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Real Madrid's current financial situation means they must sell players before they can buy this summer, which could significantly hamper the club's efforts to rebuild following a dismal season.
Los Blancos officially surrendered the title race on Sunday evening, suffering a flat 2–0 loss to Barcelona, who now enjoy an insurmountable 14-point advantage at the summit of La Liga with only three matches remaining in the 2025–26 campaign.
For Madridistas, the season's end cannot arrive quickly enough. Los Blancos' campaign has gone from bad to worse in recent weeks, as the confirmation of yet another trophyless year has been made worse by explosive reports of physical altercations in the dressing room.
This summer is set to be a period of significant change for Real Madrid, who will—in all probability—bring in a new manager ahead of the 2026–27 season. Florentino Pérez and the club's leadership will also be eager to strengthen key areas of the squad, particularly in defense and midfield.
The recent injuries to Ferland Mendy and Éder Militão have only underscored the urgency for defensive reinforcements, with the backline also set to lose Dani Carvajal, David Alaba, and Antonio Rüdiger when their contracts expire at the end of the season. Only Rüdiger has any realistic prospect of being offered a new deal.
Meanwhile, the club has yet to fill the void left by Toni Kroos and Luka Modrić in central midfield, with at least one deep-lying playmaker still firmly on the club's wish list.
Financial Issues Muddy the Waters for Madrid
Concerningly for Real Madrid's rebuilding plans, The Athletic reports that bringing in new players may not be straightforward.
"Sources with knowledge of internal planning point to the need to sell players to enable signings," the report states.
This comes on the heels of recent reports from Spain suggesting that Real Madrid's financial health is in a precarious state, following the expensive renovations carried out at the Santiago Bernabéu stadium.
The world's most prominent club reportedly carries a negative working capital of €406 million ($478 million), according to El Confidencial, while the total debt accumulated under Pérez has ballooned to a staggering €1.78 billion ($2 billion).
It is reported that as of December 31, 2025, Madrid had just €3.4 million ($4.1 million) in liquid assets—a stark contrast to the €175.8 million ($207.1 million) they held only six months earlier.
A repeat of last summer's transfer activity, which saw a net expenditure of nearly €200 million ($235 million) on new arrivals, appears highly unlikely.
Who Could Real Madrid Sell This Summer?
Several players stand out as obvious candidates to be offloaded in order to raise funds.
Eduardo Camavinga seemingly sealed his own fate with his red card in the Champions League quarterfinal second leg loss to Bayern Munich. The French midfielder, who has failed to fulfill his early potential across five seasons at Madrid, is widely expected to move to the Premier League.
Raúl Asencio and Dani Ceballos have both made headlines this season due to clashes with Álvaro Arbeloa over limited playing time. It is difficult to envision either player remaining beyond the summer, provided interested clubs emerge.
Ferland Mendy's potential departure has been complicated by his most recent injury. The 30-year-old French left back has just one year remaining on his deal.
Meanwhile, Gonzalo García caught the eye at last summer's Club World Cup but has had minimal impact throughout the season, and his chances will be further reduced if Endrick returns from his loan spell at Lyon.
Clock Ticking on Vinícius Jr Situation
None of the players mentioned above, however, would generate significant transfer income for Madrid.
The major issue that could provide a far more substantial boost to Madrid's finances is the situation surrounding Vinicius Jr.
The 25-year-old will enter the final year of his contract this summer, and there is still no indication of a renewal, despite the player's recent public declarations that he wishes to remain at the Bernabéu.
The Athletic reported last month that securing a new contract for the Brazilian international remains among Madrid's highest priorities, but talks have become increasingly complicated and protracted due to disagreements over the terms of a new deal. Madrid have shown little willingness to meet Vinicius Jr's demands, and time is running out.
With a sale of Kylian Mbappé appearing highly improbable—despite a fan petition calling for it—Vinicius Jr could be the marquee player Madrid ultimately have to at least consider selling to fund a much-needed overhaul.
Another potential avenue for raising funds could involve parting ways with Federico Valverde, Aurelién Tchouaméni, or both. Reports suggest that certain figures within the dressing room are pushing for the Uruguayan to be sold following his involvement in the training ground altercation between the two players. Tchouaméni, meanwhile, has been linked with a move to Manchester United.