The New York Times

“More wins, more often” was the phrase from a source close to the Lewis family last week, explaining the decision to remove Daniel Levy as chairman after 24 years. It was a reminder that ultimately it is what happens on the pitch, not in the boardroom, that fans care about. That is where they want to see results. That is where they want to see change.

And how better to start the post-Levy era than this 3-0 win? It is hard to imagine how Saturday evening could have gone any smoother for Tottenham Hotspur. Vivienne Lewis and her son-in-law Nick Beucher — two of the most influential members of the majority-shareholding Lewis family — were seated in between technical director Johan Lange and CEO Vinai Venkatesham in the directors’ box. They watched on as Thomas Frank’s side picked West Ham United apart, with a perfectly executed tactical masterclass, identifying West Ham’s weaknesses and mercilessly exploiting them. The Lewis family must know that things will not always look this easy.

Remember that the last time Tottenham won here at the London Stadium was almost six years ago, in November 2019. That was also the first game back after a cataclysmic international break; Daniel Levy sacked Mauricio Pochettino, six months after the Champions League final, and replaced him with Jose Mourinho. At the time, that felt like the end of the world. But in historical terms, it has little on the removal of Levy himself by the Lewis family last week.

It was difficult not to raise an eyebrow when Venkatesham twice referred to “business as usual” in his video interview released by Tottenham last week. That sounded like an impossibility after the sudden departure of the man around whom everything had revolved for almost a quarter-century. But the only way that “business as usual” might be possible is through wins on the pitch. The football calendar has a profound focusing effect on people. The games come twice a week and for as long as Spurs are doing well, that is what most people want to think about and talk about. Rather than the specifics of the UK Takeover Code, or the difference between an executive and a non-executive chairman.

But this new dynamic does place the club’s senior management under the spotlight. For years Levy was effectively the lightning rod for so many of the fans’ complaints. Now that he is gone, there is perhaps a degree of extra pressure on the people running the club. The fans will look for accountability somewhere else.

This is doubly challenging because so much of the club’s senior leadership is so strikingly new. Lange, sat next to Beucher in the directors’ box, is a relative veteran, having been at Tottenham for almost two years. Venkatesham and Frank both joined in June. Peter Charrington, the new non-executive chairman, did at least join the board in March. For better or worse, the club has lost decades of accumulated experience in recent months.

So much has changed this summer on and off the pitch that Frank already feels part of the furniture at Tottenham. This is just how quickly football moves at the top level: it is already difficult to imagine Spurs without him. Especially given that Frank provides such calm leadership as the public face of the club.

Watching this game at the London Stadium, it certainly did not feel like it was only Frank’s fourth league game in charge of Spurs. Partly because his brief reign already has an air of permanence and stability given everything else that has happened. But also because this game was a Frank masterclass, a perfect example of the strengths that he has already brought to this team. Almost everything you want to see from Frank’s Tottenham was on show here.

In their previous game against Bournemouth — which now feels as historically remote as the First World War — Frank picked the wrong team and played straight into Bournemouth’s hands. His side looked predictable, flat and very stoppable. This time Frank got it spot on.

Lucas Bergvall came in for just his second start of the season — how Spurs missed him from the start against Bournemouth — and he was exceptional, moving the ball forwards every time he got it. He scored Spurs’ second with a brilliant header, running onto Cristian Romero’s long pass and looping the ball over Mads Hermansen. Frank said afterwards that Bergvall “drags the team with him”, which is true, and a remarkable thing to say about a 19-year-old just starting his second season in England.

Tottenham also showcased their new-found excellence on set pieces. Their first goal came from Pape Matar Sarr heading in from Xavi Simons’ curled delivery. They should have been 1-0 up already, after Romero’s first-half near-post header was harshly disallowed. They already look a different team from dead-ball situations and yet this early into the Frank tenure, they are likely to keep getting even better.

Most impressive of all was the clean sheet. In Frank’s four league games, they have kept three clean sheets and only conceded one goal, Evanilson’s deflected shot two weeks ago. It gives them the joint-best defensive record in the league, along with Crystal Palace and Arsenal. Yes, the sample size is small, and it is too early to make big judgements. But on the limited evidence, it looks like a big step in the right direction from last season. Frank revealed this was his “first aim” when he arrived at Tottenham in June, and they have been working hard on it ever since. “Obviously we want to score, want to play offensive football,” he said. “But over so many, many games, that foundation, being able to get clean sheets is key.”

We are still in the very early days of the Frank tenure, even if it does not feel like it. He starts his first Champions League league-phase campaign against Villarreal on Tuesday night. It is a new step, a new challenge, but fans will trust that he can come up with some new answers. As Spurs keep aiming for that simple but lofty goal: more wins, more often.

(Photo: Yui Mok/PA Images via Getty Images)

Tottenham Hotspur thumped rivals West Ham United 3-0 at London Stadium on Saturday evening, to make it three wins from four league games under new manager Thomas Frank.

The highlight of a relatively low-key first half was a disallowed goal by Cristian Romero, after the Spurs captain had headed home a Mohammed Kudus corner. West Ham, given their recent propensity to concede from corners, riskily gave up a succession of them to Frank’s side during the first half, but made it to the break unscathed.

But just two minutes into the second half and Tottenham were in front from — you guessed it — a corner. Debutant Xavi Simons took it and an unmarked Pape Matar Sarr headed home at the far post.

Less than 10 minutes later West Ham were down to 10 men after Tomas Soucek had been sent off for a studs-up foul on Joao Palhinha. And nine seconds into the restarted game, Spurs went 2-0 up, the impressive Lucas Bergvall powerfully heading over goalkeeper Mads Hermansen from Romero’s pass.

And a third goal arrived from the second phase of yet another corner, Micky van de Ven guiding the ball home on 64 minutes after more good work from Bergvall. The scoreline is Spurs’ biggest margin of victory at London Stadium, but the result doesn’t flatter them in the slightest.

Jack Pitt-Brooke analyses the key moments from the game.

Bergvall continues to impress

When Tottenham lost their last game 1-0 against Bournemouth, Bergvall started on the bench and it felt like a rare misstep from Frank. Spurs missed his ability to move the ball forward and his technical ingenuity.

Only when he came on did they start to threaten. Here at West Ham, Frank did not make the same mistake again. Bergvall started his second game of the season — replacing Rodrigo Bentancur — and he was excellent. The 19-year-old was integral to the 3-0 win, Spurs’ best ever result at the London Stadium.

Tottenham were 1-0 up and had a one-man advantage when Romero got the ball just inside the West Ham half. Sensing that the defence was napping, Bergvall darted in behind and Romero found him with a perfectly-judged clipped ball over the top. Bergvall leapt and looped his header high over Hermansen into the West Ham net.

It was a brilliant piece of inventive athleticism, comparable to Robin van Persie’s famous leaping header against Spain in the 2014 World Cup.

Soon after, Bergvall broke into the box again, received a pass from Palhinha and laid up Van der Van to make it 3-0 and kill the game. He deserves to start again against Villarreal on Tuesday.

Spurs take advantage of West Ham’s set-piece troubles

It is no secret that Frank is good at coaching set pieces. This was perceived as a weakness at Tottenham in recent years but there has already been a marked improvement since Frank took over as head coach in June.

Spurs had West Ham under pressure all game with the quality of their set pieces. They briefly thought they had taken the lead in the first half when Romero headed in from close range, only for the goal to be disallowed for a Van de Ven push on Kyle Walker-Peters. It felt like a harsh decision based on the modern standards for physicality in the box.

But Spurs continued to ask questions of West Ham and it felt inevitable that they would break eventually. And sure enough, right at the start of the second half, they did. Simons bent the ball high towards the far post. Sarr was totally unmarked, and thumped a header back past Hermansen and into the net. It gave Spurs a lead they never relinquished.

How did Mathys Tel work as a centre-forward?

The most interesting selection decision from Frank was to give Tel his first start of the season as centre-forward.

He was the only fully-fit option: Richarlison had just flown back from international duty, Dominic Solanke was out with an ankle injury and Randal Kolo Muani is still getting up to speed. And it was not a new role for Tel either. He had a run there under Ange Postecoglou in February and March last year. But Tel has often looked as if he did not have the physical presence to lead the line, and so it proved again here.

He has a lot to his game, but as Spurs started to fling crosses into the box late in the first half they needed someone who could win those headers. Tel was never that man, although he did pose questions of the West Ham defence with his movement, particularly when the game started to open up.

It has been a difficult time for Tel recently, culminating with being left out of Spurs’ initial Champions League squad. It will be fascinating to see if Frank sticks with this experiment or whether he goes back to a more traditional profile when the other centre-forwards are fit.

What next for Spurs?

Tuesday, September 16: Villarreal (home), Champions League 8pm UK, 3pm ET

(Top photo: Getty Images)

After a dramatic international break, headlined by the removal of long-time chairman Daniel Levy, it shouldn’t be forgotten that two exciting attacking players are in line to make their Tottenham Hotspur debuts this weekend.

Xavi Simons, who joined Spurs for €60million (£51.8m; $70m), was unveiled at the Tottenham Hotspur Stadium before the 1-0 defeat against Bournemouth on August 30. In the absence of James Maddison, who will miss most, if not all, of the season with an anterior cruciate ligament injury sustained in pre-season, and Dejan Kulusevski, whose omission from the Champions League squad indicates he is not close to returning from a knee injury, the 22-year-old Simons has the chance to make the No 10 position his own.

For fellow new boy Randal Kolo Muani, 26, who joined Spurs on deadline day on a season-long loan from Paris Saint-Germain, there are more probing questions about where he will fit in.

Like Simons, who has played on either wing and as an auxiliary left-sided ‘No 10’ at different clubs in his career, Kolo Muani is highly versatile — a trait that head coach Thomas Frank values.

“He’s a good age, in the prime of his career, has good qualities that will suit both us and the Premier League, and gives us a different option in the final third, being able to play out wide and through the middle,” Frank told the club website.

Tottenham’s pursuit of Manchester City winger Savinho and their long-standing interest in other Premier League forwards, such as Bournemouth’s Antoine Semenyo, indicate Frank had identified the left wing as an area requiring improvement, implying Kolo Muani will play a portion of his minutes from that position.

However, he has barely featured there in his career, playing as a nominal left-winger just 12 times. He did score five goals from those games, an impressive return given it is not his natural position, and has also deputised from the right 22 times — but Kolo Muani is a striker by trade. His best season came as a centre-forward in 2022-23, when he scored 15 goals and assisted 11 more in 32 league appearances for German Bundesliga side Eintracht Frankfurt, before securing a move to PSG.

But after falling out of favour under Luis Enrique, he rejuvenated his career at Juventus during the second half of last season. In Turin, he competed with Dusan Vlahovic for the striker’s spot, scoring eight times in 16 Serie A matches, as well as two goals in three appearances at the Club World Cup.

A map of his touches over his last six games demonstrates that Kolo Muani is not a conventional striker, perhaps feeding into the view that he could be equally capable from the wing as from central areas.

His willingness to receive the ball across the front line stands out, with his displays against Lazio, Al Ain and Wydad highlighting his tendency to drift left, while he offered an outlet from the right in the 1-0 defeat against Real Madrid in the Club World Cup round of 16.

He is dangerous from those wide areas, too. Over the last year, Kolo Muani ranks in the 90th percentile or higher per 90 minutes for touches (6.29), successful take-ons (1.56) and progressive passes recorded (7.96) when compared to forwards in the top five European leagues, the Champions League and the Europa League.

From a data perspective, it is in these more creative areas where Kolo Muani stands out among his peers, which bodes well for his potential to combine with Dominic Solanke or Richarlison.

Here’s an example, taken from France’s 3-2 win against Chile in March 2024, of Kolo Muani dribbling out of a tight area from the right wing, taking on his man before squaring for former team-mate Olivier Giroud to tap in from close range.

Or this remarkable assist for Francisco Conceicao to grab a late winner against Inter.

While Solanke and Richarlison have elite qualities, neither is at their best dribbling at opposition players and creating for others — and it is in this area where Kolo Muani appears to bring something new to Tottenham’s forward line. Whether that is playing as a lone striker in Frank’s favoured 4-2-3-1, as part of a duo in the 3-5-2 system implemented in the European Super Cup against his parent club, or as a wide player, Kolo Muani brings a wide range of skills to the Spurs attack.

But despite his trickery and versatility, Kolo Muani is not just a creator. His well-rounded profile extends to more traditional aspects of the striker role, with the France international extremely capable in the air. As well as being 6ft 1in (187cm) and possessing an incredible leap, Kolo Muani also has good timing in the air and can score using his head in a variety of ways.

Take this example from last year’s 2-1 win against Belgium, where Kolo Muani runs across his man to meet a cross from wide with a well-directed header.

Evidently, Kolo Muani has the ingredients to be an effective forward for Spurs wherever he plays. He showed glimpses of his talent in Paris, but at times could float in and out of games when PSG adopted a more patient approach. An impressive period at Juventus will have helped rebuild his confidence, and with Spurs aiming to compete in the Premier League and the Champions League, Kolo Muani will have plenty of opportunities to build rhythm.

If he is afforded regular game time, Kolo Muani’s wide range of qualities could become essential to Frank’s team. Whether he’s playing in his “strongest position” or not might not really matter.

(Graphic: Thom Harris)

(Top photo: Stuart Franklin – FIFA via Getty Images)

Mohammed Kudus was on holiday in Ghana when he was informed about interest from a club he did not expect to be in the mix for his signature.

It was always Kudus’ intention to leave West Ham United in the summer transfer window. London rivals Chelsea were the front-runners and initially expressed interest in signing the 25-year-old winger in May. They planned to sign the Ghana international early in the window so he could join Enzo Maresca’s side ahead of the FIFA Club World Cup — a competition they would win — which started on June 15.

Personal terms were agreed, but there was a stumbling block. Chelsea offered West Ham £40million ($54.2m) plus midfielder Kiernan Dewsbury-Hall in the swap deal, but their offer was rejected. Both clubs failed to reach an agreement and Dewsbury-Hall was later sold to Everton for £30m in August.

Tottenham Hotspur also saw Kudus as a transfer target and the winger was surprised by their interest. The north Londoners first enquired about his availability in July and saw their opening bid of £50m rejected. West Ham’s hierarchy were initially reluctant to accept offers less than £60m, but Tottenham were the only club to make a formal offer for the Ghanaian.

Chelsea, however, had not lost hope of signing Kudus. They needed another attacker with winger Noni Madueke set to complete his £55m switch to Arsenal. Due to Chelsea’s interest, Tottenham wanted assurances from Kudus that he was keen to join because they feared Chelsea would attempt to hijack the deal.

Kudus gave Tottenham his word he would join and felt he would get more playing time there, as opposed to Chelsea. He completed his £55m switch and became the first player to move between West Ham and Tottenham since August 2011, when Scott Parker signed for Spurs following West Ham’s relegation from the Premier League.

Ahead of this weekend’s game, Kudus is likely to receive a hostile reception on his return to the London Stadium. It is a far cry from the days of the winger entertaining the crowd with his trademark celebration, being a fan favourite to the extent that Ian, a season-ticket holder in the Billy Bonds Stand, travelled more than 3,000 miles (5,000km) to Accra, the capital of Ghana, to watch Kudus play for the national team.

He had other standout moments, such as his solo goal against Freiburg and acrobatic strike against Manchester City, but these showboating skills will no longer be in a claret and blue jersey.

Kudus’ desire to join Thomas Frank’s side also stemmed from wanting to play in European competition. Tottenham, who finished 17th and below West Ham last season, will compete in the Champions League this season, having won the Europa League. Kudus also had interest from clubs in the Middle East, but wanted to remain in the Premier League.

Sources with knowledge of the deal say Chelsea did not show enough commitment to sign Kudus. He had no intention of waiting longer and appreciated Tottenham’s determination to sign him. It mirrors the summer of 2023 when the versatile forward had interest from the west Londoners, but they stalled on finalising a move.

During negotiations with West Ham, former technical director Tim Steidten convinced Kudus he would develop into a crucial player, which led to his £38m arrival from Ajax. Kudus signed a five-year deal, with the option of a further year.

He adapted seamlessly in the 2023-24 season, registering 17 goals and six assists across 45 appearances. Clubs enquired about his availability in the summer of 2024, but their advances were rejected. Kudus’ unhappiness at West Ham pre-dates this summer, having initially wanted to leave after his debut season. The stumbling block was West Ham wanting clubs to activate his £85m release clause, which many were reluctant to do.

At half-time at Brentford in September last year, Kudus and Lopetegui had a frank exchange of words. Members of West Ham’s hierarchy reached out to Kudus’ camp to reassure them that there were no issues between the player and the former head coach. But it made the attacker further disillusioned with life in east London.

Despite Kudus’ desire to leave, he did not want it to be an acrimonious departure. Those close to the player strongly deny suggestions that he submitted a transfer request or reported late for training before his departure. He reported for pre-season training at Rush Green as planned on July 7.

Kudus was utilised in multiple positions across West Ham’s front line, but his preferred position is on the right flank. It is where captain Jarrod Bowen is naturally suited, which limited Kudus’ ability to play there. His desire to leave also stemmed from an urge to play in his natural position. The winger has played in that role in Tottenham’s league games against Burnley, where he registered two assists, Manchester City and Bournemouth.

Kudus is not concerned about the volatile reception he could receive at the London Stadium. It is a ground that used to be his playground, where some would parade the Ghanaian flag in his direction and where he was serenaded by fans.

But given the level of disdain over his switch, that animosity is unlikely to subside any time soon.

(Top photo: Justin Setterfield/Getty Images)

Former Manchester United midfielder Christian Eriksen has joined Bundesliga club VfL Wolfsburg.

Eriksen, 33, said in March he expected to leave Old Trafford after the completion of his third season at the club. This was confirmed by a club statement at the end of the 2024-25 campaign, announcing the Denmark midfielder’s departure alongside defenders Victor Lindelof and Jonny Evans.

The Athletic reported in July that Wrexham had made an approach to sign the free agent. However, the Denmark international has now signed a contract with Wolfsburg until 2027, where he will wear the No 24 shirt.

“VfL Wolfsburg is my first club in the Bundesliga – I’m really looking forward to this new adventure,” said Eriksen. “I’m convinced we can achieve something together at Wolfsburg. The talks with the club bosses went very well. I immediately sensed that (head coach) Paul Simonis has a clear vision for the team and for me personally. The fact that there are several familiar faces in the squad from the Danish national team makes VfL a particularly attractive proposition for me.”

United signed Eriksen on a three-year deal in July 2022 as a free agent, following his departure from Brentford. The former Tottenham Hotspur midfielder made 11 appearances for the west London club following his recovery from a cardiac arrest while representing Denmark at the European Championship in 2021. Eriksen was fitted with an Implantable Cardioverter Defibrillator (ICD) before his return to football.

He went on to play 107 times for United under Erik ten Hag and his successor Ruben Amorim, helping in his side’s run to the Europa League final with two goals and assists in nine appearances in the competition. His appearances became less frequent towards the end of the 2024-25 season, starting just two matches since the end of March, and scored in his final appearance from the penalty spot in United’s 2-0 victory over Aston Villa.

Eriksen was widely regarded as one of the Premier League’s greatest attacking midfielders during a Tottenham Hotspur spell which spanned from 2013 to 2020, during which he made 305 appearances, registering 69 goals and 88 assists. He played a key role in his side’s run to the Champions League final in 2019, where they were beaten 2-0 by Liverpool, and left Spurs without winning a major trophy.

Having played 163 times in his early career for Ajax, Eriksen left Spurs for Serie A side Inter in 2020, where he made 60 appearances and won the 2020-21 Serie A title.

In March, Eriksen told Danish news outlet TV 2 Sport his preference would be to remain with a club in Europe, while suggesting he was not yet ready to return to his native Denmark but would consider a move back to his home country in future years. He added that a move to the United States would be too far for his family.

Wolfsburg, who have won two of their opening three games of the 2025-26 season, are next in action against FC Koln on Saturday.

(Photo: Gareth Copley/Getty Images)

After Ange Postecoglou’s Europa League triumph — the crowning achievement of a managerial odyssey from semi-professional football in Australia to the Premier League, via Greece, Japan and Scotland — Nottingham Forest owner Evangelos Marinakis had some kind words to say.

“What I want to say about Ange is that he has spoken about Greece many times, he is proud to be Greek, and in the great success he had with Tottenham Hotspur by winning the Europa League, he spoke about Greece,” Marinakis said while presenting Postecoglou, who was raised in Australia but born in Greece, with an award for being the first Greek manager to win a European trophy at the draw ceremony for the Greek Super League.

“A man who not only does not hide his origin but is also proud of it. What he achieved, he did with a team that has not won any titles. It has had a very difficult time in recent years.”

“In this huge success that the whole world saw, he promoted Greece. We must thank him especially for this, and we wish him well, although we are sure that he will do well, as he has the ability. Wherever he goes, the successes will come.”

As it transpired, Marinakis will hope those “successes” follow Postecoglou to the City Ground.

The first and most obvious question regarding Postecoglou’s fit at Forest is a footballing one.

Nuno Espirito Santo stabilised the club in the Premier League with a focus on defensive solidity and quick counter-attacks. Even at their best last season, Forest were rarely prolific, finishing the 2024-25 term with 58 goals, the joint-fewest in the top half of the table.

Crucially, however, they retained the solidity that had previously staved off relegation, content to sit back and let the opposition have possession before breaking quickly in transition through speedy wingers. Last season, the approach took them to seventh in the table and Europa League qualification, their best finish in two decades.

Postecoglou’s Tottenham were as close to a footballing antithesis to Nuno’s Forest last term. Spurs scored freely in the league, finishing the season with 64 goals, the same number as fourth-placed Chelsea. They also ended the season in 17th, the club’s worst finish in the Premier League era, and conceded 65 goals. The only clubs to concede more were Wolverhampton Wanderers and the three relegated sides.

Postecoglou’s principles are his principles. For better or worse, he sticks by them, at least in the league. Expect to see remarkably high lines, goalkeeper-led build-up and high-octane pressing, even in away trips to the Emirates Stadium. Famously, “it’s just who we are, mate”.

In the Europa League, particularly in the latter stages, however, Spurs were almost unrecognisable from Postecoglou’s stylistic handprint. For tough away trips to Eintracht Frankfurt and Bodo/Glimt, Spurs sat in a solid defensive structure and leaned on long balls and set pieces. In the 2023-24 season, Spurs were the Premier League’s most voracious pressers, allowing an average of 8.8 passes before attempting to win the ball back. In Frankfurt, this increased to 18.3, highlighting a previously unseen pragmatism. Whether that’s something Postecoglou is prepared to do in the league, however, remains to be seen.

While there are valid footballing questions regarding Postecoglou’s fit in the wake of Nuno, there’s a spiritual crossover between the coach and club that will appeal to supporters.

Forest is a club steeped in history, success and tradition, and Postecoglou’s journey represents those principles as much as any coach in the league. His coaching is inextricably linked to his footballing education at the hands of his father, Jim, whose love of attacking football has influenced his ideas. Not to mention Hungarian great Ferenc Puskas, whom Postecoglou played under at South Melbourne Hellas in Australia and spent hours in the car alongside as his personal driver.

There’s also more than a hint of Brian Clough in the way Postecoglou handles press conferences, using impassioned speeches to voice his displeasure with the modern game — including a strong opposition to the VAR system.

This, however, may be Postecoglou’s most challenging brief yet. Forest have a squad packed with talent, but Postecoglou often takes at least one season to condition his players for his intense style of football.

Last season, Spurs had 41 separate injury cases (only Brighton & Hove Albion, 48, recorded more), according to Premier Injuries. Without a pre-season, that adaptation is made considerably more challenging.

And while Marinakis is clearly a fan, he is among the most demanding owners in the league and may not accept a turbulent start. The onus is on Postecoglou to hit the ground running, not least because he is replacing the club’s most successful coach of the 21st century.

Postecoglou may be one of just a few head coaches in the world who can step into his shoes.

Even after finishing 17th in the league, Postecoglou was the face hundreds of thousands of Spurs fans wanted to see most at the trophy parade. As he has ascended through the levels to reach the pinnacle of football in the Premier League, he has retained near-universal adoration at every club he has passed through and will likely receive a warm reception when he returns to the Tottenham Hotspur Stadium in March. He creates a bond with players and fans who want to see him succeed wherever he goes.

Now, he faces the familiar task of bringing silverware back to a club who have not tasted it in a long time. Fortunately for Forest fans, he has the CV to suggest he can do just that.

(Top photo: Nicolo Campo/LightRocket via Getty Images)

Ange Postecoglou is set to be appointed Nottingham Forest head coach after Nuno Espirito Santo was relieved of his duties.

The move is expected to be confirmed in the next 24 hours with Postecoglou to be in the dugout for Forest’s visit to Arsenal in the Premier League on Saturday, with the Australian to be joined by several of his former Tottenham Hotspur coaching staff.

The 60-year-old emerged as a leading contender to replace Nuno at the City Ground, having parted company with Spurs in June — weeks after winning the Europa League title with the north London club.

Postecoglou has been out of management since leaving Tottenham. He had contact from Al Ahli who considered him a candidate for a managerial change but it was not pursued, while he was contacted by Brentford, who appointed Keith Andrews, about replacing Thomas Frank this summer.

Postecoglou’s dismissal came after leading the north London club to a first major trophy in 17 years with victory over Manchester United in the Europa League final. However, the club finished 17th in the top flight, and their total of 22 losses was the most of any team not to be relegated in a 38-game Premier League season.

Postecoglou spent two decades managing in Australia across multiple clubs and the nation’s youth sides, before coaching the Australia international side between 2013 and 2017.

He went on to coach Japanese side Yokohama F. Marinos, with whom he won the J-League title in 2019, and winning five domestic trophies — including the Scottish league title in each season — across two seasons at Celtic.

He guided Spurs to a fifth-place finish in his first season in charge in 2023-24, but the following campaign saw a notable drop in domestic form despite winning the Europa League title.

Nottingham Forest owner Evangelos Marinakis had recently praised Postecoglou, who has Greek heritage and previously managed Panachaiki in the nation’s lower divisions.

“What I want to say about Ange is that he has spoken about Greece many times, he is proud to be Greek and in the great success he had with Tottenham by winning the Europa League, he spoke about Greece,” Marinakis said of Postecoglou when presenting the head coach with an award in Greece in July, as cited by Neos Kosmos.

“A man who not only does not hide his origin but is also proud of it. What he achieved, he did with a team that has not won any titles, it has had a very difficult time in recent years. In this huge success that the whole world saw, he promoted Greece.”

Nuno had led the club to a seventh-place finish last season, and qualified for the Europa League following Crystal Palace’s demotion to the Conference League — the first time Forest will play in Europe for 30 years.

The Athletic reported on August 23 that a major fallout had occurred between Nuno and Forest’s new global head of football Edu , with their relationship in a potentially irreparable state.

The internal conflict had been ongoing for months, and in that time Nuno was outspoken in the media about his relationship with Forest owner Marinakis, saying ahead of his side’s match against Crystal Palace it had “changed” and that they were “not as close”. This was followed by Marinakis saying Nuno was the right person for the job a week later.

Nuno had also spoken about his disappointment with the club’s summer transfer business, saying he was “very worried” about his squad on the eve of the new campaign. The club moved quickly in subsequent weeks to complete a club-record deal for Omari Hutchinson from Ipswich Town, while also signing James McAtee, Arnaud Kalimuendo and Douglas Luiz among their 13 summer incomings.

Forest have picked up four points in their opening three Premier League matches, with Nuno’s final game in charge the 3-0 home defeat to West Ham United prior to the international break.

Additional reporting from Guillermo Rai

(Photo: Catherine Ivill – AMA/Getty Images)

Tottenham Hotspur has been the club where everything changes but its owners. For all that managers and players come and go, ENIC has held power for almost a quarter of a century. No Premier League owner has lasted longer.

The front-facing leader had always been Daniel Levy but his sudden removal as the club’s chairman last Thursday has invited instability and expressions of interest from would-be buyers.

The Lewis family, majority shareholders of ENIC, maintain they have no wish to sell but the noise around a fresh start has rarely been louder. The Athletic looks at the key questions.

Who owns Tottenham and how are they structured?

The very same people who have held a controlling stake for over two decades. ENIC Sports Inc own 86.91 per cent of the share capital in Tottenham, with the remainder held by minority investors that typically have their own long-standing ties with the club.

ENIC, meanwhile, has its own shareholder divide. The majority had always been held by Joe Lewis, the London-born billionaire, but a conviction for insider trading in 2023 saw that stake passed on to a discretionary trust set up in the family’s name. Lewis, in theory, would no longer have been able to pass the Premier League’s owners and directors’ test owing to that disqualifying condition.

That change ensures the Lewis family trust now owns 70.12 per cent of ENIC — and with it a controlling stake in Tottenham — while the remaining 29.88 per cent belongs to Levy, a long-standing ally of Lewis and chairman of the club. That, in turn, equates to Levy still holding roughly a 26 per cent stake in Spurs.

ENIC might once have been known as the English National Investment Company but to Tottenham supporters it has long been shorthand for Lewis and Levy. Until last week.

Is the club definitely up for sale?

Take them at their word and it’s a hard, “unequivocal” no. For now, at least.

A statement, published at 11:50pm on Sunday night, made the current stance clear after receiving and rejecting two recent “preliminary expressions of interest” in the club.

Those came from PCP International Finance Limited, fronted by former Newcastle United shareholder Amanda Staveley, and a consortium of investors led by Dr Roger Kennedy and Wing-Fai Ng through Firehawk Holdings Limited. Only the latter group, though, was disclosed on Monday as an “offeror” by the Takeover Panel, who govern the UK Takeover Code that Spurs’ ownership adheres to.

Staveley and Tottenham have often been linked before this. She attended the NFL game between the Chicago Bears and the Jacksonville Jaguars at the Tottenham Hotspur Stadium in October last year and has been on the hunt for her next challenge since departing Newcastle.

The not-for-sale message was repeated by chief executive Vinai Venkatesham in an interview through club channels yesterday. “The Lewis family are really clear, they see their involvement in Tottenham Hotspur being long-term and they see their involvement continuing through the generations,” he added. “We made a statement very late last night and I hope the statement was unambiguously clear that Tottenham Hotspur is not for sale.”

The complicating factor here is The Athletic understands the shares most likely to be sold are not those of Spurs, but ENIC. The Bahamas-based company is subject to none of the takeover-related strictures Spurs are in the UK; if ENIC shares are sold, that’s rather different from ENIC selling its stake in the club.

In that sense, Spurs’ recent declaration to the market that they aren’t for sale is true — but ENIC could be sold to a new party without contradicting that, while still bringing the club under the ultimate control of someone new.

It’s not an exact science but plenty of experts have given the sums a go. Football Benchmark, run under the umbrella of accounting firm KPMG, estimated Tottenham’s enterprise value to be £3.17billion ($4.3bn) in their most recent annual report, narrowly behind Paris Saint-Germain and Arsenal.

The same analysis from Football Benchmark had Spurs down as showing the biggest financial growth of any club during a nine-year period, with their value ballooning by 357 per cent since 2016.

Forbes also run the numbers each year and valued Spurs at £2.6bn in May, again placing them ahead of London rivals Chelsea but just behind Arsenal.

Ultimately, however, Spurs’ value is the number that tempts ENIC, which will have noted the sales of others in recent times to provide a more pertinent yardstick.

Chelsea were sold to Todd Boehly and Clearlake Capital for £2.5bn in 2022 and the infrastructure they already have in place would no doubt embolden Tottenham’s owners to seek more when the time comes for chips to be cashed.

A value based upon revenue multiples, as scientific as it tends to get in the football industry, might see Spurs pitched in that £3bn region if it was six times turnover but do not expect ENIC to get near to the £4bn valuation placed upon Manchester United when Sir Jim Ratcliffe bought his minority stake last year if they were to pursue a sale in the short term.

Spurs have won two trophies in 24 years — why are they so expensive?

Silverware isn’t everything. Just ask the Dallas Cowboys, widely considered to be the most valuable franchise in sport and without a Super Bowl title in three decades.

Tottenham, for all their fallow years, are one of the Premier League’s ‘Big Six’ and, as such, a club that carries a certain premium. They are now a mainstay of the top 10 in Deloitte’s Money League, an annual assessment ranking football clubs on revenue, with the most recent returns, for 2023-24, placing Spurs ahead of Chelsea and Borussia Dortmund.

The club have a global fan base and commercial and matchday revenues have soared since they moved into their new 62,000-capacity home, which is the envy of the Premier League and brings added financial guarantees through the hosting of NFL games and high-profile concerts, such as Beyonce and Lady Gaga. Its position in London, a magnet for overseas investment, also accentuates the appeal.

How much does it cost to run?

A fraction of what some of Tottenham’s rivals require. A frugal approach over the last decade has intentionally placed the club at the bottom of the Big Six pile, with wages a clear indicator of their caution.

Tottenham committed just 42 per cent of their £528m turnover on paying players and staff in 2023-24, compared to Chelsea (72 per cent) and Liverpool (63 per cent) in the same year.

Not that it brings a trophy but Tottenham have also long stood as the Premier League’s most profitable club. Since the 2013-14 season, Spurs have filed a cumulative pre-tax profit of £79m, returns that a host of clubs could only dream of.

Have Spurs paid off their £1bn stadium costs and why have they not signed a naming-rights deal?

Timing was everything with Tottenham’s stadium. The construction costs of just over £1bn would likely have been twice as much if built now, while generous interest rates on money borrowed have also worked enormously in the club’s favour.

A refinancing of loans in 2019, just before the Covid-19 pandemic, saw £637m secured at average rates of 2.66 per cenr. Tottenham’s last accounts saw a total of £851m in loans sat on the balance sheet but £770m of that is borrowed at a fixed interest rate.

As The Athletic has explored, the average repayment date of the total debt stack is not until midway through 2042. In other words, a very manageable long-term liability.

It is a point of curiosity — and perhaps contention internally — that Spurs have remained without a naming-rights deal for their home. This is now their seventh full season since moving in April 2019 and that means a lot of money has been left on the table.

Levy told a fans’ Q&A in 2023 that “finding a brand and sector that matches the club’s values is vital” but the search for someone to hit the numbers Tottenham want goes on.

What is the mechanism for an offer being made and accepted?

Tottenham are an unusual case, given that they follow the UK Takeover Code, and events of the last 48 hours would indicate that this will play out very publicly. A snapshot of the process was outlined in the club’s statement, with any prospective buyer of ENIC also obliged to table an offer to acquire the remaining shares in Tottenham Hotspur.

It was added that both PCP and Firehawk had until October 5 to either confirm an intent to make an offer for ENIC’s shares or announce that a deal would not be pursued. Clarity on that front is unlikely to take the four weeks allowed.

The decision over a sale — when, to who and for how much — will ultimately belong to the Lewis family. Vivienne and Charles Lewis, the children of 88-year-old Joe, have been left in positions of power as heads of the trust that owns just over 60 per cent of shares in Tottenham.

It has been made clear that their priority in the post-Levy era will be supporting chief executive Venkatesham in a role that had previously not been filled at Spurs, as well as non-executive chairman Peter Charrington, the former banker and director of ENIC.

Charrington was appointed to the Tottenham board in March by the Lewis family and was credited with delivering the weekend statement on the club’s ownership.

Could Levy’s retention of a 26 per cent stake in Spurs prove a sticking point?

Based on publicly available information: no, not really. Owning more than 25 per cent of the voting rights in a company can be significant, but public filings show Levy’s 26 per cent beneficial ownership in Spurs doesn’t translate into the same in voting rights.

The only two persons deemed to have ‘significant control’ over Spurs are Katie Booth, a trustee of the Lewis family’s trusts, and Peter Charrington, another who is close with the family.

The hidden factor in all of this is what, if any, potential restrictions are in place on the sale of ENIC shares. As detailed above, those are the shares most likely to be sold — rather than shares in Tottenham Hotspur Limited, which are owned by ENIC — and its Bahamas mooring means our understanding of ENIC’s structure and any agreements therein is limited.

It may be that the Levy family trusts have in place mechanisms that give them some control over a sale process. We simply don’t know. In lieu of information to the contrary, though, the assumption is Levy’s ability to block or influence a sale is limited, and has waned further now he’s been moved away from the day-to-day.

Can any member of the public buy shares in Spurs?

Yes, but the process is not as simple as it used to be. Tottenham were the first football club floated on the London Stock Exchange in 1983 but were delisted from the Alternative Investment Market (AIM) by ENIC in 2012 as they looked to secure funding for a stadium rebuild.

A small stake in the club can still be purchased from the club’s minority shareholders who seek to sell through periodic auctions every two months on the online site Asset Match. Shares changing hands are typically in the tens of thousands, a tiny fraction of the 234,811,443 in issue.

Who else might be interested in buying Spurs?

No Premier League club has been under the same ownership for as long as Tottenham and the club’s transformation since the turn of the century has created regular conjecture over how the ENIC era ends.

Tottenham invited that on themselves when publishing their 2022-23 accounts in April 2024, with an accompanying statement from Levy, then chairman, about the club’s future.

“To capitalise on our long-term potential, to continue to invest in the teams and undertake future capital projects, the club requires a significant increase in its equity base,” the statement read.

“The board and its advisors, Rothschild & Co, are in discussions with potential investors. Any recommended investment proposal would require the support of the club’s shareholders.”

That search for external investment did not yield any change to the club’s shareholding but served as an acceptance that ENIC were considering options to shed a minority stake.

The list of names to have previously been linked with Tottenham is long and once included Boehly, before his Chelsea takeover, Singaporean investor Forrest Li and Qatar Sports Investment, owners of PSG. Several major North American sport investors believe Spurs are now available and are considering their options.

None, though, reached the point where they were named in a club statement. That, alone, makes PCP and Firehawk a very different case.

How long would any takeover take to complete?

Another imponderable. The Chelsea takeover, hurried along by the sanctions placed upon previous owner Roman Abramovich, was concluded less than a month after it was confirmed that the offer of Boehly and Clearlake had been accepted but the process had spanned six weeks before that point.

Newcastle’s takeover, meanwhile, took almost 18 months owing to the hurdles faced by Saudi’s Public Investment Fund (PIF), who eventually signed off on a deal to buy out Mike Ashley.

Do not expect any sale of Tottenham to take so long but if you take ENIC’s statement at face value, it is a question that does not require an answer.

Additional reporting: Matt Slater

(Top photo: Michael Regan/Getty Images)

Tottenham Hotspur chief executive Vinai Venkatesham has said there is “firm backing” from co-owners, the Lewis family, but the club must be “cognizant of and aware of the financial fair play rules”.

In a video released on the club’s YouTube channel, Venkatesham reiterated that the Lewis family has no intention of selling the club amid speculation following the removal of Daniel Levy as club chairman last Thursday, and will invest to help the men’s and women’s teams achieve their ambitions to be “successful on the pitch”.

“(The Lewis family) are very, very passionate about Tottenham Hotspur and are ambitious for the club,” Venkatesham said. “When I talk about their ambition, their focus is on ensuring that everything we do across the complete breadth of the club really centres back and is focused on giving our men’s team and women’s team the best chance to be successful on the pitch over the long term.”

“I think it is very fair to say that we have firm backing from the Lewis family against our ambitions to be successful on the pitch, both on the men’s side and women’s side. They know that’s going to require investment, and we have their firm backing.”

Tottenham had a busy summer transfer window. They spent heavily on Mohammed Kudus from West Ham United for £55million and Xavi Simons for €60million (£51.8m; $70m) from RB Leipzig. They also signed Kota Takai from Japanese side Kawasaki Frontale for £5million ($6.8m), and Mathys Tel joined permanently for an initial €35m (£30m), after spending the second half of last season on loan from Bayern Munich.

Spurs went back to the German champions to sign Joao Palhinha on a season-long loan with an option to buy. While the club are not presently in danger of violating profit and sustainability regulations, Venkatesham outlined the club’s desire to stay clear of any sanctions by developing young players and “selling players at the right time”.

“I would also say, like all other 20 Premier League clubs, we also need to make sure that we are cognizant and aware of the FFP rules and that means we need to continue to grow our revenues,” he explained.

“We need to continue to develop players both from the academy and young players that we buy, we need to make sure that we’re selling players at the right time and we also need to make sure that every time we’re recruiting a player we’re making smart decisions both from a sporting and financial perspective.

“If you don’t do that, because of how the financial regulations work, you can find yourself in a position where you’ve got money to spend, but the regulations don’t allow you to spend it.”

Further to that, Venkatesham outlined that there is a focus on the club from the “next generation” of the Lewis family, including Joe Lewis’ children Vivienne and Charlie Lewis, as well as Vivienne’s son-in-law, Nick Beucher, the co-CEO of Tavistock Group, the investment company based in the Bahamas founded by Joe Lewis.

He also clarified the role of former banker Peter Charrington who has stepped into the role of “non-executive chairman” following Levy’s departure after being appointed as a non-executive director in March.

“It’s probably important to say that he’s going to be doing a different role to the one Daniel did,” Venkatesham said. “Daniel was executive chairman, that meant Daniel was full-time and involved in the club on a day-to-day basis. Peter’s role is non-executive chairman, and that means he won’t be involved with the club on a full-time basis and he won’t be involved on a day-to-day basis.

“His model is all around empowerment. He’ll be empowering us on the ground to get on with things but of course he will be leading the board and will be a very important part of the club going forward.”

(Photo: Ezra Shaw/Getty Images)

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)