Welcome to The Athletic’s review of the winter window — and our fifth and final edition of The Transfer DealSheet for this period of transfer business.
Our team of dedicated writers, including David Ornstein, have taken you inside the market to explain the deals being worked on in this season’s winter transfer window. This included a look at the players who could arrive and the ones on their way out, across the Premier League and beyond.
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. Those responses, when they were given, have been included in the Transfer DealSheet.
In this week’s edition, we have David Ornstein’s One To Watch in the summer window — and we review the business conducted by Arsenal, Chelsea, Manchester City, Manchester United, Newcastle United, Tottenham Hotspur, Barcelona and Real Madrid.
This article is long but detailed, so enjoy it all — or search for the team or player you want to read about.
David Ornstein’s One To Watch
The latest transfer window might have only just closed but already minds are turning to the next one and business that may be done.
Premier League talents like Elliot Anderson, Adam Wharton and Carlos Baleba will be back on the agenda — with prospects in other countries, such as Ayyoub Bouaddi, sure to attract interest and probable free agents, including Ibrahima Konate, Andy Robertson and Harry Wilson also having suitors.
Few men are more coveted, however, than Morgan Rogers, and admiration from elsewhere has only risen amid an impressive season for both Aston Villa and England.
Rogers was named PFA Young Player of the Year in August and signed a new contract three months later, which secures him until 2031, and that puts Villa in a strong place.
The 23-year-old attacker looks on course to contend for personal accolades again this campaign, while he is an integral part of Villa’s title bid and appears set to figure prominently at the 2026 World Cup.
He was high on the transfer lists of leading suitors last summer, but his importance to Villa head coach Unai Emery made that irrelevant, and the club naturally want Rogers at the heart of what they are building.
Admirers from the UK and abroad are not expected to be dissuaded by such resistance, though, and it will be intriguing to see how Villa respond if their resolve is tested — especially should they miss out on qualification for the 2026-27 Champions League.
Why will Rogers be in demand in the summer?
Beyond the slick passing and perfectly executed shots from distance, one of the key attributes that makes Rogers so highly coveted is his appreciation of space.
Watching him live is a joy at the best of times, but it is only when you see him up close that you understand just how often he is looking to maximise damage on the opposition by moving into the areas where they are not. Constant scanning, authoritative pointing, and a persistent demand to receive the ball will be guaranteed within a single sequence involving Rogers when Aston Villa have possession.
Mapping his passes received shows just how liberated Rogers is when searching for the ball. He has played more often on the left side this season, but no part of the pitch is off limits for him to find space in Villa’s attack.
Given his long strides and wiry frame, Rogers’ driving runs through the heart of the pitch are also a feature of his game — which is highlighted in the graphic below. Get tight to him, and he can drop a shoulder to wriggle free in congested areas, but step off him, and he has the ability to take multiple players out of the game with a single lung-busting run.
Mark Carey
What Else We’re Hearing
- After reaching an agreement to terminate his contract at Chelsea on January 28, Raheem Sterling is a free agent and looking to restart his career elsewhere. A source close to the player told The Athletic he has been speaking to clubs in the UK and abroad as he seeks a club where he can add value and find stability and playing time. Sterling is keen to play again as soon as possible, having not featured in a competitive game since May 2025. As he is not under contract, clubs are able to sign Sterling even though Monday’s deadline has passed. Cerys Jones
How much did Premier League teams spend and receive in the winter window?
Chris Weatherspoon
Arsenal
How much did they spend and how much did they bring in?
Compared to last summer, virtually nothing. Arsenal went on a recruitment drive in the summer window that could ultimately amount to more than £250million in expenditure, so it was not entirely surprising that they did not enter the market in January.
Equally, there were no major sales. Arsenal did however secure a loan fee for Ethan Nwaneri’s move to Marseille — one that will be determined by how much playing time he gets in France.
Nwaneri has confirmed that his loan deal does not include any purchase option for Marseille. “Yes, that’s true, anything is possible in football,” he told a press conference on Monday. “We’ll see what happens.”
Equally, Arsenal did not have a recall clause for Nwaneri, so he could not be brought back to ease their midfield concerns.
Who have they signed?
At first-team level, there were no new arrivals.
For the majority of the month, there was no great urgency regarding January recruitment. Arsenal have a big squad, and a number of first-team players have returned to fitness this month. They were content to allow Ethan Nwaneri to join Marseille on loan and facilitate the permanent transfer of Oleksandr Zinchenko to Ajax.
In the final few days of the window, however, the injury sustained by Mikel Merino prompted Arsenal to scour the market for a midfield signing.
As reported by The Athletic’s David Ornstein and Daniel Taylor, one of the conversations sporting director Andrea Berta had related to Newcastle’s 25-year-old Italian international Sandro Tonali.
Tonali’s representative reached out to Berta over the midfielder, a player admired by Arsenal for a long period of time.
Sandro Tonali’s representatives reached out to Berta (George Wood/Getty Images)
Naturally, Berta explored the opportunity — but Newcastle’s lack of interest in selling, plus the theoretical asking price being far beyond Arsenal’s financial capabilities, meant the conversation did not progress any further. No club-to-club talks took place.
Ultimately, Arsenal did not find any appropriate deal and will continue without first-team reinforcement.
Instead, the majority of Arsenal’s transfer activity was focused on the academy. In the days approaching the deadline, they explored a possible loan deal for Hearts’ 18-year-old striker James Wilson. That move failed to come to fruition, with neighbours Tottenham able to provide greater assurances over Under-21 playing time and the possibility of a permanent move.
Arsenal did complete a move for another young Scottish talent, signing 18-year-old Evan Mooney from Scottish side St Mirren. They have also signed England Under-19 international defender Jaden Dixon from Stoke City.
Mooney and Dixon form part of a drive to supplement their academy group with external emerging talent. They join the likes of Victor Ozhianvuna, Edwin Quintero and Holger Quintero in committing their futures to Arsenal.
Were there any deals they wanted to do that they didn’t get over the line?
Arteta was eager for Arsenal to add a new midfielder before deadline day to replace Merino. “When you lose a big player like this in the squad with four months to go and all the competitions to play for, you need to look and we need to do everything that we possibly can to see if we have a player that is available,” he told a press conference on deadline day.
Despite his words, given the proximity between the press conference and the deadline, Arteta must have been realistic about the prospect of a new signing.
With the deadline gone, Arteta must now make do with what he already has. Given the depth of talent that has been assembled at the Emirates Stadium, that is not too onerous a task.
Are there still any obvious gaps in the team?
Simply put: no. Arsenal still have fantastic depth — illustrated by the fact that senior internationals such as Christian Norgaard and Myles Lewis-Skelly have had to be left out of matchday squads.
What will their priority be in the summer?
Arsenal face the difficult task of improving an already impressive squad.
After signing Martin Zubimendi (27) and Norgaard (31) last summer, they may look to introduce a younger profile into their midfield.
Sales will also be a priority: after huge expenditure last summer, they will need to start recouping cash through player trading if they are to remain compliant with financial rules.
Sales will be a priority for Arsenal in the summer (Oli Scarff/AFP via Getty Images)
Will they have money to spend?
Arsenal are expected to publish their financial results soon, which could offer some indications around their capacity to continue spending at such a high rate. Improving commercial revenues should facilitate further investment.
Any prospective summer budget will be supplemented by two as yet undetermined factors: sales and prize money.
James McNicholas
Chelsea
How much did they spend and how much did they bring in?
Not much in either category, although Chelsea have made a profit. By getting Raheem Sterling off the books now, Chelsea feel they have made some major savings compared to if he had seen his contract out.
Loan fees always generate a tidy bit of extra income. The sales of academy talent Leo Castledine and Ato Ampah, who have healthy sell-on clauses attached, improved their bank balance a little too.
Facundo Buonanotte’s season-loan from Brighton & Hove Albion being cancelled made sense for the player. He was brought in as cover while Cole Palmer was coping with his injury issues, yet made only eight appearances. The attacking midfielder is now at Leeds United.
Tyrique George has a great chance to prove himself on loan at Everton. Outcast Axel Disasi, who was frozen out like Sterling, at least gets a chance to play senior football again on loan at West Ham United. The management of other loans was also a primary focus.
Raheem Sterling left Chelsea in the window (Eddie Keogh/Getty Images)
Who have they signed?
There was only one significant addition in the end, the decision to recall centre back Mamadou Sarr from loan at Strasbourg. The 20-year-old will compete for a first-team spot from the get-go. He is highly rated at the club and, significantly, is also admired by new head coach Liam Rosenior, who worked with him for 18 months at Strasbourg. Chelsea see him as a similar profile to Dean Huijsen, who they tried to buy from Bournemouth last summer before he opted for Real Madrid.
On the academy front, Chelsea beat Manchester United to the signing of highly-rated left back Yisa Alao. The initial fee is a six-figure sum, but add-ons can take it well past the £1m mark.
Were there any deals they wanted to do that they didn’t get over the line?
Chelsea wanted to buy Jeremy Jacquet from Rennes but lost out to Liverpool. They were in discussions for most of the month, but the player opted to move to Anfield. The switch will be officially completed in the summer.
Chelsea believe a major factor in Jacquet’s decision could have been the competition he faced from other young centre-backs at the club. This includes Josh Acheampong, who they do not want to sell, and Sarr. There are no regrets that they missed out on Jacquet because of their decision to keep Acheampong and Sarr as part of their plans.
The club did make an enquiry to Juventus over a loan for Douglas Luiz, who spent the first half of the campaign on loan at Nottingham Forest. With Dario Essugo being ruled out until March, having not played all season, and Romeo Lavia being sidelined since November, they thought about adding some more depth to midfield. In the end, they decided against it, partly because Lavia is close to a first-team return and the form of Andrey Santos. After pulling out, Luiz went to Aston Villa instead.
Are there still any obvious gaps in the team?
As explained, Chelsea desire a centre half (regardless of Sarr), midfielder and attacker. It should not be forgotten that a deal for Sporting CP winger Geovany Quenda is already in place for him to join in the summer.
A decision will also be made whether goalkeeper Mike Penders, currently on loan at Strasbourg, will increase competition in that position.
Rosenior will be happy to be reunited with Mamadou Sarr (right) (Sebastien Bozon/AFP via Getty Images)
What will their priority be in the summer?
To sign players in the three positions highlighted above.
Will they have money to spend?
Yes. Chelsea became the first Premier League club to make over £300m in sales last summer, and they will have more assets to sell in the next window too to help fund further purchases. The fact that they were prepared to do business during January is a strong indication of where they stand financially.
Do not forget Chelsea accrued in excess of £84m from winning the Club World Cup and have already brought in another £80m by progressing to the last 16 of the Champions League, with the possibility of more to come.
Simon Johnson
Liverpool
How much did they spend and how much did they bring in?
While £3.5m was invested in youngsters, there were no incomings or outgoings to and from the first-team squad. The signing of 20-year-old Jeremy Jacquet for a deal that may rise to £60m will be part of Liverpool’s summer spend.
Andy Robertson’s proposed move to Tottenham, in a deal that could have risen to around £5m, was called off after Liverpool decided they were not prepared to sanction his exit.
The long-serving 31-year-old, who is out of contract at the end of this season, saw his potential move shelved largely due to the club’s difficulties in recalling fellow left-back Kostas Tsimikas from his season-long loan at Roma to provide cover. Roma wanted a satisfactory replacement signed before letting Tsimikas return.
Harvey Elliott remained on loan at Aston Villa (Dan Istitene/Getty Images)
Harvey Elliott’s situation at Aston Villa, where he is on a season-long loan, remained unchanged in the end.
Elliott started their most recent Europa League fixture last Thursday, but has rarely been in Unai Emery’s matchday squads. With no recall clause in last summer’s deal, the ball was in Villa’s court to negotiate a possible return to his parent club for the 22-year-old midfielder, but they were not prepared to incur that financial cost.
Who have they signed?
The acquisition of Jacquet is a real coup, as he is viewed as one of the biggest prospects in that position, and there were several other centre-back additions to strengthen their academy ranks.
Mor Talla Ndiaye and Ifeanyi Ndukwe both caught the eye of scouts at November’s Under-17 World Cup. Ndiaye moved, in a £1m deal, from Senegalese club Amitie. The 18-year-old Senegal youth international has joined up with Rob Page’s under-21s squad.
The payment to Austria Vienna for Ndukwe could rise to £2.5m if all the various add-ons are triggered. Already 6ft 6in (198cm), the teenager played a key role in Austria’s journey to the final of that Under-17 World Cup, where they lost 1-0 against Portugal. He doesn’t turn 18 until next month, so he is expected to arrive on Merseyside for pre-season in July.
Liverpool also added a third young centre-back from slightly closer to home: 19-year-old Noah Adekoya from fellow Premier League side Burnley.
Were there any deals they wanted to do that didn’t get over the line?
Marc Guehi was agonisingly close to becoming a Liverpool player in the summer, and there was an expectation that the situation could be revisited in January.
Instead, Manchester City ended up signing the 25-year-old England international from Crystal Palace, with Liverpool deciding not to pursue the deal as it did not make financial sense.
The club were adamant that any January signing would be made with a view towards the long-term, rather than opting for a short-term fix, but the injury to Jeremie Frimpong, which left Liverpool without a fit right-back, did alter that.
Options were explored, but arranging a move for Lutsharel Geertruida, who played under Arne Slot at Feyenoord, with parent club RB Leipzig and loan club Sunderland proved too complicated.
Are there still any obvious gaps in the team?
Where do you want to start?
After the Guehi deal fell through and summer signing Giovanni Leoni was lost long-term to an anterior cruciate ligament (ACL) knee injury, Liverpool have been light at centre-back. Joe Gomez has been the only backup to starters Virgil van Dijk and Konate.
Another issue has been the lack of depth in wide areas after they decided not to directly replace Luis Diaz when he was sold to Bayern Munich in the summer. Outside of Cody Gakpo and Mohamed Salah, Slot has Federico Chiesa, who he is reluctant to use, and 17-year-old Rio Ngumoha, who he is managing carefully due to his age. Florian Wirtz has played on both flanks and Frimpong on the right, but those are not their preferred positions.
The struggles of both Gakpo and Salah for form have not helped, but the squad is also lacking certain characteristics, including pace and one-on-one duel winners.
Right-back has been a persistent problem because of injuries to Conor Bradley and Frimpong. The former is not expected to play again this season after suffering knee bone and ligament damage at Arsenal in early January. Frimpong is out with a groin injury, which is more of a short-term issue.
What will their priority be in the summer?
Central defence was an area that needed addressing, and Liverpool have been proactive by securing the signature of Jacquet. That was important because there continues to be no progress on a new contract for Ibrahima Konate. He is set to become a free agent in the summer.
Further additions in that area may be required, with Van Dijk another year older (he turns 35 in July) and because of Gomez’s lengthy injury history.
Adding wingers will also be high on the off-season to-do list. As we’ve mentioned, Liverpool are short of options at those positions already, and there remains uncertainty over Mohamed Salah’s future after the comments he made in December about the club “throwing him under the bus”. He will turn 34 this summer.
Ibrahima Konate is out of contract this summer (Jan Kruger/Getty Images)
Will they have money to spend in the next window?
Yes, although they have already dipped into it.
While they spent £450m on signings last summer, Liverpool also recouped over £200m through player sales, and they remain in a strong PSR position. They also generated £702m in revenue, according to analysis from financial firm Deloitte.
How much they can spend may depend on the outcome of this current campaign.
Liverpool face a fight to qualify for the Champions League, even with the Premier League likely to have five places again in the 2026-27 edition. They remain in this season’s competition, but winning it — another route to qualification — will be very difficult. And missing out on the hugely lucrative top table of European club football would have financial ramifications.
Their small squad means there are not many players who could be sold to add to the funds available either.
Andy Jones
Manchester City
How much did they spend, who have they signed, and how much did they bring in?
City spent an initial £20m ($27.6m) on Marc Guehi, plus the kind of large wage packet and other fees that the 25-year-old would have been offered had he waited for a summer move, when he would have been out of contract.
Antoine Semenyo cost £62.5m, which was ironed out late in the day as it was lower than the £65m release clause in his contract. Oscar Bobb’s move to Fulham brings in £27m.
Were there any deals they wanted to do that they didn’t get over the line?
Nope. While City were criticised for not acting quickly on Semenyo — he scored a last-minute winner for Bournemouth on the same night City drew with Brighton & Hove Albion last month — they moved for two players and got them both with plenty of time to spare in the window.
Semenyo has already played five matches and looks at home at Manchester City.
Antoine Semenyo has hit the ground running at Manchester City (Michael Regan/Getty Images)
Are there still any obvious gaps in the team?
Not really, no. While there has been lots of talk of City’s spending over the past three windows, they have completely overhauled the team, and there may not need to be much business done in the summer as a result.
Right-back is an area that would look weak if Matheus Nunes misses a few games, which is not a sentence anybody would have expected to read a year ago, but he has excelled in defence.
If Bernardo Silva goes in the summer, then they would probably need to bring in a central midfielder to replace him, but there is no single area of the squad in desperate need of strengthening — as long as everybody is fit.
What will their priority be in the summer?
City are monitoring right-backs, as well as a potential replacement for Bernardo.
Will they have money to spend?
Of course, although there probably will not be a need to spend huge amounts, and there may not be a desire to, either.
The squad overhaul since January 2025 has been largely funded by a couple of years of low spending/high income, combined with City obviously having money to spend. But part of that overhaul did include a drive to lower the wage bill and the belt has been tightened in other areas of the club over the last year or so, with various projects around the Etihad Campus ongoing.
Sam Lee
Manchester United
How much did they spend and how much did they bring in?
Nothing spent, nothing really gained either. The only outgoing at anything approaching first-team level was Harry Amass’ loan to Norwich City, after playing for Sheffield Wednesday during the first half of the campaign.
From a budgeting perspective, the most significant development this month was confirmation that this will be Casemiro’s final season in Manchester.
The 33-year-old is one of United’s highest earners, with a salary of around £350,000-a-week in Champions League seasons, and the club could have triggered an option in his contract to extend his stay for another year.
Instead, despite arguably playing as well and being as important as he has ever been during his three-and-a-half year spell at Old Trafford, he will leave at the end of the season, freeing up space in United’s wage budget.
Harry Amass has gone on loan to Norwich (Izzy Poles – AMA/Getty Images)
Who have they signed?
Nobody. Once the window opened, no major incomings were expected. Ruben Amorim made that clear in his penultimate press conference before being dismissed.
Before the 1-1 draw at Leeds United, the Portuguese said that there were “no conversations” about incomings or outgoings at that stage, and that the window was “not going to change”.
When asked if United’s budgets for January had changed following conversations with director of football Jason Wilcox, Amorim simply told the reporter in question: “You are a smart guy.”
Were there any deals they wanted to do that they didn’t get over the line?
By that point, United were already resigned to losing out on Antoine Semenyo, who was viewed as a potential January addition in the weeks leading up to the window, and qualified as a long-term target that they were willing to accelerate a move for.
Semenyo was one of the options considered for Amorim’s two No 10 positions last summer. Amorim and Wilcox even dined with the then-Bournemouth winger in London towards the end of last season, only for United to switch their focus to Bryan Mbeumo.
United revived their interest in Semenyo as the window drew near, holding talks with the 26-year-old’s camp, and could have paid his £65m release clause, but the player’s preferred destination was Manchester City.
Pivoting towards Mbeumo and away from Semenyo last summer is not thought to have helped United’s cause in the race for a player who attracted interest from several Premier League rivals.
Are there still any obvious gaps in the team?
Amorim’s departure has led to a transition from his highly contentious 3-4-3 system to a more traditional 4-2-3-1 under Carrick. An obvious consequence of that switch is playing one fewer centre-back and one more midfielder, with Bruno Fernandes restored to his natural No 10 position.
Casemiro, Kobbie Mainoo and Manuel Ugarte are the only established central midfield options for Carrick’s double pivot. An injury to one would leave United light in the middle of the park. If two were unavailable, Carrick would have to find a makeshift alternative or turn to the academy.
If there was a case to make a short-term signing in any position, it was midfield. United’s left-hand side is also a little thin following Patrick Dorgu’s hamstring injury, which is expected to sideline the in-form Denmark international for 10 weeks.
What will their priority be in the summer?
Carrick has also said he is open to advising on the club’s midfield rebuild, which is all but certain to be the priority this summer.
United are expected to be in the market for not just one but two midfielders, with Casemiro’s exit confirmed and Ugarte’s future uncertain. Elliot Anderson, Carlos Baleba and Adam Wharton are all hugely admired, with Anderson considered to be United’s first-choice target.
Each of Nottingham Forest, Brighton & Hove Albion and Crystal Palace were always unlikely to allow one of their best and most valuable players to leave mid-season, but are expected to be more open to business come the summer.
Left-wing could also be looked at. During talks with Semenyo, the 26-year-old was told he would not play as a wing-back in Amorim’s system but as a left winger in a 4-3-3.
Will they have money to spend?
Yes, but how much United can spend depends on a variety of factors, not least whether they return to the Champions League. The riches that come with playing in European football’s elite club competition would make United’s summer a lot easier.
Without them, there is every chance they will have to borrow money to spend significantly and dip back into their revolving credit facility — essentially, a bank overdraft — which funded much of last summer’s £215m in spending.
At last count, United had borrowed £295m of a possible £350m under their revolving facilities, leaving capacity to borrow a further £55m.
Mark Critchley
Newcastle United
How much did they spend and how much did they bring in?
£0 on the incoming front.
A small amount was raised through the sales of youth products Ben Parkinson and Cathal Heffernan, to Falkirk and Harrogate Town, but nothing that dramatically alters their picture for profit and sustainability rules.
Who have they signed?
Nobody new, much to fans’ frustrations, though tying Sven Botman down to a new deal until 2030 felt like an important step. The 26-year-old had entered the final 18 months of his contract and, despite persistent injury problems, remains a top-class defender with his prime ahead of him.
Howe did evoke unwanted comparisons with Alan Pardew when he repeated the phrase “like a new signing” back to a reporter in reference to Dan Burn during the final fortnight of January. The head coach was echoing the sentiment of the question — that having Burn back, given defensive injuries, would feel like a major boost — but, due to the lack of mid-season additions, that out-of-context quote was received negatively by some supporters.
Were there any deals they wanted to do that they didn’t get over the line?
Newcastle did not have any bids rejected, while defensively they never felt the ‘right player’ was ever achievable — even if Toulouse’s versatile defender Dayann Methalie and Club Brugge full-back Joaquin Seys were among those tracked.
In an ideal world, though, Kees Smit would have been Tyneside-bound.
The 20-year-old AZ midfielder has a host of admirers across Europe. Newcastle recognised their best chance of trying to pull off an unlikely coup would probably have required a mid-season move, yet the expectation is the Netherlands Under-21 international will join a European giant this summer.
Matt Targett also spent the month in limbo, unsure whether Newcastle would recall him from his successful loan spell at Middlesbrough. Despite extending his recall clause, Newcastle were only ever going to exercise it in an emergency, and the 30-year-old remained on Teesside.
One deal they will not have wanted to do, and did not do, was selling Sandro Tonali. He was offered to Arsenal by his representative, but there were no talks with Newcastle. His theoretical asking price was also far beyond Arsenal’s financial capabilities.
Are there still any obvious gaps in the team?
Beyond their depleted defensive ranks — Tino Livramento and Fabian Schar are out until March and April, leaving Howe short at full-back and centre-back, while Jamaal Lascelles, who admittedly has not played since September, has joined Leicester City — Newcastle’s main deficiencies have been in attack.
Nick Woltemade made an impressive start to life on Tyneside, and Yoane Wissa has scored three goals since returning from injury, but neither has replaced Alexander Isak’s world-class finishing prowess (nor were they really expected to).
Nick Woltemade’s form has dropped off after a strong start (Franco Arland/Getty Images)
In midfield, too, Newcastle sometimes lack ingenuity, especially against sides defending in a low block, and a creative presence may offer a point of difference in those games. Alternatively, a metronomic passer in the engine room may aid Newcastle on the ball, given their propensity to cede possession, especially away.
What will be their priority in the summer?
Improving and refreshing a first XI that has not been significantly reinforced through signings since the summer of 2023.
Full-back, midfield and goalkeeper are priority positions, but in reality, Newcastle are considering options across the pitch as they aim to take the next step in their evolution. The likelihood is that a young forward will arrive, with incomings and outgoings expected in midfield, a youthful centre-half or two being sought, while replacing one of their wingers is not out of the question.
Senior players, including Kieran Trippier, are also likely to depart, with Schar potentially following, meaning the squad-leadership group needs to be redrawn.
Will they have money to spend?
Yes.
The £125m ($172.4m) British-record sale of Isak to Liverpool in September had a transformative effect on Newcastle’s finances and there is capacity to invest in multiple incomings during the off-season (even after spending an initial £241m last summer).
There are still limitations to what Newcastle can spend — especially on wages, with their disciplined salary structure still significantly lower than the so-called ‘Big Six’ average — but there is strong room for manoeuvre. The introduction of Premier League squad cost rules (SCR) in place of PSR, which moves the system from being loss-based to ratio-based, for next season should also benefit Newcastle.
While strategic sales may be made to offset Newcastle’s incomings, offloading a key player against their will is not expected to be necessary.
Chris Waugh
Tottenham Hotspur
How much did they spend and how much did they bring in?
It was a modest January window from a net-spend perspective. Brennan Johnson — who was sold to Crystal Palace for £35m ($48m), a club-record signing for the south Londoners — was their only permanent departure of the month.
Spurs added Conor Gallagher from Atletico Madrid on a “long-term” deal for a very similar fee of €40m (£34.7m; $46.6m), while Brazilian left-back Souza joined from Santos for a deal worth north of £10m.
Who have they signed?
Gallagher is their marquee signing of the January window, having beaten outside title challengers Aston Villa to his signature. The 25-year-old has plenty of time to develop as a player and leader at Tottenham Hotspur Stadium, but brings a wealth of experience at the highest level. For a player who does not just bring quality on and off the pitch but also adds to Spurs’ homegrown contingent, it appears a smart bit of January business.
He is joined in north London by Souza, who was confirmed as a Tottenham player on January 22 after an extended work permit application. Souza, 19, is relatively new to top-flight football, having only broken into Brazilian side Santos’ first team in 2025, but he is a highly rated talent tipped as one for the future. While he may not be relied upon to play many minutes this season, particularly with Spurs out of the FA Cup, he could flourish in the coming seasons, given time to adjust.
On deadline day they also signed 18-year-old striker James Wilson from Hearts on loan with an option to make the move permanent in the summer. He will link up with the club’s under-21 squad.
Were there any deals they wanted to do that they didn’t get over the line?
Yes, quite a few. Tottenham have been in the market for a starting left-winger in the summer, having targeted Antoine Semenyo at the start of the window, then at Bournemouth, and Manchester City and Brazil winger Savinho.
Spurs revisited Semenyo’s situation ahead of the January window, but faced competition from England’s biggest and most successful clubs. With his final contribution in a Bournemouth shirt being a stoppage-time winner against Spurs, Semenyo left the south coast to join Manchester City on January 9. They also asked about RB Leipzig forward Yan Diomande, who has had an excellent debut season in the Bundesliga, but were met with a swift rejection, with Leipzig unwilling to entertain interest until the end of the season. Diomande may be revisited as a target again in the summer, with the asking price indicated to be in the €100m range.
Tottenham were also in surprise negotiations to sign Andy Robertson, whose contract with Liverpool expires in the summer. As a two-time Premier League winner and part of the 2019 Champions League-winning side, Robertson would have brought a wealth of experience and leadership, as well as on-pitch quality, to a squad short on proven winners.
But Spurs could not complete the deal, with Liverpool failing to secure a replacement for the Scotland international in time. Tottenham may revisit the situation in the summer, when Robertson will be a free agent, provided he does not extend his contract with the defending English champions.
Spurs attempted to secure a deal for Liverpool left-back Andy Robertson (Michael Steele/Getty Images)
Are there still any obvious gaps in the team?
Tottenham need another starting-quality wide forward and a midfield controller. Mathys Tel’s emergence following Johnson’s departure will have given Frank some encouragement that he can provide quality contributions as a starter and from the bench until the summer, with Dejan Kulusevski and Mohammed Kudus in line to return from injury well before then. And with Wilson Odobert enjoying his best stretch as a Spurs player since signing from Burnley in 2024, there may just be enough to tide Spurs over.
In midfield, Pape Matar Sarr’s return from the Africa Cup of Nations gives Frank another senior player to use, though he is not a natural line-breaking passer. For that reason, Yves Bissouma could prove to be among Frank’s most pivotal players, having demonstrated his passing quality against Aston Villa and Burnley since playing his first minutes of the season for Mali at AFCON.
Bissouma has had conduct issues with Frank and previous coaches, but if he can stay disciplined for the remainder of the season, he has the quality to lift this Spurs team in possession.
What will their priority be in the summer?
They will largely be the same as in the January window, but they may find more joy. Robertson, who could be a free agent at that point, will likely still be a target as an on- and off-field leader. Spurs will look again for a starting wide attacker, and Diomande and Savinho could remain on their list of potential signings.
In midfield, Tottenham are likely to look again for positive, passing central midfielders. Spurs may also look to strengthen in the goalkeeping department after a particularly difficult winter period for Guglielmo Vicario.
Will they have money to spend?
Yes. Part of the reason Johnson was sold to Crystal Palace was to improve the club’s position in relation to the profit and sustainability regulations (PSR), allowing Spurs to remain aggressive and ambitious in the market.
Tottenham are a wealthy club, and under the Lewis family, whose stated ambition is to “win more matches, more often”, there is a desire to support the coach with player investment. The question will be whether they can do the right deals.
Elias Burke
What age profiles did Premier League clubs focus on this season?
Premier League clubs topping the £3billion mark last summer meant the 2025-26 season was always going to set a new benchmark in gross transfer spending, and a further £400m spend over the last month pushed the total on new players above £3.5bn.
It is a huge, unedifying sum, one which nevertheless welcomes analysis.
A way to dissect collective spending this year is to look at the age profile of players signed by England’s richest clubs. The idea of football being a young man’s game was given more credence by the fact that just £49m (one per cent) was spent on players aged 29 or over.
That’s not an especially surprising finding, and nor is how, for the eighth season running, Premier League clubs spent more money on players aged between 21 and 24 than any other cohort. £1.7bn went on that grouping this season, 49 per cent of the total spend.
Perhaps of greater interest was the fact that a further £1.2bn went on players older than that. Stars aged between 25 and 28, generally considered a player’s peak years, comprised a third of spending this season, their highest share since 2018-19.
Two 25-year-olds, Isak and Mbeumo, accounted for around £190m of that sum, but in general, there was a greater appetite to spend big on players for whom resale value will be difficult to achieve.
Of the 16 players to command a fee of £50m or more, six were aged 26 or more: Matheus Cunha, Semenyo, Zubimendi, Eberechi Eze, Viktor Gyokeres and Wissa. By comparison, in 2024-25, only one player fell into that same category of age and fee: Tottenham Hotspur’s Dominic Solanke.
Chris Weatherspoon
Barcelona
How much did they spend and how much did they bring in?
Barcelona spent nothing on their first team and got one player: Joao Cancelo. On the other hand, they cashed in €8m for Dro Fernandez, who told the club he wanted a clearer path to first-team football and joined Paris Saint-Germain.
Marc-Andre ter Stegen’s departure only freed up a small amount on the wage bill, as the deal with Girona was for a straight loan, with Barca covering the vast majority of his salary.
Who have they signed?
Cancelo, 31, joined on a loan until the end of the season from Saudi Arabian club Al Hilal. Barca are only contributing a share of his wage, around €4.5m. That is the amount freed up by Andreas Christensen’s injury absence. Barca were once again able to take advantage of the fine print in La Liga’s salary limit rules, which allow for some flexibility around long-term injuries.
Barca did not spend more money, mostly because they couldn’t, as they are still over their salary limit. However, they did make several signings for Barcelona Atletic, their reserve team currently in Spain’s fourth tier.
Juwensley Onstein, an 18-year-old Netherlands youth international, signed from Belgian club Genk. Egypt youth international striker Hamza Abdelkarim also joined from Al Ahly on a six-month loan.
England youth international Ajay Tavares, a 16-year-old winger who also has a Portuguese passport, is expected to arrive from Norwich City, while 19-year-old Uruguay youth international Patricio Pacifico has been signed on loan with an option to buy from Defensor Sporting Club.
Joao Cancelo also spent the 2023-24 season on loan at Barca (David Ramos/Getty Images)
Were there any deals they wanted to do that they didn’t get over the line?
At the start of the window, Hansi Flick wanted to sign a centre-back. The club explored this and saw that there was no suitable candidate available on favourable terms. Instead, they switched their attention to Cancelo. Despite not being the perfect fit, he offers a temporary solution.
Are there still any obvious gaps in the team?
Barca could clearly use another top-level centre-back. Flick is short of options in that department, with Christensen injured and Eric Garcia, one of his most trusted lieutenants, often needed in other positions.
But none of the players Barca identified to cover that gap were available in winter — at least not for a price they could afford.
What will their priority be in the summer?
Robert Lewandowski is nearing the end of his contract, and Barca do not plan, for now, to offer him a new deal. With the 37-year-old expected to leave, after four seasons at the club, a new No 9 will be the top priority.
Barcelona will also have the option of signing Marcus Rashford for €30m when his loan from Manchester United comes to an end in June. Barca want to keep him, but it is still unclear whether they will trigger that option or explore other ways to sign him. Either way, it will not affect their search for a new central striker.
Marcus Rashford’s loan from Manchester United runs until June, when Robert Lewandowski’s contract expires (Gabriel Kuchta/Getty Images)
A new centre-back is also wanted. Barca have lacked an established defensive partnership this season, partly because of the multiple injuries they’ve suffered. The departure of Inigo Martinez last summer has not been properly covered, despite Gerard Martin’s solid redeployment in the role, and a new addition would be welcomed by the coaching staff.
Will they have money to spend?
This is still very unclear. Barca sources say they are confident the club can bring itself fully in line with La Liga spending rules, which would mean more freedom to operate in the summer transfer window, but those messages have been shared many times before.
The defining factor will once again be their salary limit. The goal is to reach the golden target known as the ‘1:1 rule’. That would mean Barca can re-invest all funds generated back towards salaries and registering new signings. New sources of income, mainly from commercial deals or player sales, would help in that department.
La Liga usually updates clubs’ salary limits shortly after the close of the winter transfer window, so we should know more about Barca’s situation soon.
Pol Ballus
Real Madrid
How much did they spend and how much did they bring in?
There was zero investment. No players arrived and in some ways, it was not a surprise.
The last first-team signing Real Madrid made in a winter transfer window was Brahim Diaz from Manchester City in January 2019. The club argues that the market is inflated at this time of year and that the few good options available are too expensive.
Madrid’s senior figures also believe that the squad is good and complete enough to compete for all titles — even though only La Liga and the Champions League remain as possibilities.
Were there any deals they wanted to do that they didn’t get over the line?
Despite continuous offers of players from different agents, Madrid rejected them all. The club did not work on any deal.
Back in the summer, then head coach Xabi Alonso also wanted the club to bring in more reinforcements, further to the €180m (£155m; $212m) spent on Alvaro Carreras, Huijsen, Franco Mastantuono and Trent Alexander-Arnold.
Real Madrid did not make any additions in January (Alberto Gardin/NurPhoto via Getty Images)
Are there still any obvious gaps in the team?
There is a consensus that Madrid need at least a centre-back and an organising midfielder.
In central defence, Antonio Rudiger and Eder Militao have suffered recurrent injuries, a situation surely influenced by Madrid’s intense schedule. Summer signing Huijsen has suffered two muscle injuries and academy product Raul Asencio has been playing for weeks while not fully fit.
In midfield, the team is lacking creativity. There has not been a successful transition from the generational midfield of Luka Modric, who was not offered a renewal last season, and Toni Kroos, who retired in 2024.
A source present at Valdebebas on a daily basis last season told The Athletic in January that Madrid need “a right-back, a centre-back, a right winger and, above all, a central midfielder”.
Alonso asked for a central midfielder last summer. When he was sacked, one of the complaints from those close to him was that the club had not given him the necessary tools to fully develop his vision for the team.
What will their priority be in the summer?
Madrid are looking at the market for centre-backs and midfielders.
In midfield, there is great admiration for Paris Saint-Germain’s Vitinha and Chelsea’s Enzo Fernandez, but those players are considered almost impossible to sign from a financial point of view.
Portugal international Vitinha renewed his contract last year until 2029 and is a key player for the French club, with whom Madrid do not have good relations. Argentina’s Fernandez might like the idea of playing for Madrid one day, but he is under contract until 2032 and Chelsea don’t want to sell him.
Carlo Ancelotti asked for Alexis Mac Allister, now at Liverpool, when he was in charge. Although no deal was ever fully explored, Madrid received positive feedback from those around him. The 27-year-old is well-liked at the club, and his contract at Anfield until 2028 might make a deal more feasible.
One name that stands out is Como’s Nico Paz, who has a strong chance of returning in the summer. That is the view of the club and the general expectation in the football world, with potential rival suitors parking their interest because of Madrid’s strong position.
Madrid have an option to buy back their academy product in June for around €9m.
Other profiles with very positive reports are AZ’s Kees Smit and Crystal Palace’s Adam Wharton. The Dutch club wants around €60m for Smit and have given agent Jorge Mendes a mandate to negotiate on their behalf. Both players were mentioned in conversations at Madrid last summer — although now Smit seems the more favoured of the two.
Madrid are also aware that a final decision will have to be made soon over Dani Carvajal’s future. The captain’s contract expires in June, and there are doubts about his renewal. If the 34-year-old left, the right-back position would need reinforcing.
Carvajal has played fewer than 30 minutes since returning from injury in early January, and he feels ready to have more time on the pitch.
Madrid have received positive reports on Kees Smit (Ed van de Pol/BSR Agency/Getty Images)
Who has left and who could leave in the summer?
Endrick left on loan to French side Lyon, with no obligation or option to buy included in the deal. Madrid are counting on him and did not understand why he played so little under Alonso. The striker’s priority is to succeed at the Bernabeu, but he wants to have a real chance to show his qualities, so his agents will review the case in the summer.
Left-back Fran Garcia, who is under contract until 2027 but now fourth-choice in his position, could also leave. The 26-year-old wanted to join Bournemouth on loan in January, but Madrid blocked the move.
His situation is similar to that of 29-year-old Dani Ceballos, who was open to a departure in January if his former club Real Betis had made an offer.
The midfielder has asked to leave in each of the past two summers, and the situation is expected to be repeated. Betis is his preferred destination, but no club has been able to afford Madrid’s asking price and the player’s salary (around €4.5m a year).
David Alaba is expected to leave when his contract expires at the end of June, as the club is not planning to offer him a renewal.
Will they have money to spend?
In theory, yes. Real Madrid’s financial picture looks healthy. According to a recent deep dive by our football finance writer, Chris Weatherspoon, there would be margin to invest in the squad.
However, except last summer, Madrid have been reluctant to do so in recent years. Departures could help financially, but the club is pessimistic, arguing that nobody wants to leave.
Mario Cortegana