Dortmund Pursue Karetsas and El Mala as Sporting Director Stays in Germany
Dortmund’s sporting director remains in Germany while the squad tours Japan as the club intensifies talks to sign Konstantinos Karetsas and Said El Mala ahead of kickoff.
Sporting director Nils Ole Book skips Japan tour
Borussia Dortmund will send their first-team squad to Japan while sporting director Nils Ole Book remains in Germany to focus on transfer negotiations. The club’s decision to leave Book behind signals that Dortmund are treating the pending deals for Konstantinos Karetsas and Said El Mala as a priority during their pre-season schedule.
The choice to keep Book at home is designed to allow continuous, high-level negotiations while the playing group completes its commercial commitments in Asia. Club officials expect that sustained talks over the coming days could produce movement on one or both targets.
Renewed approach expected for Konstantinos Karetsas
Dortmund’s pursuit of Karetsas has emerged as the more urgent of the two negotiations, with the 18-year-old Greek international identified as a prospective option to help replace outgoing attackers. Initial direct discussions with KRC Genk did not secure an agreement, but Dortmund are understood to be preparing a fresh approach.
Sources close to the talks indicate that any successful transfer for Karetsas would likely require a fee in excess of €30 million, reflecting Genk’s valuation of the young forward. Dortmund’s strategy appears to be to maintain pressure while calibrating offers to bridge the clubs’ valuation gap without overpaying.
Offer for Said El Mala rejected by Köln
On the other front, Dortmund submitted an offer for 19-year-old Said El Mala that included a guaranteed fee above €30 million, but the total package fell short of 1. FC Köln’s asking price. Köln rejected the proposal outright, holding firm on a valuation reported to be around €50 million.
Despite the rebuff, Dortmund believe El Mala prefers a move to Signal Iduna Park and see no immediate need to revise their bid upward. That stance suggests BVB are willing to wait and negotiate structure and add-ons rather than meeting Köln’s headline figure straight away.
How the two targets fit Dortmund’s recruitment plan
Both Karetsas and El Mala are viewed as potential long-term answers to the departures of Julian Brandt and Karim Adeyemi from Dortmund’s attacking group. The club’s recruitment model favors younger players with high upside, and both targets match that profile in age and potential.
Sporting director Book’s presence in Germany while the squad is abroad underscores Dortmund’s intent to close one of these deals without distractions. The club is seeking to balance urgency with discipline, avoiding hasty moves that could unsettle wage structures or squad harmony.
Financial mechanics and valuation gaps
Negotiations for both players hinge on fee structure, guarantees, and potential add-ons that could close the valuation gap between buyer and seller. Dortmund’s most recent offer for El Mala reportedly guaranteed more than €30 million, but Köln maintained a substantially higher overall valuation.
For Karetsas, expectations in Belgian and wider European markets frequently push transfer fees for talented teenagers above initial estimates, particularly when multiple clubs show interest. Dortmund appear prepared to sanction a significant investment if they are confident the player will deliver in the Bundesliga environment.
Coaching staff response and squad implications
Head coach Niko Kovač has remained publicly composed as the transfer window progresses, emphasizing that his team’s pre-season preparations continue unaffected. Kovač’s comments suggest a desire to shield the playing group from transfer speculation while allowing the sporting director to handle negotiations.
From a squad perspective, Dortmund must weigh depth and tactical fit in their final decisions, particularly with Champions League commitments and a domestic campaign ahead. Any incoming attacker will be expected to adapt quickly and contribute to a system already in transition following notable summer exits.
Timing, risk and market strategy
Dortmund’s approach reflects a measured market strategy: pursue high-priority targets, maintain negotiating discipline, and avoid reactive spending driven by calendar pressure. Keeping Book in Germany during the Japan tour allows uninterrupted negotiation bandwidth and reduces the risk of losing momentum at a crucial juncture.
There is inherent risk in waiting, however, as rival clubs can intervene and player valuations can escalate. Dortmund appear willing to accept that trade-off in pursuit of sound deals that align with their sporting and financial plans.
Potential outcomes and next steps
If Dortmund secure Karetsas, the transfer would likely be viewed as an investment in a player who could step into the wide or central attacking roles vacated this summer. A successful deal would probably involve a structured payment profile and performance-related clauses to manage immediate financial exposure.
Should El Mala become Dortmund’s preferred acquisition, expect a more protracted negotiation with Köln focused on creative structuring rather than a simple increase in guaranteed cash. Both pathways require careful calibration of salary, agent fees, and sell-on or performance-related incentives.
Signals to the market and fans
Book’s decision to remain at home sends a clear signal to other clubs and to Dortmund supporters that the club is serious about concluding deals rather than merely opening formal talks. It also reflects an organizational priority: transfer resolution is as important as on-field preparation in the final stages of pre-season.
Fans will watch closely for developments when the squad returns from Japan, anticipating at least one high-profile signing before competitive fixtures begin. The club’s public messaging has stressed patience and prudence, but expectations remain high for decisive activity in the window.
Dortmund’s summer business remains active and high-stakes, with Nils Ole Book managing parallel negotiations for two highly rated young attackers while the team fulfills its commercial and sporting commitments abroad. The coming days will likely determine whether Dortmund can convert interest into concrete signings that address their attacking departures.
