On one level, Manuel Pellegrini’s reign at the Benito Villamarin has been one of the most stable and successful periods in the entire history of Real Betis. The club won their first major trophy in 17 years during the 2021/22 campaign and are in Europe for the fourth season running.

Before Pellegrini, only once had Los Verdiblancos qualified for European competition in back-to-back seasons, let alone four in a row. Yet, there has been more than a hint of stagnation at Real Betis over the past 18 months, with each transfer window bringing a host of arrivals and departures, but little sense of a clear strategy or direction.

Currently only 10th in LaLiga, they may miss out on European qualification this term which would raise fresh doubts as to the 71-year-old’s future beyond the summer. They do still have silverware to aim for though, and according to the latest football betting odds, they are the 8/1 third favourites to win the 2024/25 UEFA Conference League.

Real Betis permanent transfers in the last four windows

Departures (27 players | €128.7m)

Like many clubs in LaLiga over the past few years, financial realities and the need to abide by the Spanish top flight’s strict salary limits, have made sales a necessity at times for Real Betis.

However, their willingness to cash in on young talents like Luiz Henrique, Raul Garcia, Rodri Sanchez and most recently Assane Diao, who joined Italian side Como in Januaryraises questions about their long-term vision.

The sheer rate of change in the dressing room has also made it difficult for Pellegrini to find the kind of stability on the pitch that was evident earlier in his reign. Incredibly, of the squad that ended the 2022/23 season, only William Carvalho, Youssouf Sabaly and Aitor Ruibal are part of the current set-up at the Benito Villamarin, and two of those players are injured.

With 27 permanent departures in the past four windows alone, it’s perhaps no surprise that Betis are not quite the force they were when they won the Copa del Rey in 2022.

Arrivals (21 players | €73.05m)

Betis have made a significant net profit on their transfer business since the summer of 2023, but they have still spent just over €70m on new players.

With 21 players coming in over that period, it’s inevitable that not every transfer has worked out, but there have been a number of signings that certainly have, or have at least created situations where Betis have been able to sell players on for a profit.

Isco was a revelation during the 2023/24 campaign having arrived on a free transfer, while the additions of the likes of Ayoze Perez, Johnny Cardoso and Giovani Lo Celso also rank among the more obvious success stories, and point to some good work being done by the recruitment team.

Only this week, they splashed the cash with the signing of Cucho Hernandez from Columbus Crewfor a fee that could rise to €16m including add-ons. That was the most the Seville club had forked out on an individual player since the 2019/20 season, and an indicator that the recent departure of Diao was not a sale that was needed for purely financial reasons.

What is driving their transfer strategy?

The Andalusians appointed a new sporting director last February, with Manu Fajardo taking over the role, but their overall vision for where this club is heading remains tough to decipher.

There is clearly still some willingness to try to develop homegrown talent. 19-year-old winger Jesus Rodriguez has broken into the side in recent weeks, while 20-year-old Angel Ortiz was also a starter against Athletic Club at the weekend.

That should help to retain some kind of connection between the team and one of Spain’s loudest and loyalist fanbases. However, should the most promising youngsters continue to depart, Betis risk completely breaking a bond that was so strong only a few seasons ago, when the likes of club legend Joaquin and promising young full-back Juan Miranda were playing and succeeding for their boyhood club.

There are other more puzzling aspects to their transfer strategy over the past year, not least the decision to sell Spain international Ayoze Perez for just €4m in the summer. Even the wisdom of making Lo Celso their reported second highest earner after Isco can be questioned, given it’s not entirely clear how Pellegrini might fit both into this team, now the latter is fit again.

The goalkeeping situation is also a puzzling one, with number one Rui Silva allowed to join Sporting Lisbon on loan in January. Alvaro Valles, who impressed for Las Palmas last season, has long been linked with a move back to Betis, but that’s now a deal that may only happen in the summer when Valles will be a free agent.

That leaves them a bit short in the goalkeeping department, as they prepare to resume their Conference League campaign next week against Gent.