2026 Summer Transfer Window: Key Winners and Losers in Football

The summer transfer window closed after nearly three months of intense activity, especially in England where most headline deals happened. The Premier League clubs once again showcased their financial strength, breaking their combined spending record for the second year running. Nine of the top ten most expensive transfers were Premier League moves, with only Yan Diomande's €125 million switch from RB Leipzig to Real Madrid standing apart.

Many player valuations seemed puzzling this summer, with some like Morgan Rogers and Elliot Anderson fetching nine-figure fees despite questionable value. Here's a breakdown of the biggest winners and losers from this chaotic period.

Winner: Saudi Pro League

The Saudi Pro League continues to shake up the transfer market. Pep Guardiola had anticipated such a shift back in 2023 when Cristiano Ronaldo moved there. Despite Mohamed Salah rejecting a move to Saudi Arabia this year in favor of Turkey, recent signings such as Francisco Trincao, Tijjani Reijnders, Crysencio Summerville, Ollie Watkins, and Gabriel Martinelli show that the league still attracts players entering or near their prime. While the league may not be among the world's top five yet, significant financial incentives are convincing mid-20s Premier League talents to choose the Middle East over Europe.

Loser: Mohamed Salah

Salah’s move to Trabzonspor has been far from ideal. After a crushing 4-0 Europa League defeat led to internal turmoil, Salah publicly reaffirmed his commitment, but it was clear he didn’t expect to find himself playing Conference League football. Leaving Liverpool on a free transfer after a stellar run, Salah might regret pricing himself out of moves to stronger European clubs with his high wage demands. Though admirable for turning down Middle East offers, Salah faces a disappointing season at Trabzonspor.

Winner: Arsenal

Despite missing out on Vinicius Junior, Morgan Rogers, and Julian Alvarez, Arsenal made solid acquisitions. Ezri Konsa replaces injured William Saliba, Bruno Guimaraes has settled quickly, and Christos Tzolis looks like a bargain. Selling Martinelli for a club-record £56 million also boosted their finances. The reigning Premier League champions have strengthened a squad already considered the best in England, making a consecutive title defense seem likely.

Loser: Manchester United’s Defence

Michael Carrick expressed satisfaction with United’s summer signings, mainly midfield reinforcements Youri Tielemans, Andrey Santos, and Carlos Baleba. Yet, no defensive reinforcements came, leaving a fragile backline that conceded 50 league goals last season. Early results underline the weakness, with four goals allowed in two games against newly promoted teams. Without strengthening defence, United’s title hopes appear doubtful.

Winner: Jose Mourinho

Though Mourinho’s glory days are behind him, he secured the prestigious Real Madrid coaching role again thanks to Florentino Perez’s support. The president backed him heavily by signing Marc Cucurella, Denzel Dumfries, Bernardo Silva, Ibrahima Konate, and Yan Diomande. With this strong squad, Mourinho must deliver major trophies or face criticism.

Loser: Richard Hughes (Liverpool)

Hughes is responsible for Liverpool’s four priciest signings, yet fans are disappointed. After winning the league with minimal new signings in his first season, he oversaw an extravagant spending spree that failed to produce a strong title defense. New coach Andoni Iraola was left short on numbers, lacking a specialist defensive midfielder and fit full-backs. Last-minute signings appeared desperate and unplanned, prompting calls for Hughes’ departure.

Winner: Barcelona

Barcelona managed to register all their new players before La Liga began—a rare feat given their past financial struggles. President Joan Laporta’s risky financial moves paid off temporarily. Sporting director Deco deserves credit for balancing the budget by offloading high earners like Lewandowski and Araujo, and selling Ferran Torres for €50 million. Barca is poised to enter next summer’s window without financial limits.

Loser: Julian Alvarez

Alvarez wanted to leave Atletico Madrid for Barcelona but the two clubs couldn't agree on the hefty asking price. Barcelona pursued him aggressively, creating tension reminiscent of Antoine Griezmann’s 2019 transfer saga. Atletico stood firm, prioritizing dignity over money. Alvarez refused other offers and returned to training after missing a game due to illness. The situation remains tense, and he faces a tough road to regain fans' trust.

Loser: Aston Villa

Aston Villa’s summer marked the end of an era. Just days after winning the Europa League, six starters from that final were sold, including key players like Lucas Digne, Emiliano Martinez, Morgan Rogers, Ezri Konsa, Youri Tielemans, and Ollie Watkins. Manager Unai Emery insists sales benefited the club, and reinvestment brought exciting young players. Still, early Premier League losses hint at a long rebuilding process.

Winner: Ruben Amorim

After a tough spell at Manchester United, Ruben Amorim found a fresh start at AC Milan. Not initially the first choice, he now leads a Serie A side that has spent heavily, including €74 million on Goncalo Ramos. A perfect start to the season shows promise, but true assessment awaits their clash with Juventus. Amorim has the resources to restore his reputation as a top young coach.

Loser: Marcus Rashford

Rashford aimed to join Barcelona after a successful loan, but the club preferred Anthony Gordon, who started well with three assists in three matches. Rashford helped Gordon settle in, showing commendable character, but his dream move fell through. He has since reentered Michael Carrick’s plans at Manchester United.

Winner: Bayern Munich

Bayern maintained their squad depth wisely. Signing Ismael Saibari from PSV before his World Cup boost was clever. Nathanial Brown impressed and started well after moving from Eintracht Frankfurt. The biggest win was retaining Michael Olise, who was linked with Real Madrid but stayed at Allianz Arena. Bayern again look strong contenders for the Champions League.

Loser: Tottenham Hotspur

After poor finishes, Spurs spent heavily this summer but still struggle on the pitch. Spending £92 million on Sando Tonali might be justifiable, but paying £85 million for Mateus Fernandes and £75 million for Savio from Manchester City seems excessive. Despite big spending, they lack world-class quality, especially upfront, leaving manager Roberto De Zerbi under pressure with an imbalanced squad.

Loser: Everton

Everton’s recruitment was chaotic, reinforcing Jamie Carragher’s claim that the club is one of the worst-run in Premier League history. Right-back signing delays became a joke until Ainsley Maitland-Niles arrived late. Selling Beto without securing a striker replacement and losing Iliman Ndiaye added to woes. Manager David Moyes starts with just one centre-forward, deepening fan despair despite ownership changes.

Winner: Elite Sellers

This summer was dominated by a seller’s market. Clubs with many players profited hugely. PSG spent €150 million but recouped around €280 million by selling surplus forwards. Chelsea, despite investing mostly in youth, made more money from player sales than PSG, with notable deals like Liam Delap’s £45 million move to Nottingham Forest.

Manchester City excelled at selling, receiving £65 million for Rodri and profiting on lesser-used players. Their deal with Tottenham was remarkable, offloading Omar Marmoush on loan with an obligation to buy and getting £85 million for Savio, a price far above expectations. This window felt like madness for transfer fees.