How Ajax became one of Europe’s most successful clubs

Ajax. One of only eight European clubs to have won the treble. While their 36 league and 20 cup titles make them the most successful Dutch club. A powerhouse domestically, a rich history internationally, and a well-known academy.

Despite their many successes over the years, there have been poor periods as well. With a trend of their best players moving to more prominent competitions, Ajax has had to rebuild on several occasions. With mixed results.

So, how have Ajax’s fortunes exactly changed over time? What are the factors driving their periodic European successes? And how did their recent downfall come about?

Ajax dominating domestically

Ajax’s first out of 36 topflight championships came in 1917/18, only 18 years after their founding in March 1900. On 21 occasions the club had to settle for second best. Since the founding of the Eredivisie in 1956, Ajax has been crowned champions 28 times. By winning 42 percent of the Eredivisie seasons, they are one of the, if not most, dominant forces in Dutch football (note: no champion was crowned during the COVID-19 suspended 2019/20 season, despite Ajax ranking first).

Ajax has 11 more topflight titles than rival PSV (25) and more than double the 16 achieved by Feyenoord. PSV did win the Dutch topflight four consecutive times on two occasions (1985/86-1988/89 and 2004/05-2007/08). A feat Ajax has only achieved once, between 2010/11 and 2013/14 under manager Frank de Boer.

Apart from having the most league titles, Ajax is also the most successful club in the Dutch Cup (KNVB Beker). With 20 titles they have six more titles than second ranked Feyenoord (14) and nine more than PSV (11). Furthermore, they have won the double (Eredivisie and KNVB Beker) on nine occasions. More often than the three other Dutch clubs who have achieved this combined. As PSV won the double four times, Feyenoord three times, and AZ once.

Dutch clubs having won the domestic double (Eredivisie and KNVB Beker)

Ajax versus recordholders in European leagues

Compared to the recordholders of Europe’s 10 biggest competitions, Ajax does not fall short. The club has as many league titles as Juventus and Real Madrid, the most successful clubs in Italy and Spain respectively. Only Benfica (38) has more domestic championships.

The Portuguese powerhouse is also recordholder in the domestic cup (26), only coming second to Barcelona (31). Ajax’s 20 successful cup campaigns equal Bayern Munich’s 20 DFB Pokals.

Ajax part of Europe’s elite

Not only their domestic record ranks Ajax amongst Europe’s elite. They are the sixth most successful club in Europe with four Champions League/Europa Cup I titles. Including three consecutive titles between 1970/71 and 1972/73. Amongst clubs from outside the Big Five leagues, they rank highest for number of Champions League trophies. Furthermore, Ajax is one of only eight European clubs to have won the treble.

In 1971/72, Ștefan Kovács’ men won the Eredivisie, KNVB Beker and Europa Cup I. They became only the second European club to do so, after Celtic in 1966/67. Domestic rivals PSV matched Ajax’s achievement in 1988. Making the Netherlands only one of two countries to have two treble winners. The other being England, where both Manchester clubs achieved this feat. Sir Alex Ferguson’s United won the three main competitions in 1998/99. While City became the latest team to complete the treble when they won the Champions League, Premier League, and FA Cup in 2022/23. It was manager Pep Guardiola’s second treble, the only manager to achieve this, after he led Barcelona to the treble in 2008/09.

In addition to the treble, Ajax also won the Intercontinental Cup and Super Cup (unofficial, as UEFA sanctioned the first one in 1973) that season. The club thus won all five tournaments they entered. Only Celtic, Barcelona and Bayern have matched that achievement (the latter two by winning all six tournaments they entered).

Overall, Ajax has won four Champions Leagues/Europa Cups I, three Super Cups, two Intercontinental Cups, one UEFA Cup and one Europa Cup II (European Cup Winners’ Cup).

Ajax most successful non-Big Five league club in the Champions League

Since the Champions League replaced the Europa Cup I as highest European club competition in 1992, five clubs have won the treble (seven times). Apart from the two Manchester clubs, Barcelona (2008/09 and 2014/15), Inter (2009/10), and Bayern München (2012/13 and 2019/20) have achieved this.

That they all come from one of the Big Five leagues is no coincidence, as clubs from those leagues dominate the Champions League. With Ajax (1994/95) and Porto (2003/04) being the only two clubs from outside those leagues to have won the prestigious tournament. Which means that from the 32 Champions League champions, only 6 percent have come from outside the Big Five leagues. While 30 percent of the 37 Europa Cup I-campaigns, the predecessor of the Champions League, were won by ‘smaller’ league clubs.

Ajax could be considered the best performing non-Big Five club in the Champions League. Apart from their championship run under Louis van Gaal in 1994/95, they also reached the 1995/96 final. Of the nine times a non-Big Five club has reached the semifinal Ajax has done so the most often. With four semifinal appearances they are ahead of Porto (two), PSV, Dynamo Kyiv and Panathinaikos (all one). Their last final four appearance came during the 2018/19 season, when Erik ten Hag and his players lost on away goals to Tottenham Hotspur after a thrilling tie. It was the first and only semifinal appearance by a non-Big Five league club since PSV lost their semifinal to Milan in 2004/05 (also on away goals).

Last four appearances of clubs from outside the Big Five leagues since the introduction of the UEFA Champions League in 1992

Success is cyclical

Performing well in Europe, especially for clubs from smaller leagues, is thus difficult. Dominating for long periods of time even more so, whether that is internationally or domestically. Big Five league clubs Juventus and Bayern Munich achieved something remarkable by winning nine and 11 consecutive domestic championships respectively. While Manchester City winning six out of the last seven Premier League titles, including the last four, is exceptional as well.

Yet, it is inherent to football that success comes and goes. Performances are cyclical after all. Ajax has never won more than four consecutive Dutch league titles, for example. While they are only one of three clubs, together with Real Madrid and Bayern Munich, to have won Europe’s highest club competition three or more consecutive times.

Ajax’s three consecutive wins came only two years after the club reached its first European final in 1968/69. It then took 14 years before the club had European success again by winning the Europa Cup II in 1986/87. Five years later, Ajax won the UEFA Cup (1991/92), before going on to have three consecutive last four finishes in the Champions League three years later. While 20 years on, Ajax reached the Europa League final (2016/17) and Champions League semifinal (2018/19) within the span of three seasons.

More than once did Ajax’s European successes come in consecutive seasons or with one season in between. Yet, the two decades between the last two successful periods and Ajax’s recent domestic performances, do not bode well for European success in the short run.

Ajax hit financially by missing out on Champions League football

European football and its’ revenue are essential for Ajax and other Dutch clubs to remain competitive internationally. Luckily, the Dutch league receives two Champions League group stage and one third round qualification ticket since the 2024/25 season. The last time that happened was in 2002/03.

However, Ajax’s fifth-place league finish only secured a ticket for the Europa League’s second qualifying round. Which is a massive financial hit. As there is a great difference between the amounts UEFA distributes per European competition. In 2024/25, UEFA distributes €2.467 billion (74.38 percent) to Champions League and Super Cup clubs, €565 million (17.02 percent) to Europa League clubs, and €285 million (8.60 percent) to Conference League clubs.

As a result, Ajax (Europa League) will earn far less than rivals PSV and Feyenoord (both in the Champions League). Ajax receives a participations fee of €4.31 million, while every group stage win is worth €450,000 and draw €150,000. In the Champions League the participation fee is 4.3 times as much with €18.62 million, while a win generates €2.1 million and draw €700,000.

Amounts distributed by UEFA in 2024/25 Champions League and Europa League

Ajax’s revenue from European competitions

UEFA distributed on average €39.4 million in participation and performance fees per season to Ajax between 2013/14 and 2022/23.¹ With income varying in accordance with the club’s performances in the different seasons and competitions.

Ajax’s own annual accounts show that revenue from gate receipts and premiums between 2018/19 and 2022/23 (€319.5 million) was more than four times than that of the five seasons prior (€78.6 million between 2013/14 and 2017/18).²

The 2018/19 Champions League campaign, in which Ajax reached the semifinal, generated the most revenue (€95.3 million) during the observed decade. It accounted for 48 percent of the €199.5 million in total revenue generated that season. With gate receipts amounting to €17.4 million and premiums to €77.9 million.

The season prior, Ajax failed to qualify for the group stage of a European competition which resulted in the lowest total revenue of the observed decade (€93.0 million). The two European qualifying ties generated just €3.2 million.

Ajax financially outperforming Dutch rivals, but losing the race in Europe

With PSV and Feyenoord qualifying for the Champions League, they will seek to decrease the revenue gap with Ajax. As the Dutch record champion generated twice as much revenue as their two main rivals between 2019/20 and 2022/23.^{2, 3 & 4}

Compared to Europe’s elite, it is Ajax who is lagging financially. With the differences only getting larger. During the 2022/23 season, Ajax was ranked outside the top 30 of highest revenue generating clubs, despite finishing second in the league and participating in the Champions League group stage. With €196.3 million in revenue², the club generated slightly less than Everton (ranked 30th with €198 million⁵).

The Premier League club played no European competition, finished 17th in the league, and reached the third round of both the FA Cup and EFL Cup. Olympique Lyonnais generated €199.1 million (ranked 29th)⁵ without revenue from European football and by finishing seventh in Ligue 1 and reaching the semifinal of the Coupe de France.

It shows how a club like Ajax needs the revenue from European football to even be able to compete financially with clubs from the Big Five leagues. Let alone with Europe’s elite.

From European success to…

The 2018/19 Champions League final and domestic double, together with the 2016/17 Europa League final and 2020/21 double were the highlights of the last decade. For five consecutive seasons (between 2018/19 and 2022/23), Ajax qualified for the Champions League. Consequently, increasing the club’s revenue.

In contrast, 2022/23 and 2023/24 were anything but successful. Where fans hoped the club would structurally compete with Europe’s elite, Ajax struggled to qualify for a European competition. For the first time since 2000/01, the club finished outside the top two for two consecutive seasons.

It was not just that Ajax missed out on the Champions League, the results and on-field performances in general were worrisome. With the 56 points accrued during the 2023/24 season, Ajax stayed below 60 points for the first time since 1998/99 (57 points).

It was also 35 points less than champions PSV. The attacking output (74 goals) was not even the biggest problem, despite it being the lowest output since 2014/15 (69). Ajax conceded 61 goals. It was only the second Eredivisie season, after 1958/59 (63), the club conceded more than 60 goals. It was also a far cry from the 2021/22 season, in which the club conceded just 19 goals during their title run.

The subpar performances were not limited to the league. In the Dutch Cup, Ajax were eliminated in the second round by amateurs USV Hercules (3-2). The worst cup result since 1996/97. Ajax qualified for the Europa League by beating Bulgarian club Ludogorets Razgrad. In the group stage, they won just one match, while drawing another two. In the Conference League, Ajax beat Bodø/Glimt, before losing 4-0 on aggregate to Premier League side Aston Villa.

Some numbers from Ajax’s poor 2023/24 season

What	Since…
56 points in Eredivisie	First time below 60 points since 1998/99 (57 points)
74 goals scored in Eredivisie	Worst output since 2014/15 (69 goals)
61 goals conceded in Eredivisie	Only second Eredivisie season conceding more than 60 goals after 1958/59 (63 goals)
Eliminated in second round of Dutch Cup	Worst result since 1996/97

Ajax limits spending

For the 2024/25 season, Ajax had to survive three qualifying rounds to even qualify for the Europa League group stage. Which they barely achieved by beating, amongst others, Panathinaikos in a 34-penalty thriller. It means the financial hit is limited, despite not qualifying for the Champions League for a second consecutive season.

Ajax still faces financial problems that forces them to limit spending. Which is a puzzling situation, even more so since player sales have also generated quite a lot of revenue in recent years. It can only mean the club has lived beyond its means, budgeting on continuous Champions League football and not taking into account possible on- and off-field (e.g. COVID-19) setbacks.

Before the 2024/25 season, technical director Alex Kroes explained that for the club’s continuity they had to reduce overall salaries by around 35 percent. In addition, Ajax needed to sell players before they could buy. In fact, for every €100 million in sales, the club could only reinvest €40 million according to Kroes.

Overmars and Ten Hag chasing success

The start of this performance and financial downfall can probably be traced back to director of football Marc Overmars leaving in February 2022. His position was no longer tenable after it became clear that he had sent inappropriate messages to female colleagues.

Since Overmars had been appointed in 2012 Ajax had finished in the top two each season. With the appointment of manager Erik ten Hag in 2017, Ajax had a duo who could bring success both on and off the field. By chasing (European) success with a team consisting of academy graduates and complementary experienced (Dutch) players, the club stayed true to its roots.

Ajax academy products contribute to European success

Throughout its history, it has been a proven strategy for Ajax to rely on its ability to develop talented players. During the club’s successes in Europe, academy graduates played an important role as well. Of the eleven players playing in the Europa Cup I final in 1971/72, five (45 percent) had played in the Ajax academy, including Johan Cruyff and Piet Keizer. A further two players had played for Jong Ajax (Young Ajax). The academy’s impact in the final a year later was identical, with the only change being Johnny Rep replacing Sjaak Swart (both played in youth sides).

In the Europa Cup II final in 1986/87, eight players (out of 13) had come through the youth ranks. While another player had played in Jong Ajax.

During the 1994/95 Champions League final just over half of the players on the field came through the Ajax academy, including famous players such as Clarence Seedorf, Frank Rijkaard, Edgar Davids and Patrick Kluivert.

The most recent European successes had a significant contribution from academy graduates as well. In the 2016/17 Europa League final (14 players) six academy players contributed on the field. A further two players had joined Jong Ajax first before making their way into the first team. The same amount as during the Champions League semifinal tie against the Spurs two years later (out of 16 players used).

The successes have led to the sale of many players, including youth products, to more prominent competitions. Of the players to have featured in the 2016/17 Europa League final, four left at the end of the season. Including three sales and Bertrand Traoré’s loan deal ending.

While six players who featured in the 2018/19 Champions League semifinal tie switched to a new club. Including Frenkie de Jong moving to Barcelona for €86 million, Matthijs de Ligt to Juventus for €85.5 million, and Kasper Dolberg to OGC Nice for €20.5 million.⁶ A further three players –Hakim Ziyech (Chelsea), Donny van de Beek (Manchester United), and Joël Veltman (Brighton) – left a year later.

Selection of Ajax players sold who contributed to recent European success [source: Transfermarkt6]

Ajax has one of the best academies

In Europe, Ajax is also considered one of the most successful clubs in educating players. In February 2023, CIES Football Observatory⁷ ranked the club fourth based on total estimated transfer value of their youth academy graduates (at least three years between the ages of 15 and 21). Their 114 academy graduates had a total estimated transfer value of €555 million. 27 percent (€149 million) of that value was still ‘owned’ by the club. The list was topped by Benfica, whose 104 academy graduates had an estimated transfer value of €670 million. Chelsea (€630 million for 78 players) and Barcelona (€581 million for 102 players) were the only two other clubs ranked above Ajax.

The graduates from Dutch rivals PSV (€313 million for 62 players) and Feyenoord (€214 million for 69 players) were worth 56 and 39 percent of Ajax’s estimated transfer value respectively.

Ajax’s periodic need to rebuild

As many of these academy graduates and other talented players are bought by bigger and richer clubs, Ajax is forced to rebuild time and again. Either by producing more academy products who can perform at the highest level or by acquiring players. A difficult task.

Overmars and his team did a great job in the two seasons following the successful 2018/19 campaign to replace the departed players. Ajax bought Edson Álvarez (América, €15 million), Lisandro Martínez (Defensa, €7 million), Sébastian Haller (West Ham, €22.5 million), Antony (São Paulo, €15.75 million) and Mohammed Kudus (Nordsjaelland, €9 million).⁶ While academy products like Sergiño Dest, Ryan Gravenberch, Jurrien Timber, and Kenneth Taylor became part of the first team.

The rebuild led to domestic success, while the team showed some great football in Europe. During the 2021/22 Champions League group stage, Ajax won all six group stage matches beating Sporting, Dortmund and Beşiktaş (20 goals scored, five conceded). However, the club could not continue their great form into the knock-out stage, losing 2-3 on aggregate to Benfica in the round of 16.

Short-lived rebuild

With Ten Hag and Overmars leaving, two important members of the organisation left. At the same time, there was an exodus of players. Amongst others Antony (United, €95m), Lisandro Martínez (United, 57.37m), Sébastian Haller (Dortmund, €31m), Ryan Gravenberch (Bayern, €18.5m), and Nicolás Tagliafico (Olympique Lyonnais, €4.2m) were sold. Three other important players and academy/young Ajax products – André Onana (Inter), Daley Blind and Noussair Mazraoui (both Bayern) – even left for free.⁶

The rebuild was thus short-lived. In addition to rebuilding the team’s core, the club also had to replace the manager and director of football. Which has not been easy. Ajax has had six different managers since Ten Hag left. With Italian Francesco Farioli, the first foreign manager since Morten Olsen in 1998, now in charge.

For the director of football position, Ajax appointed Sven Mislintat on a three-year contract in May 2023. Yet, in September the club dismissed the German. Apart from an investigation into one of his transfers (conflict of interest), he spent almost €100 million on 10 players who did not have the desired impact. Especially compared to some of Overmars’ transfers. The investments were needed, as Mislintat explained, because Ajax had sold players for around €160 to €170 million. However, for fans it felt the club moved away from its strength, utilising players from the academy and instead became a buying club.

The current situation is ultimately a combination of many factors. Overspending in a bid to compete in Europe, financial setbacks, spending on the wrong players and not enough high-quality youth products to fill the void left by selling too many players. It is essential the club first becomes financially healthy again and refocus on its core strength, the academy. Eventually, domestic and European success will follow.