In the ever-volatile world of European football, few clubs have experienced as dramatic a transformation in recent months as FC Porto. With the arrival of Italian coach Francesco Farioli just over three months ago, the Portuguese giants have undergone a profound overhaul, both on and off the pitch, that has caught the attention of fans, analysts, and rivals alike. But as Porto rises, another European heavyweight, FC Barcelona, faces a very different set of challenges—namely, a mounting mountain of debt stemming from years of high-profile transfers. As the 2025/26 season unfolds, the contrasting fortunes of these two storied clubs offer a revealing snapshot of the shifting landscape in continental football.
According to Portal dos Dragões, the mood around FC Porto has changed dramatically since the disappointing end to last season. Back then, the team—first under Vítor Bruno and later Martín Anselmi—left supporters and the club’s management, led by André Villas-Boas, feeling frustrated and let down. Results fell short of expectations, prompting the administration to make a bold move: entrusting the club’s recovery to Francesco Farioli. The decision, though risky, has already proven to be a masterstroke.
Farioli wasted no time in stamping his authority on the squad. He restructured the team, focusing on building a more solid, effective, and disciplined unit. The numbers speak for themselves. Excluding a goalless draw in the Clássico against archrivals Benfica, Porto has emerged victorious in nine out of their ten official matches this season. That remarkable run has propelled them to the top of the Portuguese championship, giving them a three-point cushion over Sporting and putting them in a strong position to advance to the Europa League’s round of 16.
The transformation hasn’t just been about results. Porto’s defense has become a fortress, conceding only two goals so far—a statistic that would make any European contender proud. But it’s not just the back line that has improved. Offensively, the team has found new vigor, especially in set-piece situations. Corners, once a routine part of the game, have become a real weapon in Porto’s arsenal, leading to crucial goals and points.
Farioli’s faith in youth and new signings has also paid dividends. Danish midfielder Victor Froholdt, just 19 years old and signed from Copenhagen for a fee that could rise to 22 million euros, has quickly become indispensable. He’s featured in all ten matches, starting in nine and coming off the bench only once. Polish center-back Jan Bednarek, another pillar of the defense, has formed a formidable partnership with compatriot Jakub Kiwior, who was one of the last reinforcements to join in the recent transfer window.
Other key contributors include Borja Sainz, who has also played in every match, as well as Alan Varela, Pepê, Gabri Veiga, Alberto Costa, and Samu Aghehowa. The squad’s depth has been tested by injuries—Gabri Veiga missed the Clássico against Sporting, Alberto Costa sat out two games due to physical issues, and Aghehowa was sidelined twice—but Farioli has managed to keep the team’s momentum going regardless.
Between the posts, Diogo Costa has been an ever-present figure, clocking a full 900 minutes as a starter in all ten fixtures. Meanwhile, backup goalkeepers Cláudio Ramos and João Costa, along with Tomás Pérez (currently away with Argentina’s U-20 squad at the World Cup), have yet to feature. Yann Karamoh, a surprise acquisition, has at least made the bench for the away trip to Arouca, hinting at the squad’s growing competition for places.
As Porto’s fortunes rise, the situation at FC Barcelona presents a starkly different picture. According to a recent report in the Catalan newspaper Sport, the Spanish champions are grappling with the lingering effects of a series of expensive transfers. Barcelona’s financial report for the fiscal year ending June 30, 2025, reveals that the club still owes more than 115 million euros to various clubs for players acquired in recent years.
The three most significant debts are owed to Leeds United for Raphinha (41.9 million euros outstanding from a 58-million-euro transfer), Bayern Munich for Robert Lewandowski (20 million euros remaining from a 45-million-euro deal), and Sevilla for Jules Koundé (24.5 million euros left from a 50-million-euro agreement). All three of these high-profile signings were made during the summer transfer window of 2022, and their costs continue to weigh heavily on Barcelona’s balance sheet.
But the list doesn’t stop there. Barcelona also owes 13.3 million euros to Manchester City for Ferrán Torres, 8 million euros to Betis for Emerson Royal, and more than 6 million euros to various Polish and German clubs for performance-related variables linked to Lewandowski. Even smaller debts—each exceeding a million euros—are owed to clubs such as Girona, Valencia, Rennes, and Sporting (the latter due to the solidarity mechanism related to Raphinha’s transfer).
Despite ongoing efforts to cut costs and stabilize their finances, Barcelona’s total debt to sporting entities has actually increased slightly compared to the previous year. The club’s attempts to balance the books, it seems, are being outpaced by the obligations of past deals—a sobering reminder of how quickly fortunes can change in elite football.
Yet, it’s not all doom and gloom for the Catalans. Barcelona is also owed money from other clubs, totaling 64.1 million euros, a notable rise from 35.9 million euros the previous year. Of this sum, 40.3 million euros is tied up in transfers with other sports entities. Among the most prominent debtors is none other than FC Porto, who owes Barcelona 6.7 million euros for the transfer of Nico González. Other clubs on the list include Al Ahli (4.1 million euros for Kessié), Shakhtar Donetsk (3.1 million euros for Marlon), and SC Braga (3 million euros for Pau Victor).
This complex web of debts and credits underscores the interconnectedness of Europe’s top clubs, where transfers are rarely settled in a single payment and financial health can hinge on the timely settlement of old deals. For Porto, the current focus is firmly on the pitch and the remarkable turnaround engineered by Farioli. For Barcelona, the challenge is to manage their obligations while remaining competitive at the highest level.
As the season progresses, the fortunes of FC Porto and FC Barcelona will be watched closely—not just by their own supporters, but by clubs and fans across the continent. In football, as in life, fortunes can change quickly. For now, Porto’s revival and Barcelona’s balancing act offer a fascinating study in contrasts at the top of the European game.
