Winners and losers of the most expensive transfer window in football history

The 2025 summer transfer window has just slammed shut in England, Italy, Spain, Germany, and France – and a frantic two months were capped by an equally crazy deadline day.

Liverpool signed Alexander Isak for a British record fee, while the Reds' deal for Marc Guehi collapsed at the eleventh hour.

Newcastle also finally managed to persuade Brentford to part with Yoane Wissa, the Nicolas Jackson to Bayern Munich transfer saga finally concluded, while both Manchester United and Manchester City brought in new goalkeepers.

All in all, there was very little major business in the other 'Big Five' leagues, which only highlighted how powerful the Premier League has become thanks to its global popularity and enormous TV rights deals.

So, who were the big winners and losers of the transfer window? Which teams are now in the perfect position to challenge for the biggest trophies this season? And which players are ruing the collapse of much-needed moves?

This time last year, Liverpool fans were once again cursing the club's owners for their perceived stinginess, as Fenway Sports Group (FSG) brought in just one new player, Federico Chiesa, for new manager Arne Slot.

Now, however, John W. Henry and company are being lauded for their foresight, as last year's caution paved the way for a club-record spending spree that has shaken English football to its core.

Of course, there are no guarantees that every signing will pay off, and missing out on Guehi was undoubtedly a blow.

However, the #FSGOUT movement has gone quiet, because not only did Liverpool spend big, they also sold brilliantly, recouping nearly half of their record outlay through departures, meaning they have no issues with Profitability and Sustainability Rules (PSR).

In essence, Liverpool are currently the best team in the Premier League and arguably the best-run club too.

This was always going to be a difficult summer for Bayer Leverkusen. It was inevitable that several members of Xabi Alonso's 2023-24 double-winning side would follow the Spaniard out of the BayArena.

However, nobody could have imagined just how traumatic the transition would be.

Leverkusen have already sacked Alonso's successor, Erik ten Hag after just two Bundesliga games while Piero Hincapie and Victor Boniface joined Florian Wirtz, Jeremie Frimpong, Jonathan Tah and Granit Xhaka as the latest big names to depart, signing for Arsenal and Werder Bremen on deadline day.

Poor Jarell Quansah must be wondering what he's walked into, having left Premier League champions Liverpool to join Europe's newest crisis club!

Isak and Wissa faced heavy criticism for refusing to play for Newcastle and Brentford in order to force through transfers. Guehi, on the other hand, was praised as a model professional throughout his own transfer saga.

However, while Isak and Wissa secured their dream moves, Guehi is still at Crystal Palace, who pulled the plug on his transfer to Liverpool at the last minute. One can't help but wonder if a worrying precedent has been set this summer, as the sad moral of these three stories is that going on strike pays off.

The rise of the Premier League's 'middle class' was one of the stories of last season. As Pep Guardiola repeatedly pointed out, it had become harder than ever for the biggest clubs to beat brilliantly managed teams like Brentford and Bournemouth.

However, this has been a brutal transfer window for the overachievers. Brentford have lost their manager and their two best strikers, while the Cherries' defence has been dismantled.

Furthermore, Aston Villa's hopes of building on their remarkable progress under Unai Emery were dashed by their failure to qualify for the Champions League, resulting in the Birmingham-based club having to rely on loan deals to bring in new players.

Newcastle, meanwhile, were painfully made aware of their place in the pecking order by Isak and the host of players who turned down a move to St. James' Park.

With the Premier League's elite flexing their financial muscle over the summer, it seems we could see a re-establishment of the old order this season, which will no doubt spark fresh debate about systemic financial inequality in England.

Lost in the excitement of Liverpool's market raid is the fact that Arsenal actually had a higher net spend than the Merseyside team, having strengthened every area of their squad over the summer.

In Viktor Gyokeres, Arsenal finally have a natural goalscorer, Martin Zubimendi looks like the missing piece of the midfield puzzle, Eberechi Eze is an undeniable potential game-changer, while Cristhian Mosquera and Hincapie provide top-class cover in defence.

Indeed, it's arguable that Mikel Arteta now has a stronger bench than any other manager in the Premier League. The flip side, of course, is that injuries can no longer be an excuse for a lack of silverware.

Arsenal have spent nearly a billion pounds on players since Arteta took over in December 2019 – failure to repay that remarkable level of financial faith with a major trophy could cost him his job.

Manchester United managed to shift a lot of deadwood this summer, with Tyrell Malacia the only member of their 'bomb squad' who failed to secure a move away from Old Trafford.

Chelsea also did pretty well in that regard – even if they had to get creative with Ben Chilwell by selling him to sister club Strasbourg (so, essentially, themselves!). However, Raheem Sterling remains on the Blues' payroll.

Chelsea also did pretty well in that regard – even if they had to get creative with Ben Chilwell by selling him to sister club Strasbourg (so, essentially, themselves!). However, Raheem Sterling remains on the Blues' payroll.

Arsenal sent the former England international back to Stamford Bridge after a disastrous loan spell at the Emirates, but there was hope he would at least find a new club before the window closed. However, a move failed to materialise, meaning the 30-year-old faces the rather ignominious prospect of spending the entire season in the stands.

Frankly, it's hard to recall a player suffering a more dramatic fall from grace. Sterling was arguably the first major signing of the Boehly-Clearlake era at Chelsea; now he looks like their worst-ever piece of business – which is really saying something.

Long before the end of last season, it was clear that Jack Grealish needed to leave Manchester City – especially if he had any hope of representing England at the 2026 World Cup.

Although Grealish wasn't in Thomas Tuchel's starting lineup for the new season, the winger can't be far from a call-up after a scintillating start to his Everton career.

There's an argument to be made that the 29-year-old has simply found his level – a mid-table Premier League team.

However, the early signs suggest this unpredictable attacker has rediscovered the spark that Pep Guardiola extinguished at the Etihad and, while he won't say it publicly, Grealish must be delighted that City seem to be missing the very kind of joyful freedom of expression that has already made him a fan favourite at the magnificent Hill Dickinson Stadium.

One of the main reasons why clubs like Real Madrid, Barcelona, and Juventus pushed so hard for the creation of a European Super League was because their presidents were seriously concerned about the financial might of the Premier League.

Their concerns have proven to be well-founded, as the financial gap between England's top flight and its continental rivals has only widened in recent years.

The summer transfer window was a stunning example. The 20 La Liga clubs spent a combined total of just over £500 million on transfers; Liverpool alone spent more than £400 million.

So, while the European Super League project may have failed, it's clear that England has managed to create its own Super League – and there seems to be absolutely nothing the rest of the continent can do about it.

The path to stardom is rarely smooth. Injuries can suddenly halt a player's progress – but so can a change of coach, as Kobbie Mainoo and Rodrygo have discovered the hard way.

Mainoo was a starter for England in the Euro 2024 final after breaking into the Manchester United first team under Ten Hag.

However, it quickly became clear that his successor, Ruben Amorim, doesn't feel the midfielder fits into his preferred 3-4-3 formation, prompting Mainoo to request a loan move this summer. United refused to let the 20-year-old leave, meaning Mainoo is likely to remain a rotation player for the foreseeable future.

Rodrygo's situation at the Santiago Bernabeu is equally frustrating. The winger was a key player for Carlo Ancelotti's Real Madrid but has fallen down the pecking order since Alonso's arrival.

It was expected that Rodrygo would be allowed to leave for the right price, but rumoured interest from Premier League clubs like Manchester City, Arsenal, and Liverpool failed to materialise into a concrete transfer. Consequently, the Brazilian, just like Mainoo, faces a serious battle for regular game time in a World Cup year.

Barcelona never intended to spend money during the 2025 summer transfer window – primarily because they don't have much of it – but the Blaugrana were keen to make one significant signing and thought they had a deal for long-time target Nico Williams wrapped up.

However, the winger dramatically pulled out of a move to Catalunya because Barca allegedly couldn't offer any guarantees that they would be able to register him in La Liga, so he instead agreed to a 10-year contract extension with Athletic Bilbao.

Williams' fears proved to be well-founded, as the Blaugrana only managed to register Joan Garcia and Marcus Rashford thanks to another very convenient injury to Marc-Andre ter Stegen that freed up some space in their wage budget.

The good thing for Barca is that Hansi Flick has a pretty strong squad at his disposal anyway, but this summer has offered another painful reminder of the club's precarious financial position.