Over the last three decades, the football transfer market has undergone a profound transformation, evolving from a primarily sporting mechanism into a complex financial system with significant economic and regulatory implications. Increasing transfer fees, widespread use of loan agreements, and the growing relevance of capital gains have reshaped clubs’ financial strategies, often raising concerns about sustainability, transparency, and regulatory compliance. In this context, this thesis investigates whether financial sustainability in professional football is structurally grounded or, in some cases, only apparent. The study combines institutional analysis, empirical investigation, and original quantitative indicators to examine how transfer-related strategies affect clubs’ financial stability.