Winners and Losers of the 2026 Summer Transfer Window: Arsenal and Barcelona Strengthen Midfields While Liverpool Struggle

The summer transfer window closed after nearly three months packed with surprising moves and record-breaking fees, particularly in England. Premier League clubs accounted for nine of the ten most expensive signings, smashing their collective spending record once again. The only exception was Yan Diomande's €125 million transfer from RB Leipzig to Real Madrid.

Some transfer valuations seemed baffling, with players like Morgan Rogers and Elliot Anderson commanding nine-figure fees despite questionable justification. Let's explore who emerged as winners and losers this summer.

Winner: Saudi Pro League

The Saudi Pro League continued to shake up the transfer scene, confirming Pep Guardiola's prediction that it would attract more top talent. Although Mohamed Salah declined a move there, opting for Turkey, recent signings such as Francisco Trincao, Tijjani Reijnders, Crysencio Summerville, Ollie Watkins, and Gabriel Martinelli show the league is still enticing players in or near their prime years away from Europe. While the league’s status as a top competition remains distant, its financial power keeps growing.

Loser: Mohamed Salah

After a shock free transfer to Trabzonspor, Salah now faces the reality of playing Conference League football, far from his expectations when leaving Liverpool following a stellar Premier League season. Despite reaffirming loyalty to his new club, it's clear this move did not meet his ambitions. His huge wage demands likely priced him out of stronger European teams, leaving him to face a less competitive environment and potential regret over recent decisions.

Winner: Arsenal

Although Arsenal missed out on targets like Vinicius Junior, Morgan Rogers, and Julian Alvarez, the club strengthened key areas. Ezri Konsa joined from Aston Villa to cover for William Saliba, Bruno Guimaraes settled quickly, and Christos Tzolis impressed early on. Selling Martinelli for a club-record £56 million also boosted finances. The reigning Premier League champions appear ready to mount a strong title defense with a deeper squad.

Loser: Manchester United’s Defense

Despite adding midfield reinforcements such as Youri Tielemans, Andrey Santos, and Carlos Baleba, Manchester United failed to address glaring defensive weaknesses. Starting Luke Shaw at left-back and lacking a cohesive back four led to conceding four goals in their first two league games, both against promoted sides. This brittle defense cast doubt on Michael Carrick's claim that the team improved compared to last season.

Winner: Jose Mourinho

Despite a decline in recent achievements, Jose Mourinho secured a top role at Real Madrid thanks to Florentino Perez's support. Perez backed Mourinho with significant transfer investments including Marc Cucurella, Denzel Dumfries, Bernardo Silva, Ibrahima Konate, and Yan Diomande. Given the squad strength, Mourinho will have little excuse if he fails to win major trophies this season.

Loser: Richard Hughes and Liverpool

Richard Hughes oversaw Liverpool's four most expensive signings yet failed to satisfy fans. After winning the league with minimal signings initially, his subsequent spending spree coincided with one of the worst title defenses in Premier League history. This summer’s recruitment was erratic, leaving Liverpool short in many areas, especially midfield and full-back, contributing to a sense of desperation around Anfield. Hughes' departure to Saudi Arabia leaves many questioning his role during this troubled window.

Winner: Barcelona

Barcelona achieved the rare feat of registering all new signings before the La Liga season began, signaling an end to years of financial chaos. President Joan Laporta took criticism for risky financial moves but they paid off for now. Sporting director Deco deserves praise for trimming the wage bill by offloading high earners and generating profit through sales like Ferran Torres for €50 million. Barca is poised to enjoy a freer hand in next summer’s market.

Loser: Julian Alvarez

Julian Alvarez openly expressed his wish to join Barcelona but Atletico Madrid refused to meet the asking price. Attempts by Barca to pressure Atleti failed, leading Alvarez to return to training amid a frosty reception from fans. While Atletico preserved their dignity by standing firm, they lost out on a large transfer fee. Alvarez's future remains uncertain following this breakdown.

Loser: Aston Villa

Despite winning the Europa League and qualifying for the Champions League, Aston Villa dismantled much of their trophy-winning squad due to financial constraints. Key players including Lucas Digne, Emiliano Martinez, Morgan Rogers, Ezri Konsa, Youri Tielemans, and Ollie Watkins were sold. Manager Unai Emery must rebuild a team from scratch after early Premier League defeats dampened spirits at Villa Park.

Winner: Ruben Amorim

After a difficult spell at Manchester United, Ruben Amorim found a fresh start at AC Milan. Though not initially the first choice for the role, Amorim benefits from strong investment in the squad, including €74 million signing Goncalo Ramos. With a perfect start to the season so far, Milan offers Amorim a chance to restore his reputation as a promising young coach.

Loser: Marcus Rashford

Rashford hoped to secure a permanent move to Barcelona after a productive loan, but the club chose Anthony Gordon instead, citing his superior fit for the left-wing role. Rashford has since returned to Manchester United and is fighting to regain his place, showing professionalism by helping Gordon settle in Barcelona despite his own disappointment.

Winner: Bayern Munich

Bayern Munich maintained confidence in their squad despite some concerns about depth behind key forwards Harry Kane and Luis Diaz. Smart moves included securing Ismael Saibari from PSV before the World Cup and signing Nathanial Brown from Eintracht Frankfurt. Retaining Michael Olise, despite Real Madrid interest, stands out as a crucial success as Bayern aims for Champions League glory again.

Loser: Tottenham Hotspur

Tottenham invested heavily to improve after poor finishes but struggled to balance quality and price. Spending £92 million on Sandro Tonali seemed justified, but paying £85 million for Mateus Fernandes and £75 million for Savio raised eyebrows. Despite the cash outlay, Spurs started the season poorly and remain short of world-class talent, especially in attack, putting manager Roberto De Zerbi under intense pressure.

Loser: Everton

Everton's chaotic summer transfer activity drew criticism, highlighted by failure to secure a replacement striker after selling Beto. Ainsley Maitland-Niles arrived late, and attempts to sell homegrown talents sparked fan backlash. Losing Iliman Ndiaye to Manchester City and failing to sign Folarin Balogun left David Moyes with limited attacking options, reinforcing concerns about the club’s management and future direction.

Winner: Elite Sellers

This summer clearly favored sellers, with clubs like PSG and Chelsea profiting massively by offloading surplus players. PSG spent €150 million but recouped nearly double by selling several forwards. Chelsea earned large fees by convincing other Premier League teams to pay premium prices for their outgoing players.

Manchester City excelled in this regard, selling Rodri for £65 million and making profits on lesser-used players like Tijjani Reijnders and James Trafford. A notable deal saw Spurs pay £85 million for Savio, a price considered excessive given his modest Premier League impact. The market showed signs of irrational pricing, driven by desperation and scarcity of elite talent.