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The €610m Real Madrid project that has ended in total failure

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Kylian Mbappe, Vinicius Jr., Jude Bellingham, Real Madrid players
Photo by Adam Pretty/Getty Images

For a club built on pressure, dominance and trophies, the 2025/26 season has become one of deep frustration for Real Madrid.

The disappointment has not only come from missing out on major titles but also from the underwhelming performances of the team’s biggest names. 

Supporters expected a squad packed with world-class talent to respond, but the opposite has happened across much of the campaign.

More worrying for many inside the club is the fact that the same problems are now appearing for a second consecutive season.

Naturally, the spotlight has fallen on Kylian Mbappe, Vinicius Jr, Jude Bellingham and Federico Valverde – the four players viewed as the faces of Real Madrid’s current and future project.

The €610m failure

Collectively, the quartet carries an astonishing combined market value of around €610 million, based on figures from Transfermarkt

Mbappe alone is valued at €200 million, while Vinicius stands at €150 million, Bellingham at €140 million and Valverde at €120 million.

On paper, few squads in world football can compete with that level of individual quality. On the pitch, however, the reality has looked very different.

Despite scoring 41 goals this season, Mbappe has increasingly faced criticism from sections of the Real Madrid support. 

While the numbers remain impressive individually, many fans feel his contributions have done little to improve the team collectively during decisive moments.

There is no unity within the Real Madrid dressing room. (Photo by Florencia Tan Jun/Getty Images)

There is a growing belief that the French forward has become disconnected from the overall structure of the side. 

Instead of functioning within the team dynamic, Mbappe has often looked isolated, focused more on individual moments than collective responsibility.

What about the rest?

It must be noted that Vinicius still has one year remaining on his current contract and discussions over a renewal remain unresolved. 

Although Florentino Perez remains keen to keep him, Vinicius has also attracted criticism for his role during internal tensions surrounding former manager Xabi Alonso.

As for Bellingham, the midfielder has struggled to replicate the level that made him one of Europe’s standout players previously. 

Injuries disrupted the start of his season, but even after returning, his performances have remained below expectations.

Lastly, Valverde’s campaign has perhaps been the most disappointing emotionally.

The Uruguayan midfielder has long been viewed as one of the dressing room’s natural future leaders, but this season has exposed visible frustration in his game. 

Constantly being used in multiple positions has clearly affected his rhythm, while his altercation with Aurelien Tchouameni became another symbol of the growing tension inside the squad.

For Real Madrid, the biggest concern this season is the feeling that a squad filled with elite talent has failed to develop the mentality, leadership and unity needed to compete at the expected level this season.

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Real Madrid News

Real Madrid forward Vinicius Jr. admits finishing problem after another frustrating night vs Elche: ‘Can’t miss that much’

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Vinicius Jr., Real Madrid player
Photo by Francisco Macia/Getty Images

Vinicius Jr.’s difficult start in front of goal continued against Elche, and the Real Madrid forward did not need anyone to tell him he had missed another chance to make the difference.

The Brazilian finished the night without a goal despite having chances to get on the scoresheet, while his teammates could only watch from the bench as opportunities went begging. 

Jose Mourinho had already identified the problem before kick-off, bluntly pointing to the issue facing his forward, stating, “He’s missing the goal.”

Vini offered an equally frank assessment afterwards. 

Rather than hide from another frustrating evening, he accepted responsibility on social media: “The goals will come back; I can’t miss that much…”

Two chances, no finish for Vinicius

Vinicius Jr.'s message on Instagram after Elche win
Vinicius admitted his mistake after Elche win. (Source: Instagram)

Vinicius had two particularly clear openings against Elche, but neither produced the finish Real Madrid needed from their star forward.

The first arrived when he found himself one-on-one with the opposition goalkeeper. 

Instead of finding the net, Vinicius caught the ball with the tip of his foot and sent his effort wide. Arda Guler was available during the move and called for the ball, but Vini backed himself to finish the chance.

He had another opportunity after the interval, this time following an excellent pass from Guler during a quick Real Madrid transition. Again, though, Vinicius could not find the target.

Vinicius Jr., Real Madrid player
Vinicius once again failed to capitalise on scoring chances. (Photo by Francisco Macia/Getty Images)

His evening ended in the 68th minute, with Mourinho deciding the Brazilian was tired and turning his attention towards Sunday’s Atletico Madrid derby.

Mourinho has a bigger decision to make

The numbers show why Vinicius’ finishing has become a talking point. He managed five shots against Elche, but only one was on target and none found the net.

After seven appearances this season, the Brazilian has scored just once, which is a striking return for a player Real Madrid rely upon to provide a major share of their attacking threat.

Ultimately, though, Real Madrid found another route to victory, with Arda Guler, Kylian Mbappe and Carlos Espi providing the goals in the 3-2 comeback.

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