2026 Summer Transfer Window: Key Winners and Losers Across Europe’s Top Clubs

The summer transfer window closed after nearly three months of intense activity. English clubs dominated, with nine of the ten priciest signings involving Premier League teams. The only exception was Yan Diomande’s €125 million move from RB Leipzig to Real Madrid. Yet many of the fees paid this year raised eyebrows, such as Morgan Rogers and Elliot Anderson commanding nine-figure sums despite their profiles.

WINNER: The Saudi Pro League

Once dismissed as a fading force, the Saudi Pro League made a surprising impact this summer. After Mohamed Salah declined a move there, some doubted the league's allure. Yet signings like Francisco Trincao, Tijjani Reijnders, Crysencio Summerville, Ollie Watkins, and Gabriel Martinelli, all in or near their prime, indicate strong financial backing remains. This suggests the Middle East is still an appealing destination for talented players, supporting Pep Guardiola’s prediction of its growing influence.

LOSER: Mohamed Salah

Salah’s move to Trabzonspor has not gone as hoped. Despite his commitment to the club after an embarrassing Europa League exit, it’s clear he did not expect to be playing at Papara Park following his stellar Liverpool career. His wage demands priced him out of moves to stronger European sides, leaving him to compete in the Conference League. Salah’s choices over the past year may haunt him as he faces a less prestigious stage than he once commanded.

WINNER: Arsenal

Though Arsenal missed out on Vinicius Junior, Morgan Rogers, and Julian Alvarez, their window was productive. Ezri Konsa arrived as cover for injured William Saliba, Bruno Guimaraes settled quickly, and Christos Tzolis looks a bargain buy. Selling Martinelli for a club-record £56 million further bolstered the club’s finances. Overall, Mikel Arteta strengthened an already powerful squad, making a second consecutive title very plausible.

LOSER: Manchester United’s Defence

Michael Carrick expressed satisfaction with United’s summer signings, but the defence remains a glaring weakness. Despite adding midfield options Youri Tielemans, Andrey Santos, and Carlos Baleba, the backline still looks fragile. Starting Luke Shaw at left-back and conceding four goals in two Premier League games highlights defensive frailties. Without addressing this area, Carrick’s optimism seems misplaced as the team struggles to keep clean sheets.

WINNER: Jose Mourinho

Despite recent struggles, Mourinho landed the Real Madrid job again, thanks to Florentino Perez’s faith. The club supported him by signing Marc Cucurella, Denzel Dumfries, Bernardo Silva, Ibrahima Konate, and Yan Diomande. With such reinforcements, Mourinho faces high expectations to secure major trophies, but excuses will be thin if success eludes him.

LOSER: Richard Hughes (Liverpool Sporting Director)

Hughes oversaw Liverpool’s four most expensive signings, yet fans remain disappointed. His tenure saw a record spending spree that coincided with one of Liverpool’s worst title defenses. This summer’s recruitment was inconsistent, failing to provide coach Andoni Iraola with sufficient quality or numbers, particularly lacking a specialist defensive midfielder and capable full-backs. Fans question why Hughes managed the window knowing his impending departure to Saudi Arabia.

WINNER: Barcelona

Barcelona successfully registered all new signings before the season started, signaling financial progress. President Joan Laporta faced criticism for risky gambles, but sporting director Deco balanced the books by offloading high earners like Robert Lewandowski and Ferran Torres, while making profit on young talents. Barca appears free from financial constraints heading into next summer’s window, a significant turnaround since the pandemic.

LOSER: Julian Alvarez

Julian Alvarez openly wished to join Barcelona, but Atletico Madrid refused to meet Barca’s valuation, leading to a standoff. Alvarez’s refusal to consider other clubs and Atletico’s principled stance resulted in the forward returning to training amid a hostile reception from fans. Atletico sacrificed potential cash but held firm, leaving Alvarez’s future uncertain and the player struggling to regain supporter trust.

LOSER: Aston Villa

After winning the Europa League and qualifying for the Champions League, Villa dismantled much of their trophy-winning squad. Key players like Lucas Digne, Emiliano Martinez, Morgan Rogers, Ezri Konsa, Youri Tielemans, and Ollie Watkins were sold. Manager Unai Emery now faces rebuilding a competitive side amidst fan frustration and early Premier League losses, signaling a challenging transition.

WINNER: Ruben Amorim (AC Milan Coach)

After a poor spell at Manchester United, Ruben Amorim took charge at AC Milan. Despite not being the club’s first choice, he received strong financial backing, including a €74 million signing of Goncalo Ramos. Starting the season unbeaten, Amorim has tools to restore Milan’s status and rebuild his reputation among top young coaches.

LOSER: Marcus Rashford

Rashford hoped to return to Barcelona after a successful loan but lost out to teammate Anthony Gordon, who secured a permanent move. Rashford has since worked hard to regain favor at Manchester United, showing character despite missing his dream transfer. His friendly support of Gordon highlights his professionalism amid personal disappointment.

WINNER: Bayern Munich

Bayern strengthened their squad with smart signings like Ismael Saibari and Nathanial Brown. Retaining Michael Olise, who was linked to Real Madrid, was crucial. With these moves, Bayern appears well-equipped to challenge for their first Champions League title since 2020.

LOSER: Tottenham

Tottenham spent heavily after poor league finishes but struggled early in the season. Expensive signings like Sando Tonali, Mateus Fernandes, and Savio failed to deliver immediate improvement. Despite significant investment, Spurs lack world-class quality, especially in attack, leaving manager Roberto De Zerbi under pressure with an unbalanced squad.

LOSER: Everton

Everton’s chaotic summer exposed ongoing problems. The club failed to replace key departures, including striker Beto, leaving only Thierno Barry up front until January. Their inability to sign targets like Folarin Balogun and the attempted sale of young talent Harrison Armstrong angered fans. Jamie Carragher described Everton as poorly run, a sentiment reinforced by this window’s failures.

WINNER: Elite Sellers

Several clubs thrived as sellers in this market. PSG recouped €280 million by selling surplus forwards, despite spending €150 million on new players. Chelsea also profited by offloading players like Liam Delap for inflated fees. Manchester City excelled, earning big from sales such as Rodri to Barcelona for £65 million and Savio to Tottenham for £85 million, a staggering price considering his limited impact. This transfer window showcased the power of sellers amid a desperate market.

• Saudi Pro League: Attracted multiple prime-age players with substantial fees.
• Mohamed Salah: Struggled after moving to Trabzonspor; faces lower-tier competition.
• Arsenal: Strengthened midfield and defense; profitable player sales.
• Manchester United Defence: Remains fragile despite midfield additions.
• Jose Mourinho: Returned to Real Madrid with strong squad support.
• Richard Hughes (Liverpool): Criticized for poor recruitment and impending departure.
• Barcelona: Financially stable with clever transfers and player sales.
• Julian Alvarez: Stuck at Atletico Madrid after failed Barcelona move.
• Aston Villa: Lost many key players post-trophy win; rebuilding phase.
• Ruben Amorim (AC Milan): Positive start backed by heavy investment.
• Marcus Rashford: Missed Barcelona move but committed to Manchester United.
• Bayern Munich: Smart signings and retained key players bolster hopes.
• Tottenham: Expensive purchases yet poor early performances.
• Everton: Failed replacements and chaotic transfers continue struggles.
• Elite Sellers: Clubs like PSG, Chelsea, and Man City profited from player sales.