January Transfer Window Review: Winners and Losers

The January transfer window for 2026 has officially closed, marking the end of a crucial period for teams to enhance their squads for the remainder of the season. While some clubs found success in strengthening their lineups, others struggled, either failing to secure new talent or losing key players unexpectedly.

Winners

Manchester City

Manchester City once again approached the January transfer market with the objective of acquiring top-quality players to support their ambitions for the season. They successfully completed significant deals to bolster their roster.

The club acquired winger Antoine Semenyo from AFC Bournemouth for an initial fee of £62.5 million. During his prior tenure at Bournemouth, Semenyo recorded 20 goals in the league over 18 months, making him a valuable addition to diversify City’s attacking play, which had heavily relied on Erling Haaland. He has already netted four goals since joining.

After injuries sidelined key defenders Joško Gvardiol and Rúben Dias, City quickly secured the signing of Marc Guéhi from Crystal Palace for a bargain fee of £20 million. Guéhi, the captain of Palace and an England international, joined City despite reportedly high salary demands.

Moreover, the sale of Oscar Bobb for £27 million to Fulham helped maintain a balanced financial outlook for the club.

Aston Villa

Aston Villa, limited by a UEFA settlement agreement that requires balanced spending, executed their transfer strategies with precision. They replaced Donyell Malen, who transferred to Roma in a deal that could rise to €27 million, with Tammy Abraham, acquiring him for €21 million. Abraham fit seamlessly into Unai Emery’s system and accepted a pay cut to return to the Premier League.

Additionally, Villa’s need for reinforcement became urgent when three midfielders suffered significant injuries. To address this, they brought Douglas Luiz back on loan with a €25 million option, making the transaction timely and effective. Luiz, a familiar face at Villa with over 200 appearances, was integrated back into the squad quickly.

In a forward-looking move, Villa also added youngsters Alysson and Brian Madjo with an eye on future development.

AFC Bournemouth

As anticipated, several top-tier clubs had their eyes on Semenyo heading into the January transfer window. Bournemouth, unable to resist his release clause, managed his departure tactically. Semenyo left early in the month, allowing Bournemouth time to secure a replacement, which turned out to be Rayan, a promising Brazilian talent who has already provided an assist for the team.

The club’s optimistic strategy included placing a €100 million release clause in Rayan’s contract, highlighting their confidence in his potential. Furthermore, Bournemouth signed Alex Tóth from Ferencvaros for an initial £10.4 million, reflecting their focus on future team development.

Bournemouth also bolstered their goalkeeping options by acquiring Christos Mandas on loan, who will provide competition to Djordje Petrovic, who has struggled in recent matches.

Paris Saint-Germain

Paris Saint-Germain’s sole move in the winter window involved acquiring Dro Fernández for approximately €8 million. While the deal might not seem significant at first glance, it holds key implications. Fernández, a graduate of Barcelona’s renowned academy, had begun integrating into their first team when PSG swooped in, enhancing their future prospects considerably.

Atlético Madrid

Atlético Madrid actively reshuffled their squad during January, making notable transfers. They sanctioned the sale of Conor Gallagher to Tottenham for €40 million, allowing them to refresh their lineup. Additionally, Giacomo Raspadori was transferred to Atalanta for the same fee he was acquired at six months earlier.

The proceeds from these sales were reinvested into the team with strategic acquisitions such as Ademola Lookman for €35 million and young talents Obed Vargas from Seattle Sounders and Rodrigo Mendoza from Elche.

Losers

Liverpool

Liverpool made a splash by signing center-back Jérémy Jacquet from Rennes for a deal that starts at £55 million but will not see him join the squad until July. This delay posed significant challenges for the team, who is already facing defensive depth issues, especially after Giovanni Leoni suffered a serious injury.

Efforts to find a right-back as a backup were unsuccessful, with several attempts falling through. Despite initial discussions about recalling Andy Robertson from loan to fill the gaps, the club ultimately couldn’t fortify their defensive line, leaving them short as the season progresses.

Chelsea

Chelsea’s January window proved to be quite uneventful. They attempted to secure Jacquet but ultimately lost out to Liverpool. The club also sought to offload Raheem Sterling but found no takers for his hefty salary, resulting in a mutual agreement to terminate his contract.

Additionally, the club sought to find a permanent solution for Axel Disasi, only managing to place him on loan to West Ham. The most disheartening moment of the window was the emotional recall of Aaron Anselmino from his loan at Borussia Dortmund, which visibly upset him. He has now been sent on another loan to Strasbourg.

Crystal Palace

Crystal Palace’s January transfer window was tumultuous, experiencing significant upheaval. The departure of captain Guéhi for just £20 million, due to contract constraints, felt like a heavy blow to the team.

Following Guéhi’s exit announcement, manager Oliver Glasner revealed his own departure at season’s end, prompting unrest among the squad, including star striker Jean-Philippe Mateta expressing a desire to transfer. Though there were discussions about Mateta moving to Nottingham Forest and AC Milan, injuries derailed potential deals, leaving the club in a precarious position without adequate defensive reinforcements.

In an attempt to reshape their attack, Palace signed three new forwards, although the overall value of these transactions remains questionable, given their immediate needs.

Tottenham Hotspur

Tottenham found themselves in a difficult spot this January, compounded by ongoing injuries and an underwhelming domestic season. Fans expected significant signings to bolster the squad but the club’s actions fell short.

On the brighter side, they did welcome promising Brazilian fullback Souza for £13 million, while young striker James Wilson joined on loan with a potential future option. The significant acquisition of Conor Gallagher for €40 million was also notable but did little to address their pressing midfield issues.

Ultimately, Spurs failed to acquire a new winger, leaving a glaring gap in their squad despite chasing several targets.