Ajax have entered the 2026/27 season with a dramatically changed squad, a new manager and a financial position that has improved significantly from the previous year. However, despite encouraging performances and two convincing 5-1 victories, the Amsterdam club remain a work in progress after a mixed opening to the new campaign.

The latest developments have added another layer to the story, with Ajax now facing an injury concern surrounding striker Kasper Dolberg after the Danish international suffered a knee injury while on international duty.

The club are currently fifth in the Eredivisie with 14 points from seven matches, four points behind leaders AZ Alkmaar. Their recent league results include a 5-1 victory away to Fortuna Sittard, a 5-1 home win against Willem II and a 2-2 draw with Excelsior.

Behind those results is a club undergoing one of its biggest recent rebuilds.

Ajax have changed their manager, brought in a large number of new first-team players, strengthened several positions and continued to make changes to their financial structure.

At the same time, the club’s latest financial report shows a return to profitability after a major loss the previous year.

Ajax reported a €2 million net profit for the 2025/26 financial year, compared with a €37.3 million net loss in the previous financial year. Revenue increased by €10.2 million to €188.3 million, while the club also recorded a positive transfer result.

The improvement is significant, but Ajax have also warned that the financial situation remains challenging because the men’s first team will play in the Conference League this season instead of the Champions League.

That means the club are attempting to rebuild on the pitch while also maintaining financial discipline away from it.

Ajax’s major summer rebuild

One of the biggest stories surrounding Ajax has been the number of changes made to the first-team squad.

The club brought in a large group of experienced and highly rated players during the summer, including Marc-André ter Stegen, Caio Henrique, Jofre Torrents, Daley Blind, Thilo Kehrer, Sofyan Amrabat, Julian Brandt, Viktor Tsygankov, Tolu Arokodare, Marcos Leonardo and Simon Adingra.

The scale of the recruitment means that Míchel Sánchez has been tasked with creating a team from a group of players who have not previously played together regularly.

That process naturally takes time.

The manager has already spoken about the need for his new players to continue improving and adapting to the demands of Ajax.

After the team’s 5-1 victory over Willem II, Míchel explained his approach to rotation and acknowledged that the new players still had plenty to improve.

That is particularly relevant given Ajax’s inconsistent results.

The team have shown that they can play dominant attacking football, but they have also conceded goals in matches where they expected to collect three points.

Two 5-1 victories showed Ajax’s potential

Ajax’s best spell of the season so far came in September.

On September 12, Míchel’s side travelled to Fortuna Sittard and returned to Amsterdam with a convincing 5-1 victory.

Five different Ajax players scored in the match, underlining the number of attacking options available to the new manager.

Three days later, Ajax produced another five-goal performance.

This time, Willem II were defeated 5-1 at the Johan Cruijff ArenA.

Davy Klaassen opened the scoring, Julian Brandt doubled the advantage before half-time and Viktor Tsygankov scored his first Ajax goal after the break.

Oscar Gloukh then made it 4-0 before Kasper Dolberg completed the scoring late in the match.

The performance demonstrated the attacking potential within Ajax’s rebuilt squad.

Brandt was involved again, while Tsygankov immediately opened his Ajax account after joining from Girona.

Gloukh continued to attract attention with another influential performance, and Dolberg provided a further goal.

For a team still adapting to a new system and several new players, the performance provided an encouraging indication of what Ajax could eventually become.

However, the next match showed why the club are still searching for consistency.

Ajax frustrated by Excelsior

On September 19, Ajax hosted Excelsior at the Johan Cruijff ArenA.

The expectation was that Ajax would continue the momentum created by the two 5-1 victories.

Instead, the match ended 2-2.

Ajax took the lead through Julian Brandt after 32 minutes, but Excelsior equalised shortly before half-time.

The visitors then moved ahead in the second half when Aymen Sliti scored.

Ajax responded almost immediately through substitute Tolu Arokodare, who made it 2-2.

The home side continued to push for a winner but could not find it.

Oscar Gloukh and Tolu both hit the woodwork, while Excelsior goalkeeper Stijn van Gassel made important saves.

Ajax’s official match report described the team as dominant and suggested that they deserved more from the game.

However, the result once again highlighted the difference between playing well and consistently converting performances into victories.

Míchel himself remained positive about the team’s performance and attributed the failure to win largely to bad luck.

However, Davy Klaassen and goalkeeper Marc-André ter Stegen also acknowledged that Ajax need to improve in terms of goals conceded.

That balance between attacking quality and defensive consistency is becoming one of the central issues around the team.

Míchel Sánchez faces an important challenge

The arrival of Míchel Sánchez has created another major storyline at Ajax.

The Spanish coach was appointed to lead the new project and has already had to deal with significant squad changes.

He is not simply inheriting a settled team.

Instead, he is working with a squad that has been reconstructed across several positions.

That means tactical consistency is likely to remain an important issue during the opening months of the season.

Players need to understand their roles.

New defenders need to develop partnerships.

Midfielders have to understand when to press and when to control possession.

Attackers need to learn one another’s movements.

And Míchel must decide which players form his preferred starting XI.

The manager has already shown that he is willing to rotate.

That approach can help keep a large squad involved, but it also creates competition for places.

Recent reports in the Dutch media have questioned whether extensive rotation could eventually cost Ajax points, particularly if the team are still trying to develop consistency. Those comments are opinions from Dutch football journalists rather than an established conclusion about the team’s season.

For Míchel, the challenge will be finding the right balance between rotation and stability.

Yves Bissouma adds more experience

Ajax’s squad reconstruction did not end with the main summer transfer activity.

On September 16, the club announced the signing of Yves Bissouma as a free agent.

The midfielder signed a contract running until June 30, 2027.

Bissouma began his professional career with Lille before moving to Brighton & Hove Albion in England.

He later joined Tottenham Hotspur in 2022 and became a Mali international.

Ajax sporting director Jordi Cruijff described Bissouma as an experienced player who can operate in several positions.

The club also said it hoped he would become available for selection as soon as possible.

Bissouma’s arrival is significant because midfield was one of the areas where Míchel wanted additional options.

His experience could give Ajax another player capable of providing physicality and defensive support in the middle of the pitch.

It also creates additional competition alongside players such as Sofyan Amrabat, Davy Klaassen and Jorthy Mokio.

How Míchel uses Bissouma will therefore be one of the interesting tactical developments to follow once the midfielder becomes fully integrated.

Kasper Dolberg suffers injury setback

Ajax have now received disappointing news involving one of their attacking options.

Kasper Dolberg suffered a knee injury while training with the Denmark national team and has left the Danish camp.

Ajax Showtime reported that the striker is expected to be sidelined for an extended period.

The timing is particularly unfortunate for Ajax.

Dolberg had just scored in the team’s 5-1 victory over Willem II.

He was also involved in the build-up to Ajax’s opening goal against Willem II and was one of the team’s attacking threats during the match.

His absence could now force Míchel to reconsider his options in attack.

Ajax have Marcos Leonardo and Tolu Arokodare available, while the squad contains several players who can operate in different attacking roles.

However, Dolberg’s injury removes another experienced option from the manager’s selection.

The extent and recovery timeline of the injury will therefore be important for Ajax as the season continues.

Marcos Leonardo and Tolu Arokodare provide different options

Ajax deliberately added different types of attacking players during the summer.

Marcos Leonardo arrived from Al-Hilal, while Tolu Arokodare joined from Wolverhampton Wanderers on loan with an option connected to a permanent move.

The two forwards offer Míchel different profiles.

Tolu has already made his presence felt.

Against Excelsior, he came off the bench and equalised just two minutes after the home side had fallen behind.

He then hit the woodwork as Ajax searched for a winner.

His physical presence gives Ajax another way of attacking opponents.

Marcos Leonardo, meanwhile, provides another option for Míchel as the manager decides how to structure the front line.

With Dolberg now injured, both players could become increasingly important.

Viktor Tsygankov has already scored his first goal

Another important summer arrival is Viktor Tsygankov.

The Ukrainian winger joined Ajax from Girona and signed a contract until June 30, 2029.

He scored his first Ajax goal during the 5-1 victory over Willem II.

His goal was part of an impressive second-half performance from Ajax.

The club controlled the match and continued attacking after taking a two-goal lead into half-time.

Tsygankov’s arrival gives Míchel another option in wide areas and adds experience from his time in Spain.

His ability to combine with the team’s other attacking players could become increasingly important as Ajax attempt to establish a consistent attacking structure.

Ajax remain fifth in the Eredivisie

Despite the mixed results, Ajax are still within touching distance of the leading teams.

After seven matches, Ajax have 14 points and sit fifth.

AZ Alkmaar lead the league with 19 points.

Feyenoord are second with 17, while PSV and FC Twente have 16 each.

Ajax therefore remain only five points behind the leaders after seven matches.

That means the current league position should be viewed in the context of a long season.

There are still 27 league matches remaining.

However, Ajax will want to avoid dropping too many points during the period when Míchel is attempting to establish his preferred team.

The club’s recent 2-2 draw with Excelsior demonstrated how quickly a match can become complicated even when Ajax are controlling possession and creating chances.

Ajax’s financial position has improved

Away from the pitch, Ajax have also provided important news.

The club’s 2025/26 financial report showed a return to profitability.

Ajax finished the financial year with a €2 million net profit compared with a €37.3 million loss the previous year.

Revenue reached €188.3 million, an increase of €10.2 million.

The club’s transfer result was also positive.

The improvement represents a major change from the previous financial year.

However, Ajax have made clear that the financial situation still requires careful management.

One of the biggest factors is European football.

Last season, Ajax participated in the Champions League.

This season, the club will play in the Conference League.

The difference in European competition affects the revenue available to the club.

Ajax have therefore said that cost control and financial discipline will remain important during the 2026/27 season.

The club’s sporting performance and financial situation are consequently closely connected.

A successful season can increase European revenue and strengthen the club’s position.

At the same time, player development and transfer activity remain important components of Ajax’s financial model.

Ajax are trying to rebuild without losing their identity

The most important question surrounding the club is perhaps not about one player or one result.

It is about identity.

Ajax have traditionally been associated with attacking football, technical quality and the development of young players.

The current squad combines those traditions with a significant amount of experience.

Players such as Daley Blind, Thilo Kehrer, Sofyan Amrabat, Julian Brandt, Ter Stegen and Bissouma bring experience from major European leagues.

At the same time, Ajax continue to develop young players through their academy.

The club recently announced a professional contract for 15-year-old Milan Verhoeven, who joined the Ajax academy after previously being at Feyenoord. The contract runs until June 2029.

That demonstrates that the academy remains an important part of the club’s long-term plans.

The challenge for Míchel will be finding the correct balance between experienced signings and younger players.

Injuries could also influence Míchel’s decisions

Dolberg is not the only player whose fitness has become a talking point.

Míchel recently discussed the situations of Simon Adingra, Daley Blind and Aaron Bouwman, with all three dealing with injuries and uncertainty over their availability for the match against NEC after the international break.

That creates another selection challenge.

A squad can be large on paper, but injuries can quickly reduce the manager’s options.

The current Ajax squad was built with depth in mind.

Now Míchel may have to demonstrate exactly how much depth the new team possesses.

The international break gives Ajax time to reset

Ajax will not return to Eredivisie action until October 10.

Their next league match is at home against NEC.

Four days later, they are scheduled to travel to Croatia to face Hajduk Split in the Conference League.

On October 18, Ajax will return to Eredivisie action away against FC Groningen.

The break therefore gives the coaching staff an opportunity to assess the squad and work on tactical details.

It also gives injured players time to recover.

For Bissouma, it could provide an opportunity to become more familiar with his new teammates.

For Míchel, it provides valuable preparation time before another busy period.

The next phase could reveal more about Ajax

The first seven league matches have produced mixed evidence.

Ajax have shown they can dominate opponents.

They have scored five goals in two consecutive matches.

They have demonstrated that goals can come from several different players.

They have also shown weaknesses that opponents can exploit.

The 2-2 draw against Excelsior is a clear example.

Ajax scored first, fell behind, equalised and then continued creating opportunities.

But the team could not find the decisive third goal.

That is exactly the type of match Míchel will want his team to learn from.

The objective is not simply to play attractive football.

Ajax need to turn their control and chances into consistent results.

Ajax have plenty of reasons for optimism, but the work continues

The club’s current situation cannot be explained by one result or one statistic.

There are positive signs.

The team have scored heavily in recent matches.

Several new players have already made contributions.

Bissouma has added another experienced option.

Tsygankov has scored his first Ajax goal.

Brandt has been involved in several important moments.

The club’s financial result has improved significantly.

At the same time, there are unresolved issues.

Ajax remain fifth after seven matches.

They have dropped points at home.

The defence has conceded goals in situations the team would prefer to control.

The squad is still adapting to the manager’s ideas.

And Dolberg’s injury removes an important attacking option.

These are the realities of a club undergoing a major transition.

What comes next for Ajax

The coming weeks will provide a clearer picture of where the project is heading.

Ajax have already demonstrated their attacking potential.

Now they need to show that they can reproduce that level of performance consistently.

The manager also has to decide how the new signings fit together.

Bissouma will add another midfield option.

Tolu and Marcos Leonardo could receive greater responsibility following Dolberg’s injury.

Tsygankov will be expected to build on his first goal.

Brandt will look to continue his contribution.

Gloukh remains one of the attacking players capable of changing matches.

And the defensive unit will need to become more reliable.

The financial side will remain equally important.

Ajax have returned to profit, but the club are entering a season with reduced European revenue compared with their Champions League campaign.

That makes sporting performance particularly important.

For now, Ajax remain a team in transition.

The club have made significant changes to the squad and management structure, while the financial numbers show progress compared with the previous year.

But the most important part of the rebuild is still taking place on the pitch.

Ajax have shown what they can do when everything comes together.

The 5-1 victories over Fortuna Sittard and Willem II demonstrated that.

The 2-2 draw against Excelsior showed that there is still work to do.

With the next league match against NEC, followed by the Conference League trip to Hajduk Split, Ajax now have another opportunity to demonstrate how quickly the new team can develop.

The club have already changed significantly.

The next challenge is turning those changes into consistency.

Ajax’s next Eredivisie match is against NEC on October 10, followed by Hajduk Split away in the Conference League on October 15 and FC Groningen away on October 18.