Rafael Ratão

In December 2025, reports state the combined value of Rafael Ratão's sale to Shanghai Shenhua and a preceding loan fee to Cerezo Osaka equaled the approximately €2 million Bahia reportedly invested to sign him from Toulouse in July 2023. Previously, in August 2021, Toulouse had acquired him from Slovan Bratislava for a reported €1.2 million.

Our valuation is driven by the finalized December 2025 transfer to Shanghai Shenhua. Reports state the sale price, combined with a prior loan fee from Cerezo Osaka, equals the approximately €2 million Bahia invested in July 2023. This strongly suggests a final transfer fee slightly below the €2 million mark, supported by his strong goal-scoring record while on loan in Japan.