The France forward is once again being linked with a move to the Bernabeu but there's now a transfer fee to consider, on top of his huge salary…
According to , Kylian Mbappe regretted his decision to sign a new Paris Saint-Germain contract immediately.
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Two months after lifting up a PSG kit with '2025' emblazoned on the back, standing in front of nearly 50,000 adoring fans, Mbappe was allegedly on the phone to Real Madrid, asking if the club could sign him.
claims that Madrid were noncommittal, which would make sense in the circumstances. Los Blancos had, after all, only recently been rejected by the French star, who seemed so certain to don their famous white all-white kit just six months previously.
Instead, Madrid reportedly told Mbappe to wait, and stressed that any deal for the player would come with a series of conditions – including their insistence to not enter a bidding war.
If all of this is true, it would represent an ominous sign for Mbappe, especially given Madrid have some of the deepest pockets in Europe.
It all points towards a player in purgatory in Paris, left running down his contract while he waits for Madrid to swoop.
But can Florentino Perez really afford to sign Mbappe this summer? And if they can't, who could?…
The player
This whole thing is deeper than a price tag. PSG will want a lot of money, and a few teams might consider paying it. But the real issue for Madrid is the wages.
Mbappe is under contract until 2024 and has the option to extend his deal for a further year.
Right now, he makes roughly €1.5 million (£1.3m/$1.6m) every week. That is more than Lionel Messi and Neymar, and nearly three times as much as the highest earner outside of PSG's 'big three', Sergio Ramos.
The France star will pull in €72m(£63m/$77m) in salary alone this year, and still has €216m (£190m/$231m) remaining in his contract if he stays until 2025. A €70m($75m/£60m) loyalty bonus also pops into his bank account for every year he stays.
Madrid, try as they might, simply cannot pay him that much.
Currently, Los Blancos' highest-paid player is Eden Hazard (remember him?) The Belgian is paid roughly €600,000(£528,000/$644,000) per week and, by the end of this year, will have pulled in under half of Mbappe's yearly payout.
Last summer, Madrid refused to shatter their financial model for the French star. Although Real offered Mbappe total control of his image rights, they were only willing to pay Mbappe a salary of €23m (£20m/$25m.) Of course, different tax laws complicate things.
But PSG blew Madrid's weekly offer out of the water, according to
So, Madrid can't offer more favourable financial terms than PSG, which means Mbappe will have to make sacrifices.
But he will undoubtedly make certain demands. He will definitely want to be Madrid's biggest earner. He will also probably want control of his image rights – something PSG never allowed.
Mbappe is arguably the best player in the world, and his value as a commodity – as well as a footballer – means that Madrid will have to offer him the kind of financial package that might well be beyond them right now.
AdvertisementGetty ImagesThe club
In simpler terms, Madrid will have to pay more than their pledge last summer to bring Mbappe to the club. The good news is, they can probably afford to stretch things slightly.
Madrid have been rather financially prudent in recent years, letting players come and go while dealing with the €700m (£614m/$751m) burden of renovating the Santiago Bernabeu.
Sergio Ramos and Casemiro were allowed to leave, while a number of players saw new contracts put on hold. Conveniently, and very much by design, Madrid have seven players out of contract on June 30. Among them are three of the club's top five earners: Toni Kroos, Karim Benzema and Luka Modric.
And this is where it gets complicated.
According to the latest La Liga estimates, Real Madrid are allowed to spend a maximum of €683m per year on their payroll. Last season, they used around €336m. There is, then, more than enough room for Mbappe in the budget.
And if Modric, Benzema and Kroos were all to leave, it gets even easier.
But Benzema and Modric are almost certain to stay, while the latest reports suggest Kroos is likely to.
So, is it really worth letting three of your best players walk in order to bring in one talent? It simply wouldn't make sense. Real Madrid, contrary to popular belief, will not be playing Football Manager.
There is also the Jude Bellingham issue. If Real Madrid are to sign the English international — which they are reportedly interested in doing — it will cost them up to €150m. He will also command large wages.
Los Blancos can afford Bellingham, who seems reasonably priced relative to Mbappe. But, as it stands, there's no way they can take on both while at the same time retaining their old guard.
The cost
So, the exact question changes. Madrid can, logically, afford Mbappe. But will they opt to him this summer? Does it actually make sense?
According to the , PSG want €300-350 million (£263-£306m/$321m-$426m) for their star, who doesn't have a release clause. That number would smash the world transfer record by some distance. They will likely have to bring their valuation down, given that Mbappe can leave on a free next summer. But they won't cave too much.
Still, reported that Real Madrid will not enter a bidding war for the player, nor will they negotiate on any massive numbers. It leaves the situation at something of an impasse, then.
Madrid have never shut the door on an Mbappe deal, but it would have to happen on their own terms. PSG, quite simply, will not allow that.
Everything is made further complicated by a potential payment structure. Even if Madrid were to cave to PSG's potential lofty demands, there is little chance that they have the funds or intention of paying a massive sum upfront.
Instead, they will emulate the strategy Chelsea recently employed of spreading contracts over longer periods of time in order to ease the burden of the massive financial commitment.
That will require lengthy negotiations, something Madrid are adamant they won't get into.
Add to that the open wound of Mbappe spurning Madrid's interest last summer, and an outright buy looks unlikely.
GettyWho else?
But if Mbappe is put up for sale, there will undoubtedly be some competition.
Los Blancos will face threats from across Europe, especially in the Premier League.
Manchester City, Manchester United, Chelsea and Newcastle could all make competitive offers, given their massive spending power and immense revenue from the Premier League's TV rights deals. All four are able to expand their wage budgets to meet Mbappe's lofty demands, too.
Man Utd could be particularly dangerous if Qatari Sheikh Jassim bin Hamad Al Thani completes a takeover. He would make the Red Devils one of England's richest clubs and has already promised to wipe the club of its debts.
A marquee signing would be the cherry on top.