Ajax are no longer kings of the transfer market and it's costing them big

Milan Keskin

• Updated: 18 Feb 2026 03:39 CST
• 5 min read

Analysis

There was a time when Ajax almost automatically hit the jackpot whenever a top European club knocked on their door.

For years, the Johan Cruyff ArenA served as a breeding ground for the absolute world elite. Frenkie de Jong, Matthijs de Ligt, Hakim Ziyech, Donny van de Beek, Antony, and Lisandro Martinez all left for fees that other Eredivisie clubs could only dream of.

Ajax didn't even have to actively offer players - Europe's creme de la creme needed no invitation to chase the Amsterdam club's players. But those days seem to be over for now.

That era is a thing of the past. Ajax still sell players, but not for the same amounts and certainly not with the same ease. Where once a mega transfer seemed to happen every summer, things are now remarkably quiet.

The golden years: everything fell into place

The foundation for the sales pipeline was laid by Marc Overmars and Erik ten Hag. Overmars brought in players with a clear plan, while Ten Hag built a dominant and recognisable team that also made an impression in Europe.

Ajax played modern, attacking football and were successful. That's the ideal combination if you want to sell players at a high price. The absolute highlight was, of course, the 2018/19 season, when Ajax reached the Champions League semi-finals and knocked out clubs like Real Madrid and Juventus.

Suddenly, all of Europe was looking to Amsterdam again. Frenkie de Jong left for Barcelona for €86 million, and Matthijs de Ligt went to Juventus for €85.5m. Hakim Ziyech and Donny van de Beek followed shortly after, both leaving for around €40m.

After Ten Hag's departure, Ajax once again cashed in on mega-sums with the sales of Antony and Lisandro Martinez to Manchester United. Ajax had everything going for it during that period. The players were exceptionally good, the team was performing at a top level, and the club had a rock-solid negotiating position.

Even during the decline, Ajax continued to earn big fees

When Ajax began to decline in terms of performance and finished only third in the Eredivisie in 2023, the sales machine kept churning for a while. Edson Alvarez, Mohammed Kudus, and Jurrien Timber still brought in a combined €111m.

This was mainly because these players had already proven themselves, including in the Champions League. They were still benefiting from the reputation Ajax had built in the preceding years.

The last major sale was Jorrel Hato. The 19-year-old defender fetched €44m last summer, confirming his status as one of Europe's brightest talents. All the same, it now feels like he will be the last mega-transfer for the foreseeable future.

The new reality

Kenneth Taylor is perhaps the perfect example of how things have changed. The midfielder was one of Ajax's most important players last season under Francesco Farioli, and his Estimated Transfer Value (ETV) rose to €31.7m.

After Hato's departure, Taylor was even the squad's most valuable player. Yet Ajax sold him to Lazio this winter for just €16.9m. That's almost half of his ETV. A few years ago, a player with that profile and role would likely have left for a much higher fee. This demonstrates that Ajax have less bargaining power than before.

The main reason is simple: Ajax are no longer a European powerhouse. Top clubs pay the highest fees for players who have proven themselves at the highest level, in strong teams that compete for trophies and go deep in Europe.

That is precisely what Ajax did under Erik ten Hag, and not anymore in recent years. As a result, top clubs are looking at Ajax players differently. They still see talent, but less security. And less security automatically means lower transfer fees.

Even the top talents are scarcer

Another important factor is that Ajax have produced fewer players in recent years who clearly belong to the future world elite. Players like De Ligt and De Jong were exceptional at a young age and made a difference at the highest level.

These kinds of players command the absolute top prices. Ajax still develop good players, but the difference between a good player and a potential world-class player is enormous. And it's precisely that category that determines how effectively you sell.

At the same time, there are clear signs that a new, promising generation is emerging. Players like Jorthy Mokio, Sean Steur, Rayane Bounida, and Mika Godts are seen internally and externally as potential top players.

They possess the profile, talent, and ceiling to deliver major transfers in the future, although it is expected that many of these talents will remain with Ajax next summer. Ultimately, Ajax's model remains the same.

The club must train and develop players, and sell them at the right time. The difference from a few years ago is that Ajax first need to stabilise their own sporting performance to regain that absolute top status.

Because only when Ajax are consistently competing at the highest level will the mega-transfers follow automatically.

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