Indonesia Derby: Persija vs Persib – Who's More Expensive? The Truth Lies in Squad Structure, Not the Numbers

Hook

On September 12, 2026, the SUGBK Jakarta stadium will witness one of Southeast Asia's hottest derbies: Persija Jakarta hosting Persib Bandung. The atmosphere is tense, but before the ball rolls, another battle is taking place on paper: the battle of squad values. The figures of IDR 163.39 billion (approximately USD 10.2 million) for Persija versus IDR 155.13 billion (USD 9.7 million) for Persib are thrown around as a statement of power. But I, with seven years of following Asian leagues, have learned one thing: squad value is never the sole measure—it is an audit of the entire transfer strategy. And if you look only at the totals, you are missing the real story.

Context

Both teams enter the derby with wins in Week 1: Persija won a tight 1-0 against Borneo FC, while Persib won convincingly 3-1 against PSM Makassar. This is the 2026/2027 season of the Indonesian Super League, a competition in a brand restructuring phase. In terms of status, Persija and Persib are the traditional giants, competing at the top of the table for decades.

According to Transfermarkt, the total player value of the two squads is IDR 318.52 billion (about USD 19.9 million), a modest figure by Asian standards but a media focal point in Indonesia. Interestingly, the gap between the two teams is only 4.3%—a margin well within Transfermarkt's estimation error. This means that in terms of per-head assets, neither truly dominates.

Core

I examined the value structure of each team closely. This is where the real story begins.

Persija Jakarta: Dependent on an Expensive Spine

Persija's three most valuable players account for 28.2% of the total squad value. Midfielder Stjepan Lončar leads with IDR 20.86 billion (USD 1.3 million), followed by striker Alexander Jeremejeff (IDR 13.91 billion) and center-back Rizky Ridho (IDR 11.3 billion). This is a typical structure of a team built around a