Has Real Madrid Secured The $165 Million Rated Star?

Has Real Madrid achieved a major breakthrough in the race to sign Borussia Dortmund star Jude Bellingham? It certainly appeared that way on Wednesday, when first Marca and then Italian transfer expert Fabrizio Romano reported that Real Madrid had reached personal terms with the 19-year-old English midfielder.

Well-informed Sport1 writer Patrick Berger quickly backed both of those reports. Berger also added that on top of Liverpool, Man City was now also out of the race to sign Bellingham. But Berger also tweeted the all-important caveat, Real Madrid still has to reach terms with Dortmund.

That is a pretty big caveat. According to a report by Transfermarkt, Dortmund will want a package that, in its entirety, would reach €150 million ($165 million). According to Transfermarkt, widely regarded as the benchmark for market value evaluations, Bellingham’s current market value is €120 million ($132 million), and that evaluation is considered the base for any club wanting to negotiate a deal with Dortmund.

And Dortmund is in complete control. Bellingham remains under contract until 2025, and the Black and Yellows are not shy of turning down a hefty fee to keep the player for an additional year rather than selling right away—Jadon Sancho is a good example.

For now, Dortmund is wholly committed to securing its first title in ten years. “We want to become champions here in Bundesliga; it’s our total priority,” Dortmund sporting director Sebastian Kehl said to Sky Sports when asked about a potential Bellingham transfer. “We’re subordinating everything else to that right now.”

The Spanish newspaper AS, in the meantime, reported on Thursday that Real Madrid has denied that the club has any agreement in place with Bellingham. The club did, however, admit that they are interested in Bellingham but that they expect Dortmund to sell to the highest bidder.

Again, Dortmund is in control in that department, and Bellingham has no exit clause. Furthermore, the title contender has had contract talks with Bellingham to renew the Englisman’s contract beyond 2025. The Real news could very well be a ploy to give Dortmund an indication of what the player deems a fair package.

All cards are, therefore, in Dortmund’s hands? Not so fast. There is also an argument that Dortmund wants to conclude this saga quickly. The Black and Yellows are within a shout of a title, but the squad also has some significant holes to be filled if Dortmund wants to challenge Bayern Munich more regularly. Selling Bellingham could create the funds to make this happen, and that aspect speaks for a fast conclusion.

A fast conclusion will likely happen after matchday 34 when the Bundesliga title is either won or lost. Either way, Bellingham is now officially the subject of one of the most intriguing transfer stories of the summer.

Manuel Veth is the host of the Bundesliga Gegenpressing Podcastand the Area Manager USA at Transfermarkt. He has also been published in the Guardian, Newsweek, Howler, Pro Soccer USA, and several other outlets. Follow him on Twitter: @ManuelVeth