One of the factors that most conditions the club’s growth, at least in the Chen Yansheng era, is the lack of income from player sales. Since the arrival of the Chinese entrepreneur, Espanyol has only invoiced 115 million euros in terms of transfers: 48.5 for sales of youth players and 66.5 from other players who came from abroad. This figure, compared to that obtained by the other 15 clubs that, since 2016, have lost a maximum of one season in Primera, places the white-and-blues as the fifth worst seller. Espanyol narrowly surpasses much more modest teams such as Levante (85 million) or Getafe (67), and is close to Celta (134) and Athletic (145), who have not been relegated to Second in the It was Chen. Projects such as Betis and Real Sociedad (215) or Villarreal itself (317), which have entered in six years 2.7 times more than the white-and-blues, are quite far behind.
“We haven’t made any big sales in the last three years”, said the Chinese businessman a few months ago, to claim that they had retained talent. Since the 2020-21 season, Espanyol has only made 23 million euros in transfers. A very low number which, added to the fact that the owner does not want to face new capital increases, means that Espanyol’s economic capacity in the signing market is very limited: less than 15 million spent in the last three seasons. An investment that makes it difficult to compete with other First League clubs. In the same time, Sevilla has spent 142; Villarreal, 97, and Real Sociedad, 65. But not only European aspirants have spent much more than Espanyol: Almeria has paid 76 million since 2020; Getafe, 54; the Celtic, 34; Elche, 27, and Mallorca, 26. The fight for permanence is getting more expensive.
The balance sheet of Chen’s Espanyol in the market leaves a negative balance of around 6.7 million euros, because it has invested 122 (it is the ninth Primera team that has spent more on signings since the Chinese businessman acquired the club). Villarreal, despite spending 248, has gained nearly 69 with closed operations since 2016. Profits similar to those of Real Sociedad (62). Earning much more than is spent, however, does not necessarily imply good sports management: Valencia has earned 87 million (has spent 321 and has received 408) and, on the other hand, sportingly speaking, has had more results discreet than Betis, which invested 212 million and received 215 (surplus of 3 million).
Espanyol does not revalue players
Since Rastar Group controls the majority of Espanyol’s shares, the club has incorporated (via transfer, assignment or incorporation of free agents) a total of 57 footballers. 16 of them, 28%, were loanees who did not follow a second year (or who are currently at the club) and who, therefore, were operations without an option for a future transfer. Even more significant, however, is that more than half of the additions made, 31 (54%) were players over 27 years old. Of these, 19 (33%) were aged 30 or over. In other words, footballers in the final stage of their careers for whom Espanyol has not been able to obtain future financial income.
Of the 57 players signed during Chen’s tenure, at the moment, Espanyol has only managed to generate a surplus with two of them: Borja Iglesias (+16.6 million) and Mario Hermoso (+12.5). El Panda and Gerard Moreno, moreover, are the only players for whom the club has paid more than 15 million in the last six years. In the same period, Villarreal has managed to surpass this figure with a total of nine players: Vietto, Pato, Bailly, Musacchio, Bakambu, Rodri, Castillejo, Fornals and Estupiñán. The club from Castellón bought them for 58 million (less than the 61 that Espanyol spent during the course of the relegation in six signings) and sold them for 221. Signing well and selling better, the stone in the shoe of Chen’s mandate.
