Saudi Arabian club Al Ahli has opened negotiations with Atletico Madrid to acquire Argentine midfielder Thiago Almada for approximately €30M. The deal, still in its early stages, represents another data point in the kingdom’s relentless campaign to reshape global football economics.

The numbers behind the Almada saga

Almada’s transfer history reads like a financial instrument that’s been flipped a few times. He moved from Atlanta United to Botafogo in 2024 for a record MLS fee of around $21 million plus add-ons. Atletico Madrid then acquired him from Botafogo in July 2025 for €21 million, though that only covered 50% of his economic rights, putting his total valuation near €40 million.

The €30M that Al Ahli is reportedly offering would represent a significant premium over what River Plate, another interested party, has been willing to pay. River Plate’s reported offer sits at roughly €17 million, nearly half of Al Ahli’s proposed figure.

The 25-year-old midfielder, who was part of Argentina’s 2022 FIFA World Cup-winning squad, holds a contract with Atletico Madrid through 2030. Almada has struggled for consistent playing time since arriving at the club, and when a player with a five-year contract is being shopped less than 12 months after arriving, the subtext isn’t subtle.

Saudi Arabia’s football spending as economic strategy

For Atletico Madrid, the calculus is more straightforward. They paid €21 million for half of Almada’s rights. If Al Ahli’s €30M offer is for full ownership, Atletico would be recouping their investment and then some on a player who hasn’t delivered on the pitch. If the offer covers only their 50% stake, it represents a tidy profit on a year-long hold.

What this means for the broader market

No formal agreement exists as of the latest reports, and early-stage negotiations in football collapse more often than they close. The gap between Al Ahli’s reported €30M offer and River Plate’s €17M interest gives Atletico meaningful optionality. At €30M, Almada’s inability to establish himself at Atletico raises legitimate questions about whether a move to a less competitive league will unlock his potential or simply relocate his inconsistency to a different continent.