Real Valladolid remain up for sale, according to FootBiz. Current majority owner Ronaldo strived for Champions League football, but the club is currently last in La Liga.

What could a new owner achieve? According to our modelling:

• Today, Valladolid are in the bottom 10% of clubs in converting spend into performance (‘efficiency’). Improving to average efficiency won’t save them this season, but would give them a 2-in-3 chance of promotion within 2 years

• Back in La Liga, the club could push for top half finishes while maintaining current spend but with above-average coaching and recruitment

• With a 10% spend increase and improvement to top 20% efficiency, the club would have a 5% chance of Champions League football each season

This plan would increase annual losses to c. €20m, but over 5 years would be offset by enterprise value growth, from about €60m today to about €200m.