On spending, Barcelona have laid out around 110 million euros on Anthony Gordon, Karim Adeyemi and Bisseck. Real Madrid’s outlay came to nearly 100 million euros, bringing in Marc Cucurella, Denzel Dumfries and Espie alongside the free transfers of Bernardo Silva and Ibrahima Konaté, with work continuing on deals for Rodri and Diomande.

Atlético Madrid, by contrast, spent around 102 million euros on Morten Hjulmand, Lee Kang-in and Alejandro Grimaldo. Other clubs made their presence felt too. Real Betis invested 14.5 million euros after qualifying for the Champions League, and Getafe spent 19 million euros after reaching the Europa Conference League.

La Liga pointed out that Spanish top-flight clubs have so far spent around 400 million euros, half the value expected across the current summer.

Clubs will split into two camps, the league believes: those able to keep pace with rising prices and those facing financial difficulties. Some sides will turn to alternative solutions, investing in their academies or hunting for low-cost deals.

Alonso stressed that the huge spending at Premier League clubs is no real investment but the destruction of the market. Paying hundreds of millions for players whose real value it does not reflect, he argued, is like buying a house for three million euros when its actual value does not exceed half a million.