Man City and Villa excel in transfer window; Liverpool face significant setbacks.
The January transfer window of 2026 has officially closed. The opportunity to finalize transactions that will enhance teams for the latter part of the season has passed.
Some clubs experienced fruitful outcomes over the past month, investing significant funds to strengthen their lineups, adding depth to squads that were evidently struggling, or executing strategic maneuvers. Conversely, others faced challenges, either failing to secure additions or, in some notable instances, losing key talents against their wishes.
Here’s a look at those who succeeded in navigating this notoriously challenging window, and those who encountered difficulties.
WINNERS
Manchester City
Similar to the previous year, City entered the January market seeking a few high-caliber players to enhance their title ambitions — and, once again, they successfully completed their transactions.
Winger Antoine Semenyo joined early from AFC Bournemouth for an initial fee of £62.5 million. Having netted 20 league goals in the last 18 months for the Cherries, he appeared to be a solid choice to diversify an attacking strategy that was overly dependent on Erling Haaland. The Ghanaian international has already scored four goals for the club.
Injury issues struck the defense, sidelining Joško Gvardiol for several months and Rúben Dias for weeks, prompting the swift acquisition of Marc Guéhi. The £20 million fee for the Crystal Palace captain and England international is considered a relative bargain, though somewhat counterbalanced by his reported wages of £250,000-300,000.
– January transfer grades: Rating every major completed move
– Deadline Day as it happened: All the final deals, late news
– Scouting report: What Jacquet will bring to Liverpool
The £27 million transfer of Oscar Bobb to Fulham, who possesses significant potential but rarely features, helped balance their net expenditure.
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Gab Marcotti and Julien Laurens discuss whether Pep Guardiola might depart Manchester City at the end of the season.
Aston Villa
Every transaction Villa undertakes in the transfer market must be meticulously evaluated, as the UEFA settlement agreement they entered into last summer mandates that they at least break even on expenditures. This makes their ability to replace Donyell Malen, who transferred to Roma in a deal potentially worth €27m, with Tammy Abraham (for €21m) particularly commendable. Abraham is a more suitable striker for Unai Emery’s system and accepted a wage reduction to return to the Premier League.
While that move was executed with precision, there was a greater sense of urgency regarding the club’s other significant acquisition, with Douglas Luiz joining on loan with a €25m option. This was a direct response to three Villa midfielders suffering serious injuries within two weeks: first Boubacar Kamara was ruled out for the season, followed by John McGinn for six weeks, and then Youri Tielemans for at least eight. Luiz, who played over 200 matches for Villa between 2019-2024, was eager to return, and it was impressive that they managed to finalize the deal quickly enough for the Brazilian to already make his second full debut.
Emery also recalled Leon Bailey from his loan at Roma, who replaces Evann Guessand in the squad following his loan to Crystal Palace. Teenagers Alysson (19) and Brian Madjo (17) were also signed with an eye on the future.
AFC Bournemouth
It was evident before the January transfer window that several major clubs were interested in Semenyo. Bournemouth had no choice but to let him go due to his release clause, but they deserve credit for managing his departure on their terms, as the Ghanaian left early in the month, giving them time to find a replacement. That replacement is Rayan, a Brazilian prodigy who has already provided his first assist for the club, demonstrating the power and directness of his play.
Could he reach Semenyo’s level? The Cherries are banking on that, and have also safeguarded themselves by including a €100m release clause in his contract.
Alex Tóth was also signed from Ferencvaros for an initial £10.4m. He shares some strikingly similar attributes with their current midfield star, Alex Scott, who is expected to attract interest from top clubs soon. This is a smart move for the future.
They also sought a friendly deal for a new goalkeeper, Christos Mandas. The Greek joined on loan with an option and will provide an alternative to Djordje Petrovic, who has struggled significantly since his arrival last summer. The Serbian has the worst goals prevented (-3.93) record of any starting Premier League goalkeeper, has been particularly vulnerable from distance, and has dropped more crosses (6) than any other.
Paris Saint-Germain
PSG made only one acquisition this winter, for a player who is unlikely to see much action in the immediate future, for around €8 million. At first glance, it may not seem significant, but the nature of the deal places them among the winners. The player in question, Dro Fernández, was a standout in Barcelona’s academy. The Blaugrana had taken careful measures to integrate him into the first team this season, exposing him to LaLiga and Champions League play. Now he is gone.
PSG paid slightly more than the 18-year-old’s €6m release clause, possibly to maintain good relations between the two clubs after acquiring their prized prospect for what is essentially a minimal fee in today’s market.
Atlético Madrid
Atleti played a pivotal role in generating transfer excitement for LaLiga in January, actively seeking both ins and outs to revamp their squad. They were willing to allow Conor Gallagher to depart for €40m to Tottenham Hotspur, as he had fallen out of favor with the first team. They also transferred Giacomo Raspadori to Atalanta for €25m, which matched the fee he had joined Atleti for six months prior. (If it’s not working, it’s reasonable to find a solution.)
They utilized this revenue to strengthen their attack and midfield. Ademola Lookman is an eye-catching addition for €35 million, while young midfielders Obed Vargas (Seattle Sounders) and Rodrigo Mendoza (Elche) are anticipated to join and help future-proof the squad.
LOSERS
Liverpool
Liverpool made the most significant move on transfer deadline day, acquiring center back Jérémy Jacquet from Rennes in a £55m deal that could escalate to £60m. It’s a commendable signing and he will provide substantial assistance to an understaffed defense when he joins … in July.
This timeline is crucial, as it means the Reds must continue with their current roster until the season concludes. Concerns were raised regarding their defensive depth in the summer after the Guéhi deal fell through, and if anything, they find themselves in an even more precarious position now, as Giovanni Leoni is out for the season due to a torn ACL.
They attempted and failed to secure right-back cover following Conor Bradley’s season-ending knee injury and Jeremie Frimpong’s latest strain. A pursuit of Lutsharel Geetruida, currently on loan at Sunderland, fell through, and there appeared to be no other options available.
At one point during the window, they seemed poised to part ways with veteran Andy Robertson, but they were unable to recall Kostas Tsimikas from his loan at Roma to cover his absence, resulting in that deal collapsing. Overall, it appears the Reds endeavored to make several moves in January from a position of immediate necessity, but none materialized.
play0:57Why are Liverpool signing Jérémy Jacquet ahead of next season?
Gab Marcotti and Julien Laurens discuss Liverpool’s decision to secure defender Jérémy Jacquet ahead of next season.
Chelsea
The January transfer window of 2026 was uneventful. Chelsea remained quiet. A coincidence? Likely not.
The Blues attempted to sign Jacquet, initially for this month and then for the summer, but were outbid by Liverpool, who could offer a clearer path to first-team opportunities. They made another effort to find a buyer for Raheem Sterling and his substantial £325,000-per-week contract, but received no offers, leading to a mutual termination. (This typically means the club absorbs most of the remaining costs of the deal, which had another 18 months left.)
They sought a permanent exit for Axel Disasi, who spent the first half of the season in limbo alongside Sterling, but could only secure a loan agreement with West Ham.
Most concerning, they caused one of their players to cry. Aaron Anselmino was evidently very content while on loan at Borussia Dortmund, and upon learning of his recall, he shed tears. He has since been loaned out to Strasbourg, where he will take the place of Mamadou Sarr, who was recalled to play for Chelsea. Striker David Datro Fofana was also recalled from his loan and will join Anselmino in France.
It resembles watching the staff rearranging the furniture in a department store.
Crystal Palace
In less than a year, Palace have transitioned from their most successful period — winning the FA Cup and the Community Shield — to complete disarray. This January window nearly fractured the club.
After narrowly retaining Guéhi last summer, it was inevitable he would depart this winter as his contract entered its final six months. Receiving only £20m for their captain and best player is disappointing.
Manager Oliver Glasner announced Guéhi’s exit in a press conference on January 16, and shortly thereafter revealed that he himself would leave at the end of the season. This prompted star striker Jean-Philippe Mateta to effectively submit a transfer request.
Nottingham Forest made a bid for Mateta, but due to a strained relationship between the two clubs, there was hesitance to finalize a deal. AC Milan then reached an agreement that could total €35m, only for a medical examination to uncover a serious knee injury for the Frenchman. Reports indicate he requires surgery and 3-4 months of recovery, leaving them with their discontented striker until the summer.
Meanwhile, Palace did not acquire any defenders to replace Guéhi, resulting in a shortage of quality and quantity at the back. They did manage to secure four new attackers — Dwight McNeil for £25m, Brennan Johnson for £35m, Evann Guessand on loan, and Jørgen Strand Larsen for £43m rising to £48m — but whether they received good value from the three permanent transfers is highly debatable.
Tottenham Hotspur
Spurs are enduring a challenging domestic season, partly due to a severe injury crisis. Fans anticipated significant moves during the January window to address this, and while they did complete some transactions, it simply was not sufficient.
Beginning with the positives, promising Brazilian full-back Souza joined for £13m. He may require time to acclimate to Premier League demands, but he will add depth to an injury-riddled position. Young Hearts striker James Wilson will join on loan with a future option if he impresses, while the notable acquisition was Conor Gallagher, signed for €40m from Atlético Madrid to invigorate the midfield.
In isolation, there is nothing inherently wrong with these deals. The issue lies in the fact that they only provide limited assistance to Spurs in the present, as Souza and Wilson are not yet ready, and Gallagher does not fit the midfield profile needed to resolve the progressive passing challenges Tottenham is currently facing.
What could have made a significant impact was the addition of a new winger to help cover for the numerous injuries in that position, but despite pursuing several targets, reportedly including Moussa Diaby, they signed no one.
