West Ham negotiating Edson Alvarez transfer as sports tokenization market heats up

West Ham United and Real Sociedad are deep in negotiations over Mexican international Edson Alvarez, with Ajax also circling to bring back their former star. Alvarez, Mexico’s captain, joined West Ham from Ajax in 2023. He was subsequently loaned to Turkish club Fenerbahce for the 2025/26 season after falling out of favor under manager Graham Potter, who has made clear the midfielder isn’t part of the club’s future plans. His last appearance for West Ham came in May 2025. The transfer chess match Real Sociedad has submitted a formal proposal for Alvarez as of mid-to-late July 2026. West Ham, described in reports as “desperate to sell,” is looking to clear squad space and recoup value on a player whose market valuation sits around €25 million, though negotiations have reportedly touched figures approaching £35 million. Ajax, the Dutch club where Alvarez built his European reputation before moving to London, is competing to re-sign him. FC Koln has also expressed interest, adding a third lane to an already crowded transfer highway. West Ham’s urgency to offload Alvarez puts them in a weaker bargaining position. The gap between €25 million and £35 million is significant, roughly €16 m...