$140 Million Man Moisés Caicedo Shows How Transfers Have Evolved

Soccer transfer fees keep swelling.

Even after forward Neymar’s €222 million ($263 million) move from Barcelona to Paris Saint Germain six years ago—a world record fee—transactions around the €100 million ($110 million) mark remained a big deal. That’s less the case now, though.

This year, agreements for Declan Rice (Arsenal), Enzo Fernández (Chelsea), Mykhailo Mudryk (Chelsea), and Jude Bellingham (Real Madrid) have all surpassed this point. And the European market is still open for high-priced reinforcements until September. Firmly on the global scene, well-backed sides from Saudi Arabia can sign players until September 20.

Ecuadorian talent Moises Caicedo illustrates the transfer phenomenon best. Having been courted by Premier League club Chelsea for some time, Liverpool suddenly entered the race to sign the Brighton and Hove Albion midfielder with a €128 million ($140 million) proposal on Thursday. However, the steal has seemingly hit a wall, with the player reportedly holding out for a move to Chelsea despite the Reds wanting him as their most expensive acquisition ever. Wherever he ends up, he is poised to smash the British transfer record of €121 million ($132 million) held by Chelsea’s Fernández.

Besides the money itself, 21-year-old Caicedo demonstrates how quickly prices have inflated. In 2017, he left Independiente del Valle—an Ecuadorian side with an excellent youth system—to join Brighton for €4.5 million ($5 million). Jump forward two and a half years, and two English powerhouses are reaching deep into their pockets after seeing him play 45 matches in the English top flight.

Wealthy ownership models have somewhat accelerated the process. Saudi Arabian side Al-Hilal has already tried and failed to attract Kylian Mbappé this summer after tabling an unprecedented €300 million ($329 million) one-year offer for the Paris Saint-Germain striker. And while most sides don’t have those financial resources, such teams inject more money into an already burgeoning market.

That midfielder Caicedo is poised to switch from one Premier League club to another further demonstrates how wealthy the competition is now. Compared to other elite European divisions like La Liga, spending across the board is superior. Indeed, Real Madrid’s €103 million ($113 million) punt on Bellingham makes up around the Spanish division’s outlay this summer. On the other hand, marquee names such as Bellingham and Germany-bound Harry Kane can at least raise competing leagues’ status and harness their brand.

Amidst all this, agents and teams are often patient and reactive in an unpredictable market. For example, shortly before the Caicedo pursuit became public, Liverpool was locked in negotiations for another squad option—Southampton sweeper Roméo Lavia. Once an opportunity arose, it unexpectedly pivoted from this cheaper proposition to someone much higher in profile amid initial doubts over how much the Reds could spend.

Yet, as Brighton proves, it’s about more than who makes the highest bids. With an enviable scouting and recruitment department, plus a soon-to-be nine-figure transfer profit made on a player signed two seasons ago, it’s playing the game as best as it can—six years after its ascent to the top tier when that reality was unthinkable.

Buyers must pay top dollar for their stars, even when shopping for players outside the Champions League teams. Look no further than Caicedo.