Xabi Alonso to Real Madrid? How Much the Spanish Giants Might Have to Pay for Leverkusen’s Mastermind

As Real Madrid contemplate a managerial overhaul ahead of a critical summer, one name continues to dominate the conversation — Xabi Alonso. The former midfield maestro has not only transformed Bayer Leverkusen into an indomitable force in German football but has also positioned himself as one of the hottest managerial properties in Europe.

However, bringing Alonso back to the Santiago Bernabéu won’t be straightforward. According to multiple sources, prising the Spanish tactician away from Leverkusen may require a significant financial commitment — potentially placing him among the most expensive managers in the sport’s history.

A Meteoric Rise in the Dugout

Taking over a struggling Bayer Leverkusen side in October 2022, Alonso inherited a squad teetering on the brink of relegation. Within two seasons, he orchestrated one of the most astonishing turnarounds in recent memory. By mid-2024, the club not only clinched the Bundesliga title but did so without suffering a single defeat in the domestic campaign — an extraordinary feat that captured global attention and earned Alonso widespread acclaim.

Real Madrid’s Managerial Conundrum

While Carlo Ancelotti remains a revered figure in Madrid, especially after securing both La Liga and the Champions League in the previous season, recent events have cast doubts over his long-term future. The club’s disappointing Champions League exit at the hands of Arsenal has intensified speculation. Several reports now indicate that Ancelotti’s reign could conclude as early as the upcoming Copa del Rey final against Barcelona — regardless of the outcome.

Real Madrid’s leadership is believed to be keen on installing a new manager before the Club World Cup in June. Alonso, given his legacy at the club and tactical brilliance, has emerged as the prime candidate.

Contractual Complexity and Transfer Valuation

The road to Alonso’s appointment, however, is paved with financial hurdles. As per Bayer Leverkusen’s sporting director Simon Rolfes, Alonso is tied to the German outfit until 2026. Importantly, there is no release clause embedded in his deal. This leaves Real Madrid at the mercy of Leverkusen’s valuation — which, unsurprisingly, is steep.

Spanish outlet AS reports that the Bundesliga champions might consider letting their coach go for around €10 million (£8.6 million). However, Sky Germany presents a more costly scenario, suggesting the figure could range between €15 million and €20 million (£12.9–17.2 million).

Should Madrid agree to pay the upper limit, Alonso would not only become the most expensive managerial signing in La Liga history but also rank third globally. Only Bayern Munich’s acquisition of Julian Nagelsmann from RB Leipzig (£21.7 million) and Chelsea’s short-lived investment in Graham Potter (£20 million) would eclipse the fee.

Early Negotiations Underway

While no official agreement has been reached, conversations appear to be in progress. Sky indicates that Alonso’s representative, Inaki Ibanez, has been in dialogue with Madrid’s hierarchy for over two weeks — well before the club’s Champions League elimination. Yet, with Leverkusen under no obligation to sell, the financial terms remain the pivotal stumbling block.

Alonso’s Cautious Tone Amid Growing Buzz

Despite the escalating noise, the man at the centre of the storm remains composed. Speaking to reporters recently, Alonso stated: “For us [the rumours about Real Madrid] are nothing. We’re focused on the season ahead. We have to remember that the season isn’t over yet. We still have five league games left to play, and we must keep that very clear in our minds.”

“We shouldn’t talk about the future; it’s not good for us to lose focus. The issue isn’t important now. I don’t want to talk too much about speculation, rumours, or the future. I’ve never done that with the players or the team. It’s not good for proper preparation.”

A Return That Hinges on Respect and Resources

Bringing Xabi Alonso back to the Santiago Bernabéu would not only be a homecoming filled with sentiment but also a calculated move by Real Madrid to usher in a new era of modern footballing ideology. However, the financial commitment required to secure his services remains a critical factor. With no release clause in Alonso’s contract, the final sum rests entirely at Bayer Leverkusen’s discretion. If Madrid are indeed serious about securing their former midfield general, they may need to break records in the process.

That said, there may be room for negotiation. In an interview with The Athletic, Leverkusen CEO Fernando Carro offered a glimmer of hope for Madridistas: “He has no exit clause, but we have a gentlemen’s agreement. If a team he has played for comes, we will sit down and talk about it and we will not put any obstacles in the way.”

This informal understanding could pave the way for more flexible talks, especially given Alonso’s history with the Spanish giants. Yet, for now, the 42-year-old remains fully committed to his current role. He will next be seen patrolling the technical area on April 26, as Leverkusen continue their remarkable Bundesliga campaign with a clash against Augsburg.

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