Maccabi Tel Aviv is not a development club? The gap between income and expenses suggests otherwise

Jack Anglidis came to the defense of Mitch Goldhar and claimed that the owner is still willing to absorb high financial losses, but the numbers in the transfer market present a completely different picture that is hard to ignore. In just over the last three years, Maccabi Tel Aviv has become an exit machine, with record revenues of 41.7 million euros, which is about 146 million shekels, from selling players. On the other hand, the team invested only 21.6 million euros in acquisitions during this period — a little more than half the amount that entered its coffers. This is a gap of 20.1 million shekels, which is about 49 percent, as learned for the first time by Yedioth Ahronoth and ynet.

A broader look at the deals since 2023 — long after the huge moves of Eran Zahavi to China, Predrag Rajković to Spain, and Tal Ben Haim to the Czech Republic, which also brought in double-digit millions of shekels — only points to a "sellers only" trend. The list of sales in these years clearly illustrates the scope of income: Oscar Gloukh was sold for 7.35 million euros, Wesley Patati for 7.3 million euros, Daniel Peretz and Felicio Milson for 5 million euros each, Dor Turgeman and Sayed Abu-Farhi for 4.7 million euros each, Djordje Jovanović for 2.8 million euros, Parfait Guiagon for 1.6 million euros, Yonatan Cohen for 1.5 million euros, and Nemanja Stojić for 1.2 million euros. To this must be added the sale of Ilon Almog for 600 thousand euros, Eduardo Guerrero for 500 thousand euros, Eden Karzev for 460 thousand euros, Guy Mizrahi for 233 thousand euros, and Dan Biton for 200 thousand euros.

According to UEFA data, since 2020, the Yellows have brought in 45.8 million euros from their participation in European competitions, with qualification for the group/league stages of the Europa League and Conference League and ranking bonuses. Combining the income from Europe and the sale of players since then, a huge sum of about 87.5 million euros is obtained. It is important, of course, to qualify: income is not profit. According to the financial reports, Maccabi Tel Aviv is also the highest-earning club in Israeli football from the sale of season tickets and tickets, and in a normal season, its income in this item reaches 35 million shekels. To this are added millions more from merchandise and sponsorships, as well as grants that every club receives from broadcasting rights, the Toto, and the League Administration. On the other hand, the club also has a long line of heavy expenses: hosting outside the home in the last three years, games without an audience — although the club received compensation from the Ministry of Culture and Sport — flights, hotels, and the like. To this must be added an especially high budget for the youth department, player salaries, and operational and administrative costs.

"Involved on a daily basis."

"It's a bit insulting to hear what is said about Goldhar," Anglidis attacked. "We have the right to sell players. If teams offer the amount we want, and it helps the team use the money to improve, then that's fine. Maybe you don't see Mitch often, but he is involved almost on a daily basis in the club's decisions."

Anglidis' words do not change the feeling that Maccabi has become a transit station in recent years, a kind of development club that sells its assets but struggles to find worthy replacements for them. The current summer is so far the driest. Maccabi purchased the Slovenian striker Aster Soker for 1 million euros, added Dan Glazer — a bench player who arrived to bolster the squad — for 250 thousand euros, and also completed the purchase of Kristian Blić for 1.3 million euros, after he played for them on loan. In total, this is 2.55 million euros — barely the value of Douglas Owusu, who arrived at Hapoel Tel Aviv. This summer, too, a pure profit was recorded. The Yellows have already raked in a fortune on Abu-Farhi, and further deals are possible. On the other hand, according to sporting director Steven Vanharen, at most two more "welcomes" are expected. By the way, Maccabi also saved on the sidelines this summer: Kenny Miller's salary (about 300 thousand euros per season) is the lowest paid to a coach in Kiryat Shalom since Lito Vidigal.

And not only is the financial investment low relative to income from sales, but the acquisitions that Maccabi did make in recent years were not a great success, except for Milson and Patati, who were sold, as mentioned, for a total of 12.3 million euros. Stojić has also already been sold in the meantime, while Tyrese Asante remained in the squad. Hélio Varela is still far from the expectations of him and is supposed to give a much more significant season this time. Elad Madmon was purchased for 1.6 million euros after the courtship of Ben Mansford, and later wandered to Hapoel Hadera training. Henry Addo is on loan to the second division in Portugal. Hytor arrived last season for 850 thousand euros, under the definition of a "snatch" from Hungary, and he too has already been loaned out. Kervin Andrade arrived on the ticket of Milson and Patati for 1.8 million euros — the highest amount Maccabi has paid in recent times. He joined only last year, and they are already looking for a loan club for him. Ion Nicolaescu also didn't hit the mark.

Maccabi's big money came mainly from home-grown players. For Gloukh, the team received 7.35 million euros, Peretz was sold to Bayern Munich for 5 million euros, while Turgeman and Abu-Farhi brought 4.7 million each to the Yellow coffers. The problem for Maccabi is that in recent summers there has not been enough deep thinking about worthy replacements for those exits, and in the end, the well of luck is also running dry. Although Maccabi has brought in many free agents in recent years, including Joris van Overeem, Derrick Luckassen, Sagiv Jehezkel, and others, the financial investment is significantly lower and does not allow it to perform the required upgrade. Proof of this was received already this season: due to total lack of readiness, Maccabi lost to a weak team like CSKA Sofia, and now it is fighting against the Swiss Lugano for a place in the Conference League playoffs. Elimination at this stage would already be an economic catastrophe. At Maccabi, they talk about the possibility of bringing back Gabi Kanichowsky, who just two years ago asked to stay in exchange for a salary increase of less than 100 thousand euros, but his representative claimed yesterday that there are not even negotiations between the parties. This is a deal that costs at least 7 million euros. Kanichowsky earns 600 thousand euros per season at Ferencváros, even before the signing bonus. In the Europa League playoff stage, he will play against Mohamed Salah's Turkish Trabzonspor and has already secured himself a European winter. To bring him back to the club, the total cost of his salary for Maccabi would be about 5 million euros. Beyond that, the team would have to pay the Hungarians at least 2 million euros. Therefore, this seems like an unrealistic deal.