Welcome to the 14th and final edition of The Athletic’s Transfer DealSheet for the summer 2025 transfer window.
Our team of dedicated writers, including David Ornstein, have taken you inside the market all window long and explained the deals that were being worked on. The transfer window is now closed, having shut down just under a week ago at 7pm BST on September 1.
The information found within this article has been gathered according to The Athletic’s sourcing guidelines. Unless stated, our reporters have spoken to more than one person briefed on each deal before offering the clubs involved the opportunity to comment. Their responses, when they were given, have been included.
We aim to bring you analysis you can trust about what is happening at Europe’s leading clubs and the latest information we’re hearing from across the market. This year, The Athletic’s football finance writer, Chris Weatherspoon, will be adding to our analysis of the transfer market.
Last week, we looked at David Ornstein’s Ones To Watch over the rest of the window. This week, we look at the Premier League’s big spenders and sellers, how the English top flight dominated the global market and review individual club windows, while looking ahead to what might be needed in January.
This article is long but detailed, so enjoy it all — or search for the club or player you want to read about.
Who were the Premier League’s big spenders and big sellers?
Liverpool’s last-minute-but-on-the-cards-for-two-months deal to sign Alexander Isak from Newcastle United confirmed what had long been clear: the biggest spenders this summer were the reigning Premier League champions.
The Anfield club’s £400million-plus outlay was not only a club record but a world one. The previous high for a single window was the £398m spent by Chelsea in 2023, and though the latter’s spending over the course of a season then might still outstrip Liverpool’s (Chelsea went big that January too), there’s no denying the sums dispensed from Merseyside have been huge.
Liverpool weren’t the highest spenders on a net basis. That accolade fell to Arsenal, who dropped over £250m on new players then struggled to shift unwanted ones. That Alex Oxlade-Chamberlain, sold eight years ago, remains their highest ever sale is an indictment of their ability to sell well.
Other clubs had no such trouble. At Chelsea, £294m in sales translated to the second-highest-ever proceeds in a single season, even with the winter window to come. Sell in that window too and they may surpass the £325m mark set by Monaco in 2018-19.
Bournemouth went beyond £200m in sales as well, and, in all, six more clubs topped £100m in proceeds. As wages and transfer amortisation bills continue to rise, clubs are turning to player sales to reduce losses. For all the talk of over £3billion in spending being a record, so too was the £1.8bn clubs recouped.
Notable too was the spending by the newly-promoted trio. Sunderland set a record for a promoted side, but between them, the play-off winners, Leeds United and Burnley paid out over £360m on new players. That was around £80m more than 2024’s new boys and £200m more than Burnley, Sheffield United and Luton Town spent two years ago.
Each of the last six promoted sides have gone straight back down. This year’s group have gone big to avoid the same fate. Whether it will be enough remains to be seen.
Chris Weatherspoon
Arsenal
Was this window a success or a failure?
It takes time to evaluate a transfer window: a summer that looks good on paper can be disastrous on the pitch.
On the surface, this looks like a really strong summer’s recruitment from Arsenal. Martin Zubimendi, Viktor Gyokeres, Eberechi Eze and Piero Hincapie are all established elite players with the potential to improve the starting XI. The likes of Kepa Arrizabalaga, Christian Norgaard, Noni Madueke and Cristhian Mosquera add another layer of depth to the squad.
Arsenal will be disappointed, however, with their inability to balance the books with more high-value sales. They failed to find permanent buyers for the likes of Oleksandr Zinchenko, Karl Hein, Reiss Nelson and Fabio Vieira, while Albert Sambi Lokonga joined Hamburg for an initial fee of less than €300,000.
Will Arteta be happy?
Yes. The greatest value a sporting director can offer a manager is delivering the players he demands. Eight new signings suggest Mikel Arteta will be delighted with Andrea Berta’s first few months in the job.
Arteta now has the depth he needs to launch an assault on major silverware. The onus is on the manager to deliver.
What will be the priority for January?
Arsenal have such depth throughout the squad that it’s difficult to see an obvious need in January. Arsenal tend to use that window for remedial business to address issues caused by injuries — if at all.
They might look to let one or two leave in January: if Gabriel Jesus can prove his fitness by then, he’s one who could be earmarked for a sale.
Will there be money to spend in that window?
After a net spend in excess of £250m, quite possibly not. It remains to be seen how this summer’s spending spree will impact Arsenal in future windows.
Arsenal went big this summer. If they want to continue investing at that kind of level, they’ll need to improve their profits from player trading.
James McNicholas
Chelsea
Was this window a success or a failure?
It has to be considered a success overall. Obviously, results over the season will provide the ultimate answer, but Chelsea have addressed a lot of issues that needed to be looked at, both ins and outs.
The squad does look deeper. Dario Essugo and Andrey Santos (following his return from Strasbourg on loan) provide more options in midfield. The wide positions have been refreshed with the arrivals of Estevao Willian, one of the rising stars of the game, plus Jamie Gittens and Alejandro Garnacho. Up front, Joao Pedro has got off to a tremendous start, and Liam Delap, before his injury, gave Chelsea a much-needed physical edge.
Chelsea have also provided necessary cover for Marc Cucurella by acquiring Jorrel Hato from Ajax, and believe attacking midfielder Facundo Buonanotte can make a positive contribution following his loan move from Brighton & Hove Albion.
Yes, injuries to two key players in Levi Colwill and Delap are a major blow, and the goalkeeping position is not as strong as title contenders Liverpool, Arsenal and Manchester City.
But Chelsea have also offloaded a lot of players they no longer wanted or were looking to leave like Christopher Nkunku, Joao Felix and Carney Chukwuemeka. Not only that, they have generated more revenue in outgoings than they have spent, a remarkable feat which will help them comply with financial rules set by the Premier League and UEFA.
Will Maresca be happy?
Talk to any manager and they will always want more. On taking the job last year, Enzo Maresca knew that his say in transfers at Stamford Bridge would be limited and that his main task was to concentrate on coaching the team.
Maresca seemed to imply after Colwill’s injury in pre-season that he would like another defender, only to clarify those comments in rather tense fashion a few days later. Last week, the Italian insisted he has been ‘in love’ with the squad from day one, and really, he should be. There are a lot of coaches who would want to work with the talent he has at his disposal.
What will be the priority for January?
Centre back is an area to keep an eye on if they struggle without Colwill, who is out for most of the season with an anterior cruciate ligament (ACL) injury. In saying that, Chelsea will be reluctant to block the pathways of Mamadou Sarr (on loan at Strasbourg) and Aaron Anselmino (on loan at Borussia Dortmund). It is more likely one of them will be recalled rather than a new addition be added.
Chelsea are always on the lookout for the right player at the right price. They have also shown they like to buy talent for the future and let them continue to develop at their current club or elsewhere before officially joining up. Yet it should be noted that their business in the last two January windows has been limited, so it might take something drastic to happen for that trend to change.
Will there be money to spend in that window?
There are still funds available for them to do something should they need to. Chelsea provided a clue in that regard by lodging a €40m bid for Barcelona midfielder Fermin Lopez a few days before the deadline and opted not to pursue it. That sum was not spent elsewhere.
Simon Johnson
Liverpool
Was this window a success or a failure?
Without doubt, a massive success. The club signed world-class players in key positions to automatically make the squad stronger.
With the additions of Alexander Isak, Florian Wirtz, and Hugo Ekitike, they now boast one of the most formidable forward lines in the world — each player not only a threat on the pitch but also a valuable asset with significant potential to grow in value
Will Slot be happy?
There will be some disappointment that a deal for Crystal Palace defender Marc Guehi couldn’t be finalised, as his arrival would have capped off a near-perfect transfer window.
Deep down, though, Slot will be licking his lips at the prospect of building on a perfect start to the season with a star-studded group at his disposal. He’s blessed with a wealth of attacking talent, a multi-functioning midfield and strong, experienced defensive players in centre-backs Virgil van Dijk and Ibrahima Konate, and goalkeeper Alisson. Even with injuries, Liverpool should be well covered.
What will be the priority for January?
Given how close Guehi was to signing, it would be no surprise if Liverpool open up talks again in the winter. The transfer fee will be reduced as he’ll be closer to the end of his contract, so that may appeal. The other option is to hold out and try to sign him on a free next summer.
Elsewhere, there should be no great need to recruit in January after this summer’s changes.
Will there be money to spend in that window?
Owners Fenway Sports Group will always remain flexible to changes or market opportunities.
Gregg Evans
Manchester City
Was this window a success or a failure?
Manchester City ticked a lot of boxes. They secured Ederson’s long-term successor(s), brought in Rayan Ait-Nouri to fill the problematic left-back position, found a regen of 2021 Ilkay Gundogan in Tijjani Reijnders and brought in the maverick that is Rayan Cherki to help ease the loss of Kevin De Bruyne.
At a net spend of around £110m, which lowered the average age of a squad nearing 30 to 25.6, the window was a success in terms of long-term planning.
The one area City did not address was at right-back. Rico Lewis and Matheus Nunes are imperfect sticking plasters on a problem that requires a permanent fix.
In their last two losses, it looks like that oversight could come back to bite. How much so will go a long way to dictating how successful this window has been or not.
Will Guardiola be happy?
Pep Guardiola is a tactile man who does not hide his expressive nature when speaking to his players.
So, with a bloated squad that was causing him a great deal of stress, it is not hard to imagine him lovingly slapping the faces of the senior players as a thank you to the players who eventually decided to leave the club on the final day of the window.
The exits of Ederson, Gundogan and Manuel Akanji chopped a sizeable amount off the wage bill, but it also made his life a lot easier when it comes to selection.
With Jack Grealish, Vitor Reis and Claudio Echeverri also leaving on loan, he has a much more manageable number to keep happy, which, in turn, should make him happy.
What will be the priority for January?
A lot will depend on whether Gianluigi Donnarumma can help settle City’s defence. If not, then a right-back may be on the shopping list.
City are not short of options in other areas, but if Guardiola cannot get Jeremy Doku, Savinho and Oscar Bobb delivering the goals and assists he needs from his wingers, then there may be a need to freshen the supply to Erling Haaland.
Will there be money to spend in that window?
City spent heavily in January and followed that up with a substantial, if not mammoth, net spend this summer.
The departure of so many high earners will also have helped reduce the wage bill, but City’s two-part rebuild looks to have been more or less completed, barring one or two additions if injuries strike.
Jordan Campbell
Manchester United
Was this window a success or a failure?
United are happy with their business. You would expect them to be, of course, but the early signs are that Matheus Cunha and Bryan Mbeumo will improve an attack that scored just 44 goals in the Premier League last season — United’s lowest tally of the post-1992 era.
Benjamin Sesko is yet to start in the league, but Ruben Amorim has spoken of him leading United’s line for years to come. And while the deadline day arrival of 23-year-old goalkeeper Senne Lammens is another work in progress, he potentially addresses a problem position. Speaking of which, The Athletic reported on Sunday that Andre Onana had agreed to join Trabzonspor on a season-long loan. Sources close to the player say he will earn almost double his current salary at the Turkish club.
United also waved goodbye to four members of their five-man ‘bomb squad’ — Marcus Rashford, Garnacho, Jadon Sancho and Antony. Ruthlessly exiling those players sent a clear message about the importance of squad harmony, but arguably handed the leverage in negotiations to buying clubs, driving down their prices and delaying their departures.
Garnacho’s £40m sale to Chelsea broke records for a United academy player, but could surely have been higher had United not clearly needed to get rid. Antony’s €25m sale was also a little on the low side, given his performances on loan at Real Betis, while Rashford and Sancho only departed on loan.
And when all was said and done, not every problem was addressed: United did not reinforce their midfield, despite it being a position they planned to strengthen.
Will Amorim be happy?
Amorim has only spoken positively about United’s business. While he has not yet had a chance to comment about Lammens’ arrival, he has already waxed lyrical about Cunha and Mbeumo’s impact on the pitch and around the training ground, and Sesko’s work ethic and potential.
Whether Amorim starts Lammens in next Sunday’s Manchester derby will be interesting. His goalkeeper of choice this summer, at least initially, was Aston Villa’s Emiliano Martinez — a more expensive option than Lammens, but one with proven leadership qualities and experience at the very highest level.
Amorim also wanted to add a dynamic, athletic midfielder to the squad. Other positions were ultimately prioritised. When asked about a potential midfield signing before the opening defeat by Arsenal, Amorim said: “I’m really happy with our players. They’re working well; we have different players for that position. We are prepared to win any game with our players.”
What will be the priority for January?
Midfield is the glaringly obvious choice, although whether that is still too early for United to revive their pursuit of Brighton’s Carlos Baleba remains to be seen.
United attempted to steal a march on rivals for Baleba by holding talks via intermediaries last month, before Brighton made clear in direct club-to-club talks that they plan to keep the 21-year-old for another season, at least.
If that stance holds into January and beyond, and United’s midfield issues cannot be ignored, they may have to choose between waiting for their dream target in Baleba or looking elsewhere.
Will there be money to spend in that window?
There was not supposed to be much money to spend this window, never mind the next. But United’s initial spend on incomings over the past three summers had always landed between £175m and £210m, and this year they spent even more: committing to pay £215.8m in initial fees.
United said they were likely to rely on sales to fund further spending after Cunha and Mbeumo’s arrivals, but then paid an initial €75.5m to sign Sesko, weeks before closing on their first permanent sale.
Mid-summer changes to United’s revolving credit facility indicated a switch in strategy, and there was a more aggressive approach in the market following a summit in Iceland between Sir Jim Ratcliffe, chief executive Omar Berrada and director of football Jason Wilcox.
As a New York Stock Exchange-listed plc, United typically release their full-year financial results for the previous season in September. Those figures should tell us, or at least offer clues, as to how the summer’s transfer business was paid for, and whether more spending will be possible come January.
Mark Critchley and Laurie Whitwell
Why are United letting Onana go out on loan?
United did not intend to sign a goalkeeper when the transfer window opened but circumstances changed when Onana came back for pre-season. He reported an issue with his hamstring and this left staff questioning what shape he was in.
For Ruben Amorim, the setback left a lasting impression, with Altay Bayindir selected in the first three Premier League games.
Onana came back to Carrington wanting a new contract — he has been of that view since receiving the standard 25 per cent cut for non-qualification to the Champions League — a stance that did not go down well with Amorim. Yet United made no efforts to sell him. Monaco were the only club to register a real interest but they were informed his price was a minimum £30m. Monaco declined to go further.
Following the Fulham game on August 24, his representatives again checked if United wished for them to seek exit options but they were told not to, and that the player remained a part of Amorim’s plans. By that point though, United had activated on signing Senne Lammens. Despite Lammens being expected to compete for the No 1 spot, Onana was said to have backed himself.
Talks between United and Onana’s representatives after Lammens joined made clear to the player he would be welcome to search for options of more guaranteed game-time. He was also told United would be happy to keep him. Onana has now agreed to Trabzonspor’s offer.
Laurie Whitwell
Why has it not worked out for Onana at Old Trafford?
When Manchester United signed Onana in 2023, it was supposed to represent a step change at the club. After more than a decade of David de Gea, they were looking to modernise. Out went a goalkeeper defined by his reflexes and shot-stopping heroics and in came one to reshape the way United would both defend and attack.
GO DEEPER
Onana's Manchester United loan exit says as much about the club as it does about the player
But above all they needed calm and authority, a goalkeeper who could impose stability regardless of the circumstances. Onana, for all his talent, struggled to be that figure. At United he often reflected the mood around him rather than steadying it, and in a club where turbulence has been the defining feature for so long, that was always going to be a difficult mix.
What began as a bold shift now ends as another reminder of where United are at as a club. For Onana, this spell will be remembered less for his ability than for the gap between promise and reality. For United, the search continues for a goalkeeper who can provide the stability they so clearly lack, with Lammens tasked with offering what Onana could not.
Matt Pyzdrowski
Newcastle United
Was this window a success or a failure?
What a question that is. There is no short answer and it depends which way you look at it.
In one sense, Newcastle suffered the biggest failure of all, losing their best player on deadline day for lower than £150m and after a summer of insisting he was “not for sale”. The collateral damage caused by that saga has affected Newcastle’s early-season performances, depriving them of a senior centre-forward for the opening three games and generally generating toxicity.
The failure to land many of their key targets — Mbeumo, Joao Pedro, James Trafford, Ekitike and Sesko among them — ensured it was a chastening start for the interim transfer team, led by Andy Howe, the assistant head of recruitment, following Paul Mitchell’s exit as sporting director on June 30.
Yet, following that bruising beginning, Newcastle made significant strides in the market and ended up strengthening every position they had aimed to pre-window. Anthony Elanga and Malick Thiaw augment long-term problem positions at right-winger and right-sided centre-back, Jacob Ramsey is deemed an upgrade on Sean Longstaff in midfield, Aaron Ramsdale provides greater competition for Nick Pope than Martin Dubravka (and buys Newcastle time to determine what to do in the long run in the goalkeeper department), while Nick Woltemade is an exciting prospect, and Yoane Wissa is proven in the Premier League.
Admittedly, Newcastle have been deprived of Isak’s X-factor up front, while their £241m outlay is the most they have ever spent in a single window, and that figure was so high due to inflated fees being paid (especially the £50m-plus invested in Wissa, who Newcastle initially bid £25m for in July).
Even so, the £125m British-record fee received for Isak (which the club insist is actually worth £130m to them due to solidarity payments being waived) is an astronomical fee and should alleviate any concerns about the Premier League’s profit and sustainability rules for several windows to come.
A grade of B- probably feels fair. The squad is undoubtedly better, the first XI is probably not, and the club were made to look weak over the Isak affair.
Will Howe be happy?
Largely, yes. Eddie Howe is never truly satisfied and is always striving for more, but given the early-window issues, he will be relieved that he has a squad which looks far better set to compete across four fronts than the last time Newcastle were in the Champions League two years ago.
In just about every position, Howe now has options and genuine competition. He has players who offer versatility and tactical flexibility, meaning he can change his system more easily between matches and even in-game.
Even so, he will rue the loss of Isak’s world-class abilities up front.
Wissa and Woltemade are an exciting combination and should, theoretically, provide greater depth than the perennially injured Callum Wilson was able to do last season. But Woltemade may need time to acclimatise to the Premier League, and without Isak, there are those inside the club who accept their ceiling as a side is perhaps lower. They still boast real quality and can reach an elite level as a team, but probably not the heights they could when Isak was in the XI.
What will be the priority for January?
Newcastle will conduct a thorough review of the summer, as they do following every window, and the expected arrival of Ross Wilson as sporting director means that the club will hopefully navigate the mid-season trading period with executive leadership in place (following David Hopkinson’s confirmation as CEO).
Only then will they determine what positions, if any, they want to bolster in January. Interestingly, however, Newcastle and Howe have been keen to ensure there is the capacity to augment the squad mid-season, following two successive seasons in which they have been unable to do so.
To be able to compete in the Champions League latter stages, should they get there, Newcastle may require an injection of quality at the start of 2026.
Right now, midfield, where Joe Willock’s long-term future is uncertain, and up front remain areas which could be improved upon. Wissa and Woltemade were late-window signings, but another striker or versatile forward of greater quality than Will Osula would be welcome, as too would a creative midfielder.
Will there be money to spend in that window?
Yes, absolutely
Even if many Newcastle fans may never want to hear the name ‘Alexander Isak’ again, the Sweden international has left an inadvertent financial gift for his former club.
Yes, Newcastle may have already spent some of the Isak profits during the final throes of the summer window but, once Real Sociedad’s 10 per cent sell-on clause and the roughly £30m in amortised costs are paid off, the club still made more than £80m from his sale to Liverpool.
Given that can be banked in the accounts immediately, whereas the cost of incomings can be spread over the length of their contract (for example, Woltemade’s £69m fee goes down as a £13.8m cost per year over the next five seasons), Newcastle have transformed their PSR position.
Newcastle prefer to do the majority of their business during summer windows, so do not expect vast investment in January necessarily, but they do have the capacity to spend.
Chris Waugh
Tottenham Hotspur
Was this window a success or a failure?
In theory, Spurs have a much better squad than this time a year ago. It was sad waving goodbye to Son Heung-min, who joined Los Angeles FC after a decade in north London, but Mohammed Kudus, Xavi Simons, Joao Palhinha and Randal Kolo Muani will inject serious quality into the starting 11. In previous windows, Spurs have been accused of prioritising young prospects over first-teamers. This time, they have brought in players for now.
The problem is that Spurs missed out on Morgan Gibbs-White and Eze. Gibbs-White was keen on joining Spurs but ended up signing a new contract with Nottingham Forest, while Eze rejected them in favour of their north London rivals Arsenal. It was a huge blow to miss out on two of their top targets in attacking midfield, especially because James Maddison suffered an anterior cruciate ligament injury during their pre-season tour of Hong Kong and South Korea. It remains to be seen if Simons can fill that creative void in midfield.
Maddison and Dejan Kulusevski are both set to miss a significant chunk of the season, while Dominic Solanke’s ankle injury is another cause for concern. With Solanke, Maddison and Kulusevski on the treatment table, Tottenham’s new head coach Thomas Frank has to cope without three of his best attacking talents. The deadline day signing of Kolo Muani was a shrewd move to give him another option.
Will Frank be happy?
Two of the summer signings have already clearly elevated the first team. Palhinha’s performances against Paris Saint-Germain and Manchester City were exceptional. Frank has a disciplined defensive midfielder he can rely on. Kudus offers Spurs something different in attack. Gibbs-White would have been perfect for Frank’s plans, but Simons is a thrilling talent with a high ceiling.
However, their best piece of business was convincing Cristian Romero to sign a new long-term contract. The Argentina international was the subject of interest from Atletico Madrid, but he will now spend his peak years with Spurs. Had Romero not signed a new deal, this whole season would have been dominated by talk about his future and what would happen in summer 2026 when he had one year left. Spurs fans can now relax about that issue.
What will the priority be in January?
There are question marks over Tottenham’s strength in depth in defence. Tottenham collapsed last season when Romero and Mickey van de Ven spent months out injured. Ideally, they would have more cover this year in case those two get injured again. Kevin Danso has proven himself, but Radu Dragusin is still recovering from an ACL injury and new signing Kota Takai has been struggling with a foot issue.
Following Luka Vuskovic’s loan move to Hamburg, Spurs only have three fit senior centre-backs right now. They looked at adding a left-sided centre-back this summer but could not find exactly the right player on the market.
Facing another busy season competing on multiple fronts, Spurs might need to sign a proven centre-back in January to help.
Will there be money to spend in that window?
Spurs have spent over £150m this summer, but the most significant sale was Son’s move to LAFC for an MLS record fee of $26.5m. They offloaded Bryan Gil to Girona for €10m, but failed to sell Yves Bissouma. The Mali international has attracted interest from Turkey, and their transfer window does not close until September 12, so there is still time.
It is frustrating that Manor Solomon only joined Villarreal on loan after impressing with Leeds United in the Championship last season. Solomon’s value might not be as high as it was in this window next summer.
Ideally, they would have raised more money, but they should still be able to conduct business in January if they have an urgent need.
Jay Harris and Jack Pitt-Brooke
Barcelona
Was this window a success or a failure?
It was definitely closer to a success.
Sporting director Deco and coach Hansi Flick bolstered both departments they wanted to at the start of the window: goalkeeper with the arrival of Joan Garcia from Espanyol and attack with Marcus Rashford. It must be said that the Manchester United loanee was not the club’s top priority, with Nico Williams and Luis Diaz initially preferred.
Barca also re-signed Wojciech Szczesny, a personal request from Flick given the Polish ‘keeper’s positive dressing-room influence, and secured the promising young winger Roony Bardghji from Copenhagen.
The sour note was Inigo Martinez’s exit to Saudi Pro League side Al Nassr. It was unexpected and meant Flick lost a fundamental figure in his defensive structure. Barca were unable to replace him with a new signing given they are still spending above their La Liga-imposed salary limit.
Will Flick be happy?
He should be. Garcia’s signing was met with total consensus across the club, and Flick was one of the biggest advocates for Rashford’s move to Barca.
The start of the season has not been perfect, with Flick’s team dropping points against Rayo Vallecano on Sunday and the German admitting he is not happy with his team’s performances so far. But that’s something Flick will hope to fix with his man-management and doesn’t relate to any complaints with the transfer window.
What will be the priority for January?
If things go to plan, Barca will not have any priorities in January as they won’t need to sign anyone. Unless a big injury happens or an outstanding market opportunity arises, don’t expect the Catalans to do any incoming business midway through the season.
But Deco will possibly be monitoring the centre-back position at Barca. With Martinez gone, it’s time for Ronald Araujo or Andreas Christensen to step up their game if Barca are to fight for all trophies this season. It seems likely Christensen will leave for free next summer at the end of his contract, while Araujo experienced a hugely inconsistent season last term.
Will there be money to spend in that window?
Not much, if any.
We have always reported that Barcelona’s main problem is not how much money they have to spend, but rather the salary limit not allowing them to register new players.
Any money they can avoid spending is good news for the club’s financial department.
Pol Ballus
Real Madrid
Was this window a success or a failure?
A success.
After a season in which they did not win any of the three major titles (La Liga, the Copa del Rey or the Champions League), Real Madrid managed to carry out a major and much-needed rebuild.
That started with Xabi Alonso replacing Carlo Ancelotti — and Alonso had a significant say in signings, unlike his predecessor. The club invested around €180million on four new players: Trent Alexander-Arnold from Liverpool (€10m), Dean Huijsen from Bournemouth (€58m), Alvaro Carreras from Benfica (€50m), and Franco Mastantuono from Argentine side River Plate (€63.2m).
The first three have helped shape a new-look defence, which had been identified as a necessary area of improvement since last summer. And the 18-year-old Mastantuono has already brought fresh ideas to Madrid’s attack.
While Alexander-Arnold’s signing had been pursued by the club since last year, Alonso’s conviction and insistence were key in landing Huijsen, Carreras and Mastantuono.
Will Alonso be happy?
He is, although ideally Alonso would have liked more reinforcements.
Sources close to Alonso suggested to The Athletic that two more signings were necessary, although one of those was if Rodrygo had left.
The difficulty in getting rid of players other than those whose contracts expired this summer (Luka Modric, Lucas Vazquez and Jesus Vallejo) was a significant obstacle. And with the 25-player limit on La Liga squads — even though Mastantuono was registered with the Real Madrid Castilla reserve team in case of a new arrival — Madrid’s room for more incoming players was minimal.
In the final weeks of the window, Alonso said, “We have to be ready in case there are changes”, but these did not happen. Dani Ceballos could have left last week, but he did not reach an agreement on personal terms with Marseille.
What will be the priority for January?
There won’t be one.
Madrid do not tend to use that January transfer window, and their last first-team signing in that month was Brahim Diaz in 2019. They made that move because Brahim’s contract with Manchester City was ending that June, so they wanted to act to secure the talented forward, with the concern being he might move elsewhere or renew at City if they did not act fast.
At the start of 2025, they were prepared to make an exception for Alexander-Arnold, but they were met with a strong refusal from Liverpool to sell.
But it is worth paying attention to any departures in January. While the board are not keen on losing players during the season, several members of the first team could review their situation to see if they can find a club where they will get more playing time. One example is Endrick, the young Brazilian striker who sees the 2026 World Cup as one of his major goals.
Will there be money to spend in that window?
Yes. Real Madrid have healthy finances, posting positive results even during the pandemic, and could afford to sign players. But, as mentioned above, it is unlikely given their stance on the window.
Mario Cortegana
What did the summer market tell us about Premier League dominance?
The Premier League’s dominance in the transfer market has long been known, but never starker than in the period just closed. For the first time in a summer transfer window, spending on new signings by England’s top 20 clubs outstripped that of those in the other four big leagues — Serie A, La Liga, the Bundesliga and Ligue 1 — combined.
In all, Premier League clubs spent €3.6bn gross, against €3.4bn by the 76 clubs populating Europe’s other big leagues. On a net basis, Premier League clubs spent £1.5bn; the other four recorded income of €414m.
While we still refer to the collective as a ‘Big Five’, the moniker is increasingly strained. At one end, Ligue 1’s financial troubles are legion. At the other end, the Premier League is steaming beyond its peers; a super league in all but name.
That might be good for the clubs within and those with a vested interest in the division, but it poses wider problems. UEFA’s tightened financial rules seek to mitigate such dominance but remain largely linked to revenue — a metric where English clubs naturally lead the way.
Even as two of those clubs now operate under Settlement Agreements with the European governing body, this summer’s activity shows few signs of the Premier League juggernaut slowing. Nine of its members will play in Europe this season, nearly half the division.
Premier League spending makes immediate headlines and generates the eyeballs key to growth, but the effect on the wider game will take longer to play out. It is unlikely to be pretty for many beyond English shores.
Chris Weatherspoon
(Top image — Illustration: Eamonn Dalton / The Athletic; Justin Setterfield; Image Photo Agency; Nikki Dyer – LFC/Liverpool FC; Getty Images)