The Argentine gave his all on the pitch, but beyond his contributions, he represents a savvy business move that positions Manchester City well for the future.
Julian Alvarez’s initial goals for Manchester City could symbolize his entire tenure with the club. In his third match, coming off the bench against Nottingham Forest while City was already ahead, he added two decisive goals, turning a 4-0 lead into a 6-0 victory.
This efficient cameo was a notable moment for Alvarez, who had only recently made the move to European football. However, the spotlight that night belonged to another player.
Erling Haaland had already scored a hat-trick in just 38 minutes, marking his second treble in four games for City. It became evident that Alvarez, no matter his achievements, would always be overshadowed by Haaland.
Given that Alvarez is a regular starter for Argentina and a World Cup and two-time Copa America champion, it was only natural for him to seek a more prominent role. He has now achieved this by joining Atletico Madrid, where he will succeed Antoine Griezmann.
Alvarez had been seeking a move from City for some time, encountering a common issue faced by South American players transitioning to Manchester. His family is expected to enjoy living in Spain, which hosts the largest Argentine community outside of Argentina.
Manchester City, on the other hand, stands to gain a potential £82 million ($104 million) from this transfer, marking their biggest sale ever. This move highlights another impressive achievement by sporting director Txiki Begiristain and his team. The club can now use these funds to bolster Pep Guardiola’s squad for another Premier League title challenge.
Alvarez stands as Manchester City’s most expensive sale, surpassing the exits of Raheem Sterling and Ferran Torres by over £17 million ($21 million), and potentially reaching £34 million ($43 million) with add-ons. The profit margin from this transfer is significantly higher compared to Sterling and Ferran, who were acquired for £44 million ($55 million) and £20 million ($25 million), respectively.
In fact, while City sold Ferran to Barcelona, Alvarez was brought in from River Plate for just £14 million ($17 million). His contribution on the field has been substantial, and he could ultimately net the English champions up to £68 million ($86 million) in profit. During his time at City, Alvarez scored 36 goals and provided 18 assists in 103 appearances, only 62 of which were as a starter.
Alvarez has significantly expanded his medal collection with Manchester City, departing with two Premier League titles, an FA Cup, a Champions League, a UEFA Super Cup, and a FIFA Club World Cup. Although he had limited roles in some of these victories, he was pivotal in the Club World Cup final, scoring twice to secure a decisive win over Fluminense.
In his first season, Alvarez accepted his role as a squad player without complaint, starting only 13 Premier League matches. Guardiola praised his patience, contrasting it with Joao Cancelo’s frustration, which led to the Portugal defender’s loan move to Bayern Munich.
Alvarez’s role grew considerably in his second season due to injuries affecting City’s key players. He took full advantage of Kevin De Bruyne’s extended absence and, during late 2023, was City’s most-used player in the Premier League, starting each of their first 25 games.
He developed a strong partnership with Erling Haaland and stepped up when Haaland was sidelined with a foot injury, scoring six goals between December and January.
However, when De Bruyne and Haaland returned to full fitness, Alvarez had to revert to a supporting role, coming off the bench in crucial matches such as the Manchester Derby, both legs against Real Madrid in the Champions League, and the FA Cup final.
In those games, he was a substitute and missed two key chances in the final against United, contributing to City’s first loss in over five months.
As the season progressed, Alvarez’s situation seemed to solidify his role as a backup. His dissatisfaction grew, and by the summer, he began to take steps toward leaving City. Reports of his desire to depart surfaced in the Spanish press, and he voiced his frustrations on Argentine TV during the Olympics, saying: “Last season, I was one of the players with the most minutes at City… You don’t like being left out of important matches; you want to contribute.”
From City’s perspective, Alvarez’s final appearances highlighted that while he was a skilled player, he was not considered indispensable. Guardiola responded sharply to Alvarez’s comments during City’s pre-season tour, stating, “I know he wants to play in important moments, but so do the others.” He added, “I read he wants to think about it. Fine, think about it, and then let us know what he decides to do.”
By then, it was evident that Alvarez could be sold for the right price. Manchester City has certainly achieved that, making a fourfold return on their investment by selling their backup striker for £31 million ($39 million) more than they spent on Erling Haaland, who is expected to remain the primary striker for as long as he chooses to stay at the club.
City had already started planning for life without their well-decorated backup. In a move similar to their acquisition of Alvarez two years earlier, City signed 18-year-old Claudio Echeverri from River Plate in January for £12.5 million ($15 million) plus add-ons, immediately loaning him back to his former club. While Echeverri is unlikely to join the first team this season, he is an exciting prospect for the future.
Savinho, recently acquired from Troyes, is another addition. Although the 20-year-old is more of a winger than a direct replacement for Alvarez, he can come close to matching Alvarez’s contributions, having led Girona’s impressive 2023-24 season with nine goals and ten assists. Oscar Bobb, who has been a standout in pre-season, could also fill Alvarez’s role, and James McAtee is expected to remain with the first team, capable of serving as a creative force behind Haaland.
With Alvarez’s departure, City can now focus on making more high-profile signings to strengthen the squad overall. Eberechi Eze, a player highly regarded by City, is reportedly in advanced talks with Crystal Palace. Valued at £68 million ($86 million), Eze’s price matches the initial amount City will gain from Alvarez’s sale.
Eze is just one part of City’s long-term plans, especially as they anticipate the potential departures of two key figures from the Guardiola era: Kevin De Bruyne and Bernardo Silva. De Bruyne, 33, is likely to spend this season with City, but it could be his last, while Bernardo, who has long desired a move away, reduced his release clause to £50 million ($63 million) last year to attract interest from other European clubs.
Though it’s hard to imagine City without De Bruyne or Bernardo, the club has consistently adapted and looked to the future. Their astute acquisition and profitable sale of Alvarez in less than three years highlight this forward-thinking approach.
City fans can bid farewell to ‘The Spider’ with best wishes, but they will most likely be celebrating their scouting team and director of football for their successful strategy of buying low and selling high.