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.
