucial part of the emerging project – a modern Galactico. Ten months after he first donned a Madrid shirt, the initial €103m fee looks like a bargain.

And now, Kylian Mbappe is arriving. Technically, Los Blancos haven't sent a penny to Paris Saint-Germain for his signature, but they have still invested heavily to get Mbappe to the Bernabeu. His salary is comfortably the highest at the club, while Madrid have committed to a gaudy €130m signing bonus – spread out over the course of his contract – to secure the world's best forward. There are vague concerns about his tactical fit into the side, but this is a player who Madrid couldn't afford to let slip.