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

Winners and Losers of the 2026 Summer Transfer Window

The summer transfer window closed after nearly three months of intense activity. The Premier League once again dominated spending, with nine out of the ten most expensive transfers happening in England. The only exception was Yan Diomande's €125 million move from RB Leipzig to Real Madrid. Yet, many of the fees paid this summer appeared inflated, with players like Morgan Rogers and Elliot Anderson commanding nine-figure sums despite not being top-tier stars.

Winner: Saudi Pro League

The Saudi Pro League continued to shake up the market, just as Pep Guardiola predicted back in 2023. Although Mohamed Salah chose a move to Turkey over Saudi Arabia, recent signings such as Francisco Trincao, Tijjani Reijnders, Crysencio Summerville, Ollie Watkins, and Gabriel Martinelli show the league still attracts prime-age players with substantial transfer fees. While it may be far from joining Europe's elite leagues, the financial pull remains strong enough to lure mid-20s Premier League talents to the Middle East instead of Europe.

Loser: Mohamed Salah

Salah’s switch to Trabzonspor has been rough. After the team's humiliating Europa League exit against Ferencvaros, he reaffirmed his commitment, yet it's clear he’s far from where he envisioned post-Liverpool. A move to the Turkish Super Lig wasn’t on the cards when he signed a new deal at Anfield following a stellar season. His high wage demands likely priced him out of stronger European clubs, leaving him stuck playing Conference League football—a situation he can hardly be happy about.

Winner: Arsenal

Arsenal had a solid window, despite missing out on Vinicius Junior, Morgan Rogers, and Julian Alvarez. The signings of Ezri Konsa, Bruno Guimaraes, and Christos Tzolis have strengthened their squad, especially with Konsa filling in for injured William Saliba and Tzolis showing early promise. They also secured a club-record £56 million for the inconsistent Martinelli. The reigning Premier League champions look stronger, making a repeat title a serious possibility.

Loser: Manchester United's Defence

Michael Carrick expressed satisfaction with United’s summer acquisitions, mainly midfield additions like Youri Tielemans, Andrey Santos, and Carlos Baleba. However, the defence remains fragile, with Luke Shaw still starting at left-back and no significant reinforcements made. United conceded four goals in their opening two league games, including losses to promoted sides. This vulnerability suggests that Carrick's optimism about an improved squad might be misplaced.

Winner: Jose Mourinho

Mourinho, despite a recent decline in coaching success, landed a major role back at Real Madrid thanks to Florentino Perez’s fondness for him. Backed financially with signings like Marc Cucurella, Denzel Dumfries, Bernardo Silva, Ibrahima Konate, and Yan Diomande, he now has a strong squad. If he doesn't win a significant trophy this season, excuses will be hard to justify given the resources at his disposal.

Loser: Richard Hughes

Liverpool’s sporting director, Richard Hughes, is facing criticism after overseeing the club's four most expensive signings and failing to deliver a balanced team. Despite winning the league in his first season, Liverpool produced one of the worst title defenses, partly due to failed deals like the one for Marc Guehi. This summer, Hughes brought in some questionable signings and failed to address critical gaps, leaving new coach Andoni Iraola without adequate support. Fans are frustrated, especially since Hughes is reportedly moving to Saudi Arabia soon.

Winner: Barcelona

Barcelona surprised many by registering all their new players before the La Liga season started. President Joan Laporta and sporting director Deco managed to stabilize finances by offloading high earners like Robert Lewandowski and convincing PSG to pay €50m for Ferran Torres. With young La Masia talents sold for profit, Barca will enter next summer’s transfer window free from financial constraints for the first time since before the pandemic.

Loser: Julian Alvarez

Julian Alvarez openly expressed his wish to join Barcelona, but Atletico Madrid refused to meet Barca’s asking price. Barca’s public pursuit strained relations, echoing past tensions with Antoine Griezmann’s transfer. Alvarez rejected other clubs, holding out for Barca, but eventually returned to training amid hostility from fans. Atletico kept their dignity but lost a major sale, while Alvarez’s future remains uncertain after a poor reception.

Loser: Aston Villa

Aston Villa ended their trophy drought by winning the Europa League but then dismantled much of that squad. Key players like Lucas Digne, Emiliano Martinez, Morgan Rogers, Ezri Konsa, Youri Tielemans, and Ollie Watkins were sold. Manager Unai Emery insists these sales were necessary for the club’s good and has reinvested in promising youngsters. Still, consecutive early league defeats highlight the challenge of rebuilding after such drastic changes.

Winner: Ruben Amorim

After a tough spell at Manchester United, Ruben Amorim earned a fresh start at AC Milan, who invested heavily in the squad, including a €74m signing of Goncalo Ramos. Amorim’s team has started the season strongly, and the backing he receives could restore his reputation as a top young coach. The upcoming match against Juventus will test Milan's true potential under his leadership.

Loser: Marcus Rashford

Rashford hoped for a permanent Barcelona move after a successful loan but saw his buy-out clause ignored in favor of teammate Anthony Gordon. Despite this setback, Rashford showed maturity by supporting Gordon’s adaptation in Catalonia. Now back at Manchester United, Rashford fights to regain his place after his dream move fell through.

Winner: Bayern Munich

Bayern held onto Michael Olise despite interest from Real Madrid, keeping a key talent. They also smartly secured Ismael Saibari before the World Cup and added Nathanial Brown, who impressed in Germany’s campaign. Though questions remain about depth, especially for cover up front, Bayern seem content with their squad heading into the new season and look ready to challenge in Europe once again.

Loser: Tottenham

Tottenham spent heavily after poor finishes but have struggled despite major investments. Expensive signings like Sando Tonali (£92m), Mateus Fernandes (£85m), and Savio (£75m) haven't translated into immediate improvement. They suffered heavy defeats in their opening fixtures, particularly lacking world-class quality upfront. Manager Roberto De Zerbi faces pressure managing an unbalanced squad amid high expectations.

Loser: Everton

Everton’s recruitment this summer exposed ongoing mismanagement. The club failed to secure a right-back until a last-minute low-cost signing, and their attempts to replace striker Beto collapsed, leaving them with limited options up front. Despite new ownership promising revival, the fanbase remains disheartened by the lack of progress and poor squad planning.

Winner: Elite Sellers

This window clearly favored clubs selling players amid a scarcity of elite talent. PSG earned huge sums by offloading surplus forwards, Chelsea profited from selling fringe players at high fees, and Manchester City excelled in player trading. City's sales of Rodri, Tijjani Reijnders, and James Trafford brought significant profits. The double deal with Tottenham involving Omar Marmoush and Savio stunned many, with Spurs paying an exorbitant £85m for Savio despite modest performances.