Started with the lowest squad value
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FC Thun is on the verge of writing a football fairy tale in Switzerland and becoming champions as a promoted team. The club, which returned to the Super League in the summer of 2025 after a five-year absence, had an impressive season and dominated the league – although the goals were completely different. The miracle would be complete with a win on Saturday evening against the reigning champions FC Basel. Before the start of the season, Thun had the lowest squad value, which almost tripled over the course of the season.
“FC Thun’s season is one of the most remarkable stories in Swiss football in recent years. The club from the small town of Thun near Bern has not traditionally been one of the country’s dominant forces. Although it has had periods in the top flight and even played in European competitions, its recent history includes relegation in 2020 and several years in the second division,” says Maximilian Meyer, Switzerland expert at Transfermarkt. So far Thun has celebrated the championship in the second league twice, now the first one in the Super League is imminent.
In 2020, Thun was relegated to the Challenge League and narrowly failed to gain promotion in 2021 and 2024. In recent years the club has been plagued by financial problems. “Around two years ago, FC Thun was in serious financial difficulties and there was a risk that the club could either go bankrupt or be taken over by foreign investors. At this crucial moment, a Swiss entrepreneur stepped in and acquired around a third of the club, thereby stabilizing its finances and ensuring that the club remained under Swiss control,” says Meyer. “In contrast to many modern success stories in football, Thun’s rise is not based on a wealthy owner or great financial support. Rather, it is the result of continuity, clever planning and strong team cohesion.”
The father of success is coach Mauro Lustrinelli, who took over in the summer of 2022. Despite missing two promotions, the club management stuck with him and was rewarded. “Under Lustrinelli, who has been associated with the club for a long time, Thun developed a clear tactical identity. After his playing career, he moved into coaching and worked extensively for the Swiss Football Association, particularly with the U21 national team, where he earned a reputation as a promoter of young talent. This background is reflected in his coaching philosophy, which places the emphasis on player development, tactical discipline and long-term planning, rather than short-term success,” says Meyer, outlining the strengths of Lustrinelli, who previously held positions in the club’s youth sector held.
FC Thun: Started with the lowest squad value
At the beginning of July, FC Thun had a squad value of 7.8 million euros – the lowest of all clubs in the Super League. The expectations of the newcomer were correspondingly low. For comparison: the top teams Young Boys (78.2 million) and FC Basel (68.8 million) were valued almost ten times higher. In the summer, Thun brought in eight new professionals for 1.7 million euros and sold nine players for 1 million euros – the expenditure of Young Boys (19.1 million) and FC Basel (18 million) exceeded this many times over. Since then, FC Thun has increased by 187 percent to 22.4 million euros, putting the sporting leader in eighth place in Switzerland’s squad value ranking.
The biggest leaps were made by Elmin Rastoder and Franz-Ethan Meichtry, who are among the most exciting players in the squad. Both increased their market value tenfold to 3 million euros, making them the most valuable professionals in the squad. There are already rumors surrounding the 20-year-old Meichtry about a move to a top league; FC Parma and TSG Hoffenheim are said to be interested. Rastoder is his team’s top scorer with 13 goals.
On the way to the potential championship, the offensive was one of Lustrinelli’s team’s trump cards. With 75 goals in 34 games, the club has the best offense in the league. What is particularly special is that this burden is spread across several shoulders. In addition to top scorer Rastoder, 16 other players scored a goal – only Lausanne-Sport has more goalscorers. The most successful include Leonardo Bertone (10), Christopher Ibayi (10) and Meichtry (8). But the defense around captain Marco Bürki, brother of ex-Dortmunder Roman Bürki, Genís Montolio, and keeper Niklas Steffen also played their part in the championship – the team remained without conceding a goal seven times. Almost all top performers were already part of the promotion team.
“On the pitch, Thun usually plays in a structured system, often in a 4-4-2 diamond, with the emphasis on balance, collective organization and efficient transition phases. Many of the players were already part of the squad that achieved promotion, which led to a strong cohesion and understanding within the team,” says Meyer, describing the style of play. Seven contracts will end in the summer, including that of central defender Montolio, and another top performer, Kastriot Imeri, who was on loan from Young Boys, will leave the club.
Like Kaiserslautern & Zurich: Thun as promoted champions?
A fairy tale like FC Thun can write in the 2025/26 season has not happened often in European football – especially in modern times. In Switzerland, Grasshopper Zurich won the championship after promotion in 1951/52, in Germany, 1. FC Kaiserslautern did this in 1997/98 and in England, Nottingham Forest in 1977/78. For such miracles to happen, the established top teams have to play a weaker season, as Meyer explains.
“Another important factor in Thun’s success story is the environment of the league this season. The traditional top clubs, including FC Basel and BSC Young Boys, who have dominated Swiss football in recent years, have struggled throughout the season. Their volatility has opened the door for a well-organized and confident team like Thun to climb to the top of the table.” Double winner Basel is going through a difficult season and is 21 points behind Thun, the Young Boys are 26 points behind. The weakness of the top teams and Thun’s run make the football fairytale of the 2025/26 season possible.
