After five trophy-less years, Real Madrid, one of the most expensive squads in football history, has ended a season without silverware.
Their elimination from the Champions League at the hands of Bayern Munich, combined with Barcelona’s victory in El Clásico that sealed the LaLiga title, condemned Real Madrid to a campaign without a trophy for the first time since the 2020/21 season. Under Florentino Pérez’s presidency, this marks only the fifth season where the club has failed to lift a trophy—a stark reminder of how painful a blank season is for Madridistas accustomed to adding to their vast collection.
Despite outward calm among the fanbase, Real Madrid has just endured one of its biggest failures in history. Knocked out early by Albacete in the Copa del Rey, beaten by Barcelona in the Spanish Super Cup, and losing to Bayern in the Champions League, the only hope for a title rested on LaLiga. That hope was dashed by Hansi Flick’s side, whose 2-0 win in El Clásico sealed the league for the Catalans and confirmed a trophy-less season for Madrid.
The drama of winning nothing is even sharper considering Real Madrid possesses the most valuable squad on the planet, valued at €1.34 billion. This market value makes them the highest-valued team ever to finish a season without a single trophy.
Four players in the locker room are valued at €100 million or more, led by Kylian Mbappé at €200 million.
With Barcelona securing the league title, Real Madrid will surpass Arsenal as the most expensive club to end a season empty-handed. Arsenal did so last season with a squad worth €1.128 billion. Ironically, if Mikel Arteta’s side fail to win the Premier League or their first Champions League, the Emirates club will beat their previous record and become the second-most valuable team—after Madrid (provided Los Blancos also win nothing)—to finish without titles. Arsenal’s squad is currently valued at €1.23 billion.
Chelsea could also join this list this season. The Blues, valued at €1.16 billion, can avoid it by winning the FA Cup, where they face Manchester City in the final.
Barcelona also features among the top 10 most valuable squads to finish a season without silverware. In the 2019/20 campaign, their squad was worth €998.4 million, starting under Ernesto Valverde and ending with Quique Setién. Interestingly, in both 2021/22 and 2023/24, the Catalans also failed to win any trophies, but their squad value in those seasons was far from the leading teams.
The economic strength of the Premier League creates a double-edged sword: English clubs strengthen year after year, pushing their squad values to the top of the rankings. However, when those clubs fail to win titles, they also top the list of most valuable teams ending a season without silverware. This explains why seven out of the ten most expensive squads that finished a campaign without a new trophy compete in the English league.