Experts say Ajax's big spending doesn't signal a new financial policy

The arrival of striker Marcos Leonardo and left‑back Caio Henrique has many fans believing Ajax has abandoned its post‑sanction frugality, while financial experts argue the club’s spending remains within its established limits.

The two newcomers, described by the club as the new Ajacieden, arrived for roughly €19 million for Leonardo and €10.5 million for Henrique. The transfer announcement was accompanied by a photo credit © Getty Images, Pro ShotsDe, showing the players in Ajax colours.

Alex Kroes, who left the technical director role a few months later, reminded shareholders that Ajax had to saneren only a year earlier and that the current strategy still stresses Financiële duurzaamheid. He explained that the club has "Heeft" re‑structured salaries to match playing time and European competition levels, and that "Dat" the board monitors every expense "Na" the 2025‑2026 season "Al" the new signings are registered.

Ajax’s financial framework allows an annual depreciation space of €35‑40 million, meaning a €20 million player on a five‑year contract consumes €4 million each year. The club’s equity fell to €181.9 million, but stable income from sponsorship, merchandise and ticket sales keeps the largest buffer in the Eredivisie.

"Maar de transfer van Leonardo lijkt gewoon in de bestaande kaders te passen," says Jos Berden of Ajax Financials. He adds that the real test is whether the club can bear the amortisation cost over the contract’s length while still funding other projects.

Recent player sales – Chuba Akpom, Wout Weghorst, Sivert Manssverk and Oleksandr Zinchenko – have freed additional space within the depreciation limit, allowing the new purchases without breaching the budget.

Jordi Cruijff, Kroes’ successor, appears less restrained, investing before the club has sold Josip Sutalo, Kasper Dolberg or Anton Gaaei. He argues that immediate investment is necessary to chase the championship, a claim he made earlier this spring upon taking office.

Commissioner Dirk Anbeek warned at the extraordinary shareholders’ meeting that "De kosten gaan voor de baten uit". Wouter Smeulders of Hypercube replied that Ajax still holds a solid financial cushion, giving it room to invest in future sporting success. Marc‑André Ter Stegen is also mentioned as a potential loan target, while Henrique.Heeft remains a focal point of the club’s Brazilian recruitment. PollVoetbalverslaggever16 noted that the club’s approach reflects a calculated risk rather than a reckless departure from its earlier austerity.