Soccer and its common currency, the dollar, have their own history in the Argentina. The convertibility that was exhausted with the first beats of the new millennium opened an exchange gap that marked the field for Argentine clubs that changed their business model: it was no longer a question of importing figures, but of exporting emerging talents.
Argentine soccer began to play its own game to have, dispose of and exchange at the best price, the dollars that began to enter in tens of thousands from those sales or prizes of Conmebol, FIFA and some advertising agreements.
Corralito, banking, contracts in pesos, official dollar, black, blue, MEP, Country Tax, crypto-transfers and even the request for its own exchange rate for soccer: juggling of the last 25 years in which the dollar went from being worth one peso to 1067.50, according to the price of Banco Nación at the close of this article.
Everything comes back and the “imports” in local football, too. This transfer market River y Boca together they disbursed almost 46 million dollars for the assembly of their squads for 2025. The two clubs lead a trend that is replicated on a smaller scale in other institutions and feed World Cup players, or with international transfers, to the reviled 30-team tournament that has four confirmed champions of Qatar 2022.
There are several factors that explain this phenomenon. Some are tangible and others not so much. The one who orders them is the economist Santiago Bulat. “The fact that the official dollar is closer to cash with settlement makes it cheaper to buy than before. Plus, this is a historically cheap dollar.”summarizes the economist, who also He is a River fanthe club that makes the most of the stage.
The real one effect of Mercy in Argentine football are not the failed Sports Joint Stock Companies (SAD) that the President tried to impose by decree, but the gap of just $173.50 between the official exchange rate and the illegal one, or $106.40 in comparison with the “Stock Exchange dollar” at the same closing of operations consulted. A year ago, in the 2024 summer transfer market, That difference was more than double..
The current gap is explained by quasi-tangible aspects: the elimination of the PAIS tax, together with the fact that pesos are no longer issued and that 20 percent of exports are settled in the cash market with settlement. “In other words, they sell financial dollars and that makes the price go down”Round resume.
The scenario that encourages Boca to dream about Leandro Paredeswhile the technical director Fernando Gago can count on Alan Velasco, Rodrigo Battaglia, Ayrton Costa and the unusual arrival of Ander Herrera from Athletic de Bilbaois the same one that pushes importers to do business.
What is the risk of sweet football? If the phenomenon that allows signings is cut, the contracts remain. Although there are curlers to sustain agreements in dollars paid in pesos, if the exchange difference skyrockets, some balances can be a headache for the Treasury. Devaluation is the main risk.
“The market does not expect a devaluation in 2025, so I suppose it could be sustained”says Bulat. That entity – the market – that seems to have a life of its own and estimates that make the dollar rise and fall, is also the one that encouraged River to add high-level players as reinforcements and even more World Champions for the team. Marcelo Gallardo.
Enzo Perez, Lucas Martínez Quarta, Giuliano Gallop, Matias Rojasthe Chilean Gonzalo Tapia and the return of Gonzalo Montiel are possible thanks to a “cheap dollar”, with little difference between the official and traditional price and its variants of different kinds, even the one shouted by the little trees in the city Buenos Aires
Unexpectedly, Argentine soccer recruits soccer players from other latitudes. Until Andries Noppertthe archer of Netherlandsrecognized the possibility of landing in San Lorenzo -where the Basque Iker Muniain is in its second season – and leave behind its meager present in the Heerenveen.
Racing He also took advantage of the clean and jerk: he repatriated Matias Zaracho after buying from Atlético Mineiro 50 percent of the transfer in two million dollars – he already had the other half – and paid Banfield 1.2 million in the same currency for half of the transfer of Ignacio Rodriguez and a smaller percentage of the token Adrian Balboa a Unionfor 800 thousand.
The flow of elite transfers that Brazil once had seems to begin to be replicated in the Argentine market. It is not (only) the Brazilian SAD that were able to repatriate players from Europe’s major leagues or the generous MLS: the appreciation of Real made it possible, in the same way that now the disappearance of the exchange gap that values the peso allows it in Argentina.
Sweet soccer is a temptation that can mix liabilities in dollars and assets in pesos. If the devaluation that “the market” does not foresee for 2025 were to occur, ticket prices and advertising or audiovisual rights income, all in pesos, would rise well below the increase in the dollar. In economic terms, the clubs they would barefoot. In practical terms, if that happens, they would be left behind…