Is Missing Out on Harry Kane Real Madrid's Biggest Mistake?
Harry Kane has won the 2026 Ballon d'Or after an extraordinary season with Bayern Munich. His triumph has reignited questions about Real Madrid's decision to pass on the English striker twice.
Real Madrid could have had the 2026 Ballon d'Or winner leading their attack. Harry Kane has claimed football's most prestigious individual award after an extraordinary season with Bayern Munich, bringing renewed attention to two occasions when the Spanish giants considered signing him but ultimately chose a different path.
The England captain received the trophy in London on Monday, October 26, after scoring 73 goals in 65 appearances for Bayern Munich and England during the 2025–26 campaign. His performances helped him finish ahead of Kylian Mbappé and Lamine Yamal, making him the first English player to win the Ballon d'Or since Michael Owen in 2001.
But things could have turned out very differently. Real Madrid explored the possibility of signing Kane in both 2020 and 2023, only for financial considerations, transfer priorities and long-term planning to prevent a deal. Now that the striker has reached the pinnacle of world football, those decisions deserve another look.
Why Real Madrid Abandoned Their Harry Kane Pursuit in 2020
Real Madrid's first major opportunity came in 2020, when the club was searching for a reliable goalscorer. Luka Jović had failed to live up to expectations, and Kane's performances at Tottenham made him an attractive option for a team looking to strengthen its attack.
However, the financial demands were extraordinary. According to reports from the Daily Mail at the time, Tottenham chairman Daniel Levy valued Kane at approximately €230 million, a staggering figure even for one of the wealthiest clubs in world football.
The economic uncertainty caused by the COVID-19 pandemic made the transfer even less realistic. With revenue streams disrupted and clubs facing unprecedented financial challenges, Real Madrid decided against making such an enormous investment.
Instead, the Spanish giants reportedly preferred to save their resources for another long-term target: Kylian Mbappé. With the Frenchman's Paris Saint-Germain contract approaching its final year in 2021, Madrid believed there could be a better opportunity to pursue him.
Looking back from 2026, it is easy to question that decision. But spending €230 million during a global financial crisis would have represented an enormous gamble. The price alone provided a compelling reason to walk away, even if Kane would eventually prove he had many elite seasons ahead of him.
Real Madrid Considered Harry Kane the Ideal Karim Benzema Replacement in 2023
The second opportunity was far more realistic. In June 2023, Karim Benzema stunned Real Madrid by announcing his departure, leaving the club with an immediate need for a new leading striker.
According to ESPN, Kane was viewed internally as the best available option to replace Benzema. The England international had scored 32 goals in his final season at Tottenham and offered exactly what Madrid needed: consistent finishing, elite experience and the ability to link up with attacking teammates.
Yet several obstacles remained. Kane was approaching his 30th birthday, which raised concerns about the length of his remaining peak compared with younger targets. Madrid had increasingly focused on building around players such as Vinícius Júnior, Rodrygo, Eduardo Camavinga and Aurélien Tchouaméni.
The financial implications were another major concern. Tottenham wanted a transfer fee of around €100 million, while Madrid had already committed more than €100 million to signing Jude Bellingham.
Rather than make another expensive investment, the club brought in Joselu and kept its options open for 2024, when Mbappé could become available. Real Madrid decided to wait, and Kane joined Bayern Munich in August 2023 in a deal worth an initial €100 million plus potential add-ons.
Real Madrid's Kylian Mbappé Gamble Finally Paid Off
Madrid's strategy ultimately delivered one of its biggest objectives. In 2024, Kylian Mbappé arrived at the Santiago Bernabéu on a free transfer from Paris Saint-Germain, ending one of football's longest-running transfer sagas.
The French forward became the centerpiece of an attack already featuring Vinícius Júnior, Rodrygo and Bellingham. His arrival reflected years of planning and offered Madrid a player expected to lead its frontline for the foreseeable future.
However, Kane's 2026 Ballon d'Or victory has made the comparison impossible to ignore.
During the 2025–26 season, Kane scored 61 goals in 51 appearances for Bayern Munich, while Mbappé registered 42 goals in 44 matches for Real Madrid. The Englishman also finished ahead of his French counterpart in the Ballon d'Or voting, taking first place while Mbappé settled for second.
Those numbers strengthen the argument that Kane could have been a remarkable signing, but they do not automatically prove Madrid made the wrong decision. Both players have excelled in different circumstances, and Mbappé remains among the world's most productive forwards.
There is also the long-term perspective. Kane was 30 when he moved to Bayern, while Mbappé was 25 when he joined Madrid. Age, transfer costs and the potential return over several seasons were legitimate factors in the club's thinking, regardless of who eventually won the Ballon d'Or.
Real Madrid Won the Champions League Without Harry Kane
One major detail makes it difficult to label Madrid's decision a historic mistake: the Spanish giants won the 2024 Champions League without signing Kane.
Carlo Ancelotti's side also lifted LaLiga and the Spanish Super Cup that season, enjoying a spectacular campaign despite Benzema's departure and the absence of a traditional world-class center-forward.
The story even produced a remarkable twist. In the Champions League semifinals, Real Madrid eliminated Kane's Bayern Munich thanks to two late goals from Joselu in the second leg at the Santiago Bernabéu.
The Spanish striker, signed as a much cheaper alternative, delivered one of the competition's most dramatic comebacks. Madrid went on to defeat Borussia Dortmund at Wembley, claiming a record-extending 15th European Cup.
That triumph matters when evaluating the decision not to sign Kane. Madrid's alternative strategy also produced major silverware, and there is no guarantee that adding the English striker would have delivered even greater success.
Was Passing on Harry Kane a Historic Real Madrid Mistake?
The answer depends largely on which transfer window is being examined.
In 2020, Tottenham's enormous demands and the financial crisis caused by the pandemic made signing Kane extremely difficult. Rejecting a €230 million transfer under those circumstances was hardly an obvious mistake, even with the benefit of hindsight.
The situation in 2023 was different. Madrid needed a replacement for Benzema, Kane was available for significantly less money, and his scoring record in the Premier League had already established him as one of Europe's most reliable strikers.
That was arguably the opportunity Madrid may regret most. Kane went on to reach new heights in Germany, and his remarkable 61-goal club season, domestic double and 2026 Ballon d'Or victory have shown that turning 30 did little to slow him down.
Still, Madrid's achievements cannot be ignored. The club won the 2024 Champions League, eventually landed Mbappé and remained competitive without Kane. Judging the decision solely through one individual award would overlook those accomplishments.
What makes the story so fascinating is how the two paths have unfolded. Kane is now a Ballon d'Or winner at Bayern Munich, having enjoyed the most prolific season of his career, while Mbappé, the superstar Madrid spent years pursuing, finished second in the voting.
Perhaps missing out on Kane was not the biggest transfer mistake in Real Madrid's history. But passing on two opportunities to sign a striker who would eventually become the 2026 Ballon d'Or winner is certainly a decision worth revisiting.
Two Missed Opportunities That Look Very Different Today
- In 2020, Real Madrid abandoned their pursuit of Harry Kane amid Tottenham's reported €230 million valuation and the financial uncertainty caused by the pandemic.
- In 2023, Madrid considered Kane the ideal replacement for Karim Benzema, but his age, transfer fee and the club's long-term pursuit of Kylian Mbappé complicated a potential deal.
- In 2026, Kane won the Ballon d'Or after scoring 61 goals for Bayern Munich, finishing ahead of Mbappé in the final voting.
