2026 оны зуны солилцооны цонхны тойм: Европын шилдэг клубуудын хөдөлгөөн

Welcome to the sixth 2026 summer window edition of the Transfer DealSheet.

Our team of dedicated writers, including David Ornstein, will take you inside the market to explain the deals being worked on in what promises to be an extremely busy transfer window. This includes the players who could arrive and the ones on their way out across the Premier League and beyond in a World Cup summer.

The information in this article has been gathered in line with The Athletic’s sourcing guidelines. Unless stated, our reporters have spoken to more than one person briefed on each deal before offering the clubs involved the opportunity to comment. Those responses, when they were given, have been included.

In this edition, we have Sebastian Stafford-Bloor’s One To Watch and updates on Arsenal, Chelsea, Liverpool, Manchester City, Manchester United,Newcastle United,Tottenham Hotspur,BarcelonaandReal Madrid.

We aim to bring you analysis you can trust on what is happening at Europe’s leading clubs and the latest information we’re hearing from across the market.

This article is long but detailed, so enjoy it all — or search for the team or player you want to read about.

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What is the latest with Morgan Rogers?

Sebastian Stafford-Bloor and Jacob Tanswell

Rogers is part of England’s campaign at the World Cup in North America, and came on in the dramatic win over Mexico, but his future at club level remains static. In early June, The Athletic reported that Rogers was admired by almost every major club in England, including Arsenal, Manchester United and Manchester City, and by several across Europe, namely Paris Saint-Germain and Bayern Munich.

Bayern have since completed the signing of Ismael Saibari, strengthening their options in Rogers’ position. An offer was always unlikely and is not expected now. Similarly, there is no indication yet that PSG will formalise their interest, as their focus remains on RB Leipzig’s Ivorian winger Yan Diomande.

Rogers’ priority is to play Champions League football, which he qualified for with Villa, and as James McNicholas reports below, he remains Arsenal’s top target, although the club are closely considering PSG’s Bradley Barcola as another option to add to their attack. They are yet to make a formal offer for Rogers. Similarly, while Tottenham have spent heavily this summer and have held interest in Rogers before, they have not made a move either.

Aston Villa’s position is that they do not want the player to leave, but would want more for Rogers than the British record £116million ($155m) fee Manchester City paid for Elliot Anderson from Nottingham Forest. Villa co-owner Nassef Sawiris will have the final say on any incoming bids.

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What else we’re hearing

• Borussia Dortmund are among several clubs interested in signing Tottenham winger Mikey Moore on loan next season. Moore, 18, spent last year in Scotland with Rangers. Sebastian Stafford-Bloor
• Everton are interested in Spurs defender Djed Spence, one of the options they are looking at for the right-back spot. Arsenal’s Ben White is also on that list, as well as Guela Doue, though the Strasbourg defender is likely to be too expensive. Jay Harris and Patrick Boyland
• West Ham United are open to selling Aaron Wan-Bissaka and will set an asking price of £25million. The Championship side are yet to receive any enquiries for the 28-year-old. Wan-Bissaka, whose contract expires in the summer of 2031, has made 65 appearances across all competitions since joining from Manchester United for £15m in August 2024. Roshane Thomas
• Nottingham Forest winger Jota Silva is close to completing a loan move to their sister club, Olympiacos. The 26-year-old, who is under contract until 2028, spent last season on loan at Turkish club Besiktas. Paul Taylor
• Aston Villa are considering selling academy talents to help stay on the right side of financial fair play rules. Villa will evaluate George Hemmings, 19, and Bradley Burrowes, 18, in pre-season but they would only depart on loan, not permanently. Several others are available to leave. Villa wish to retain control over many of their futures, intending to insert mechanisms, such as buyback clauses and matching rights. Jacob Tanswell

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Do Villa need to sell Rogers?

Villa will be loath to lose Rogers, but his departure could help eradicate their financial worries.

Having exceeded their loss limit under UEFA’s football earnings rule (in essence, a stricter version of the Premier League’s soon-to-be scrapped limit on overall club losses) in 2023-24, Villa entered into a settlement agreement. The terms of that agreement are varied and punitive; and if Villa breach it, they’ll be banned from European competitions for a year.

Avoiding that outcome won’t be easy. The agreement limited Villa to a maximum of €60million (about £51m) in adjusted losses in 2025-26 and no loss at all in 2026-27, albeit that amount can be upped by whatever headroom Villa had under last season’s €60m.

Yet that potential increase is rendered moot by the fact that, in 2027-28, Villa will be assessed on three seasons’ worth of losses from 2025 to 2027. Their football earnings figure in 2024-25 — a year when, for UEFA purposes, they made a €97million pre-tax loss — will be included in the assessment.

The football earnings rule allows deductions for ‘good’ expenditure, and Villa’s deductions are substantial: roughly €60million in 2024-25, per the club’s accounts. Yet that still left them with a chunky football earnings loss, and this was in a year with Champions League football. The expectation is they ran close to 2025-26’s €60m limit, meaning they enter this season with two years’ worth of heavy losses.

Their three-year loss limit is €60million, potentially rising to €90m if they hit a few markers of good financial health — which English clubs rarely do. It’s highly likely Villa need to turn a profit this season.

Champions League money and increased ticket prices will help (a closed North Stand won’t), but it’s also worth saying that the 2024-25 loss included £52million (around €62m) in player sale profits. That means Villa’s underlying loss before player sales was even greater still, and continued player sales are needed to either get losses down or, as looks required this year, turn them into a profit.

Villa will therefore need to sell this season and, naturally, letting go of their most valuable player might be the easiest route to compliance. Rogers arrived from Middlesbrough two and a half years ago for just £7million, rising to a maximum of £15m. Even as Middlesbrough hold a 20 per cent sell-on clause, the size of fee it would take to wrest Rogers from Villa is so vast it would still translate to massive accounting profit.

It may be so massive it wipes out compliance worries in one fell swoop, and will help Villa on their squad cost ratio (SCR) too; last week, it was announced they’d been fined an unconditional €7.5million for breaching UEFA SCR for a second year running, with up to €15m more to come if they don’t continue to “significantly decrease their squad cost ratio in 2026”. One-third of player profits count to annual SCR calculations.

Rogers might be Villa’s easiest recourse but they’d also much prefer to keep him. Doing so would require profitable trading elsewhere, and likely in volume. If those sales aren’t forthcoming, a tricky game of timing comes into play. Villa have until June 30, 2027, to get this season’s figures shipshape, but as that date approaches, desperation will advance too. Others will be watching.

Chris Weatherspoon

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Arsenal

What has happened this week?

Arsenal have agreed a fee with Turkish club Besiktas for the transfer of Leandro Trossard. Should the move go ahead, Besiktas will pay an initial €18million with a further €2million due in potential add-ons.

Personal terms are still being finalised, and no move is expected until Belgium’s participation in the World Cup is resolved.

Arsenal also lost ground in the pursuit of Leicester’s 16-year-old Jeremy Monga. They were gazumped by Manchester City, who have agreed a deal with Leicester City to sign him for £12.5million plus a sell-on fee.

What happened with Monga?

Arsenal had been front-runners to sign Monga, but with a deal stalling, City made an aggressive late move to sign the England Under-19 international. New City manager Enzo Maresca was the driving force in the rival bid for Monga, as he knew the player from his time as Leicester head coach in the 2023-24 season.

Monga, who turns 17 this week and will be eligible to sign professional terms, had been open to joining either club, and quickly agreed terms with City. Arsenal ultimately withdrew their interest, citing the total package exceeded their own valuation.

What positions/players are they looking at?

Arsenal’s top target remains Morgan Rogers of Aston Villa, although the club are closely considering PSG’s Bradley Barcola as another candidate to strengthen their attack. Neither player would be easily attained, with Villa and PSG holding out for fees in excess of £100million.

Arsenal retain their interest in Bruno Guimaraes, although having already sold Anthony Gordon and Sandro Tonali, Newcastle’s position remains that the Brazilian is not for sale.

Which players could be leaving?

Goalkeeper Kepa Arrizabalaga has attracted the interest of clubs in Italy and Spain. The 31-year-old can leave Arsenal if a club meets his £5million release clause.

Reports that Martin Odegaard has reached an agreement to follow Trossard to Turkey are inaccurate — his focus is fully on Norway’s World Cup campaign and he remains very happy at Arsenal.

James McNicholas

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Chelsea

What has happened this week?

Academy graduate Tyrique George completed a move to Everton for an initial fee of £18m, rising £6m if add-ons are triggered. There is also a 15 per cent sell-on clause.

Real Madrid released a statement saying they have no intention to sign midfielder Enzo Fernandez.

Switzerland midfielder Granit Xhaka, who was the subject of an £8m bid from Chelsea at the end of last month, has pledged his commitment to Sunderland.

Chelsea completed their first acquisition of the summer, with Marco Palestra joining from Atalanta.

Is Palestra viewed as a ready-to-go signing?

Chelsea want competition for places in every area of the pitch and have not signed Palestra to make up the numbers.

He was named the Serie A defender of the year for his performances on loan at Cagliari last season, so has already proved he can thrive in one of the top five European leagues. Palestra missed only one of Cagliari’s 38 Serie A games, starting 34.

At 21, he has more developing to do, but he should get plenty of game time.

When selected, Palestra is expected to provide an attacking threat. Captain Reece James and Malo Gusto are the recognised right-backs, but James has increasingly played more centrally, both in midfield and as a right-sided central defender in a back three. Meanwhile, Gusto’s future is uncertain, with Manchester City among the clubs interested.

What positions/players are they looking at?

Chelsea are still looking to sign Rayo Vallecano left-back Pep Chavarria. Discussions between the two clubs for the 28-year-old are ongoing.

At least one centre-back will join. Crystal Palace’s Maxence Lacroix is a primary target. Como’s Jacobo Ramon is also liked.

The club have accepted Sunderland’s decision not to sell Xhaka (as well as his choice to stay) and will not make another attempt to sign him.

They like Morgan Rogers as a versatile attacker but they accept Aston Villa are demanding a large fee and other clubs are keen.

Valentin Barco is expected to join from Strasbourg, although Chelsea have yet to confirm the 21-year-old’s arrival.

Which players could be leaving?

Chelsea are ready to listen to offers for winger Alejandro Garnacho. Despite joining from Manchester United for £40m just one year ago, he has been left off their ‘not for sale’ list. They are aware of interest from two clubs playing in the Champions League next season. The club are only willing to accept a permanent transfer for the 22-year-old.

Defender Trevoh Chalobah will be sold if a club agrees to Chelsea’s £35m valuation. Two Serie A clubs are keen, with Como already having two bids rejected for the 27-year-old. Mamadou Sarr, 20, is a candidate for a loan but the preference is to send him to another English side rather than abroad.

The Athletic reported on Sunday that Manchester United are among the clubs showing an interest in midfielder Andrey Santos. Chelsea are prepared to sell the 22-year-old if they receive a high enough offer.

The same applies for Fernandez and Gusto, who are valued at £120m and £75m.

Joao Pedro is highly regarded and going nowhere but at least one other striker will be sold. A decision has not been made yet on which forwards out of Nicolas Jackson, Liam Delap and Emmanuel Emegha will have a role next season.Marc Guiu is expected to leave on loan or permanently.

Centre-backs Benoit Badiashile and Axel Disasi are for sale, as is backup goalkeeper Filip Jorgensen.

Chelsea are also working on the departures of Gaga Slonina (sale), David Datro Fofana (sale), Kendry Paez (loan), Deivid Washington (loan), Caleb Wiley (loan) and Shumaira Mheuka (loan).

Simon Johnson

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Liverpool

What has happened this week?

The Athletic reported Liverpool sporting director Richard Hughes is expected to join Saudi Pro League side Al Hilal after this summer’s transfer window.

Hughes, who is out of contract in 2027, would link up with Simon Francis, who recently left Bournemouth to take over as Al Hilal’s technical director.

In terms of transfer business, it was another quiet week for Liverpool. Academy graduate Lucas Stephenson completed a £700,000 move to Championship club Bolton Wanderers. Liverpool also negotiated a 20 per cent sell-on clause.

Will Hughes’ planned exit disrupt Liverpool’s plans?

Senior Anfield figures insist it is business as usual with Hughes fully focused on the current window as he looks to ensure that new head coach Andoni Iraola has a squad capable of competing for honours in 2026-27.

Regardless of what the future holds for Hughes, the Scotsman remains responsible for negotiating deals and retains the owners’ trust, with recruitment plans unchanged.

Spanish winger Victor Munoz, who was signed from Osasuna, has been the only arrival announced this summer, with French defender Jeremy Jacquet also completing his move to Anfield after a £60million deal was agreed in January.

There was always an acceptance at Liverpool that getting most of their business done early was unrealistic this time around because of the World Cup and Iraola’s need to assess the talent he’s inherited. Pre-season starts at Kirkby on July 14.

What positions/players are they looking at?

Buying a replacement for Mohamed Salah remains the priority.

Liverpool had a €100million package for RB Leipzig winger Yan Diomande turned down before it emerged that the Ivory Coast international prefers a move to European champions PSG if he leaves the Bundesliga club this summer.

PSG’s France international Bradley Barcola is admired by Liverpool, while Brighton & Hove Albion’s Yankuba Minteh, Said El Mala of Koln and Lille’s Matias Fernandez-Pardo feature on a list of possible alternatives.

Liverpool are also considering both midfield and right-sided defensive options in the market.

Which players could be leaving?

There’s ongoing uncertainty surrounding the futures of Curtis Jones and Federico Chiesa among others.

Liverpool rejected a bid of around €25million for Jones from Inter last month. The Liverpool academy graduate has entered the final year of his current contract.

Chiesa, who arrived from Juventus two years ago, has been linked with a return to Italy after struggling for game time last season.

Harvey Elliott is one of several players expected to assess his options closer to the new season when it’s clear whether he features in Iraola’s plans.

James Pearce

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Manchester City

What has happened this week?

Elliot Anderson’s move from Nottingham Forest was announced, though both clubs only released simple statements confirming that a deal had been agreed, given the 23-year-old is still with England at the World Cup. A more complete announcement is expected when he arrives in Manchester.

City moved to re-sign former academy goalkeeper Pierce Charles, who moved to Sheffield Wednesday in 2022. The 20-year-old could be used as City’s No 2 if James Trafford moves on, amid interest from several top clubs.

City also beat Arsenal to the signature of highly rated 16-year-old Jeremy Monga from Leicester City. The Gunners had been in the driving seat to sign Monga, but City swept in at the last minute and agreed to pay £10m up front with a further £2.5m in add-ons.

There was also the strange situation whereby young goalkeeper Oli Whatmuff joined Stockport on loan, but is to be recalled to City for the pre-season tour of Hong Kong and South Korea at the start of August. With Trafford set to miss the tour due to his time with England, City need the numbers in goal. The expectation is that Whatmuff will return to Stockport after landing back in England.

Do City view Monga as first-team ready?

Not yet, despite the initial £10m price tag. City clearly believe Monga is highly talented and has what it takes to be a star, and it is not out of the question that he plays some first-team minutes in the domestic cups, but it would be a surprise to see him regularly. If City sell, for example, 10 players this summer, they are unlikely to replace every single one, and would plug any gaps with youth prospects if they cannot do it with first-teamers. City are planning to have plenty of cover going into the new season, but Monga could benefit in the event of an injury crisis, though that should be the height of expectation for now.

What positions/players are they looking at?

City like Morocco international Ayyoub Bouaddi, although they are considering how they could proceed with a move. Options include loaning the 18-year-old back to Lille, or signing him now, as long as they can find a role for him in the team, which may include right-back.

They are big admirers of Chelsea’s Malo Gusto, but the 23-year-old’s price tag is considered prohibitively high. Unless there is a major change, City will have to look elsewhere, but there are not too many other options that appeal.

Which players could be leaving?

Bernardo Silva and John Stones have already left, Nathan Ake is off to Fenerbahce, and Mateo Kovacic is also considered likely to leave.

Trafford has admirers, Real Madrid have registered interest in Ruben Dias, and Nico Gonzalez and Omar Marmoush, who both arrived in January 2025, could also go. There are also doubts around Tijjani Reijnders’ future, although Enzo Maresca’s arrival as manager could change things.

Savinho is another possible exit, taking the tally to 10, while Kalvin Phillips and Jack Grealish will be moved on if the right options come along, though they would not need to be directly replaced.

Rodri has not yet signed a new deal and may not sign one at all. His options this summer appear fairly limited, and while City are very keen to keep him, they are aware that a departure is not entirely ruled out.

Sam Lee

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Manchester United

What has happened this week?

United’s pursuit of Mateus Fernandes ended after losing out to Tottenham Hotspur, who completed an £85m deal with West Ham.

United were willing to meet West Ham’s £85m asking price through add-ons, but were not prepared to do so with a guaranteed, fixed fee. Tottenham’s salary offer for Fernandes was also deemed beyond what the Old Trafford hierarchy were willing to pay.

Sandro Tonali, another option considered by United this summer, has also completed a move to Tottenham following an agreement that could reach £100m.

United insist that an initial €40.5m deal for Atalanta midfielder Ederson, subject to a medical, remains on track.

The Brazil international was expected to complete his move to Old Trafford in July until his late call-up to Carlos Ancelotti’s squad. Following Brazil’s round-of-16 exit to Norway on Sunday, a full medical is expected.

Andre Onana completed his season-long loan to Trabzonspor. United will receive a €1.5m loan fee based on the Turkish Super Lig club’s performances and agreed full coverage of Onana’s wages. No option to buy was included for the Cameroon international.

Dermot Mee signed a two-year contract after his existing deal expired at the end of June. The 23-year-old has provided training support in the goalkeeping department since graduating from United’s academy.

Some of Man Utd’s targets have gone elsewhere. Do they have alternatives?

Yes, United have been talking to several options in midfield, but those conversations become more pressing in light of Fernandes’ decision.

After losing out on Mateus Fernandes, United have turned some of their attention to another young Premier League midfielder in Chelsea’s Andrey Santos. The clubs are not yet in talks, but Chelsea would not block a move if it suited all parties.

United also hold an interest in Aurelien Tchouameni and Bournemouth’s Alex Scott.

United have previously considered Fulham’s Sander Berge, who is making an impact with Norway at the World Cup, and Bournemouth’s Tyler Adams, who has enjoyed a good tournament with the United States.

What positions/players are they looking at?

Midfield remains the number one priority at Old Trafford this summer. As well as Santos, United are weighing up a move for Scott, who has big admirers at the club.

Scott has also attracted interest from Arsenal, among other Premier League clubs, but Bournemouth are insistent that the 22-year-old is not for sale this summer and are attempting to tie him down to an extended contract. Sources say he has turned down Bournemouth offers. Scott’s existing deal at the Vitality Stadium runs until 2028.

United are ready if Real Madrid decide to sell Tchouameni. The Spanish club would prefer to make sales before funding further arrivals, and United have held talks to ascertain their stance on the 26-year-old France midfielder, whose contract at the Bernabeu runs until June 2028.

Felix Nmecha is another option, but Borussia Dortmund sources, who spoke on the condition of anonymity, said the Bundesliga club valued the 25-year-old at around €120million (about £103m; $137m).

United are looking at the backup goalkeeper market, with Altay Bayindir expected to leave. Karl Darlow, 35, is an option.

United may also strengthen their left-hand side, most likely at left wing. Crysencio Summerville is a leading target and initial club-to-club talks have been held regarding the 24-year-old West Ham winger.

Which players could be leaving?

Marcus Rashford’s loan move to Barcelona has not become a permanent deal, inviting the prospect of the forward reporting for pre-season duty once his time with England is complete. Whether that leads to a reintegration remains to be seen. Michael Carrick is due in at Carrington with non-World Cup players on Thursday.

Manuel Ugarte was up for sale this summer, but he is expected to stay after suffering a serious knee ligament injury during Uruguay’s disappointing World Cup campaign.

Bayindir is the subject of strong interest from Turkey, and United are expected to wait until he exits before committing to another goalkeeper.

Mark Critchley and Laurie Whitwell

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Newcastle United

What has happened this week?

Newcastle confirmed Bazoumana Toure has become their second signing of the summer, with the Ivory Coast international joining from Hoffenheim for a fee potentially rising to €50million (£42.8m, $57.1m).

The 20-year-old winger is essentially Anthony Gordon’s replacement on the left. There is excitement about what Toure, renowned for his pace and crossing, can bring to Eddie Howe’s side.

Toure represents the profile Newcastle are aiming to recruit — young, hungry and eager to develop with the club.

Newcastle are continuing to work on a deal for Johan Manzambi. The 20-year-old has excelled at the World Cup, providing three assists and scoring two goals in four Switzerland appearances, and Newcastle are prioritising a move for the Freiburg midfielder.

The proceeds from Sandro Tonali’s sale to Tottenham for up to £100m are helping to finance incomings. The 26-year-old’s move to London was confirmed on Monday.

While Tonali’s destination has proven unpalatable for some Newcastle fans, given Spurs finished 17th in each of the past two seasons, the speed at which the club managed to extract their asking price, having already done so with Gordon, shows the clinical nature with which the hierarchy are approaching the summer window.

Odysseas Vlachodimos, the 32-year-old goalkeeper, has made a second successive season-long loan move to Sevilla. The Greece international’s temporary exit was confirmed almost two years to the day since he joined for £20m from Nottingham Forest as part of the regretful sale of Elliot Anderson for £35m.

Shortly after the Vlachodimos news was announced, Anderson’s £116m transfer from Forest to Manchester City was confirmed. With no sell-on clause inserted into Anderson’s move to Forest, Newcastle will receive none of the £81m profit from the deal.

Will the UEFA rule breach impact plans?

UEFA announced Newcastle have been fined a combined €6m (£5.1m, $6.8m) for breaching both of the governing body’s financial sustainability regulations.

More importantly, UEFA also confirmed Newcastle have entered into a stringent future compliance agreement and, while the full details of that arrangement are yet to be disclosed, it is governing the club’s transfer blueprint this summer.

While the €80m sale of Gordon to Barcelona ensured Newcastle would be compliant by covering the loss of revenue from failing to qualify for Europe for 2026-27, the Tonali deal was not necessarily enforced. Rather, Newcastle chose to extract maximum value for a 26-year-old midfielder who wanted to move to London and had not consistently performed to his top standards last season, so they could finance a wider squad rebuild.

Newcastle’s sporting director, Ross Wilson, and CEO, David Hopkinson, were adamant the club would sell on their terms and told Spurs Tonali would not leave unless a package reaching £100m was tabled.

Although Newcastle have given themselves decent capacity to reinvest through the sale of Tonali, they remain determined to operate sustainably. Between four and six signings are still likely to arrive, with the majority expected to be aged between 18 and 24. The average age of the squad — and the wage budget — will have decreased come the end of the summer.

Newcastle insist they are under no economic pressure to sell players. Bruno Guimaraes, their captain, is not for sale, they stress, and they would not welcome any offers for the 28-year-old, with Arsenal interested.

What positions/players are they looking at?

Howe wants to bring in two midfielders (should Joe Willock follow Tonali out of St James’ Park), at least one full-back and a goalkeeper. Whether another wide attacker is pursued later in the window remains to be seen.

Manzambi is their priority, though the Europa League Young Player of the Season for 2025-26 would be a replacement for Willock, rather than Tonali.

Newcastle are looking to bring in a Tonali successor, who can play deeper in midfield. Auxerre’s Kevin Danois and Stuttgart’s Angelo Stiller are among those watched, with younger European-based midfielders also tracked. Chelsea’s Andrey Santos and Burnley’s Lesley Ugochukwu have been linked, but neither is an active target.

At full-back, 21-year-old Joaquin Seys from Club Bruggewas discussed in January. Union Saint-Gilloise’s Anan Khalaili, the versatile 21-year-old right-sided player, has been considered, though Newcastle refute firm interest.

Goalkeeper-wise, Manchester City’s James Trafford, who Newcastle have twice tried to sign, remains the primary target. However, Newcastle have been looking at alternatives, too, including World Cup players.

Which players could be leaving?

Nick Pope is expected to leave, should a new No 1 goalkeeper arrive. Ewen Jaouen will be given the opportunity to be Howe’s backup shot-stopper in the short term, competing with the first choice and potentially playing in cup competitions. Newcastle cannot allow Pope to leave until they have signed, or are confident of signing, a replacement.

Willock is available, with the former Arsenal midfielder entering the final 12 months of his contract. Newcastle are actively pursuing alternatives, with Manzambi chief among them.

Despite interest from Manchester United in Lewis Hall, Howe needs to add depth at full-back, not lose another, and Newcastle view the 21-year-old as important to their long-term plans.

Chris Waugh

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Tottenham Hotspur

What has happened this week?

Spurs have broken their transfer record twice. Supporters must feel like they are dreaming after Spurs fought off competition from Manchester United to sign Mateus Fernandes from West Ham United for £85m and then poached Sandro Tonali from Newcastle United for a deal that could be worth £100m.

Their previous club-record signing was Dominic Solanke from Bournemouth for £65m in August 2024. Spurs are being aggressive and ruthless in the market in a manner not seen before.

Experience seems to be the focus. Is that what Spurs need?

Spurs took a huge risk in the summer of 2024 after then head coach Ange Postecoglou guided them to a fifth-placed finish. Spurs spent around £70m on talented teenagers Archie Gray, Wilson Odobert and Lucas Bergvall. The only senior signing was Solanke.

Last year, they completed permanent deals for Mathys Tel, Xavi Simons and Souza, who were all 22 or under at the time, along with loan moves for experienced performers including Joao Palhinha and Randal Kolo Muani. Palhinha and Kolo Muani have not been signed permanently.

There is nothing wrong with targeting young players packed with potential but they need to be placed in the right environment and surrounded with more established peers. Spurs’ activity in this transfer window, and in January when they signed Conor Gallagher from Atletico Madrid, is in direct response to the lack of quality and experience within the squad.

Tonali immediately upgrades the midfield while Andy Robertson, Jan Paul van Hecke and Marcos Senesi are all senior internationals who improve the defence.

What positions/players are they looking at?

They have ticked off a lot of their priorities, including elevating their central midfield options.

There is still one area of concern though. Spurs have struggled to replace the elite goalscoring output of Harry Kane and former captain Son Heung-min. The Athletic has previously reported that they want to sign a left-winger this summer and Manchester City’s Savinho is one of the options they are interested in.

Now Spurs have secured Tonali and Fernandes, they can refocus their efforts on addressing this area of the pitch.

Which players could be leaving?

Spurs have signed three defenders in this window, leaving a couple of players surplus to requirements — especially as they will not be competing in Europe next season.

There will be mixed feelings over the decision to send Luka Vuskovic to Brighton & Hove Albion but £50m represents a great fee for the 19-year-old defender who never made an official first-team appearance for Spurs. Crucially, Spurs will retain a 20 per cent sell-on clause and matching rights for any potential sale as part of the deal.

Radu Dragusin is set to join Fiorentina on a season-long loan with an obligation to buy if a certain number of appearances are met. Dragusin never looked comfortable with the speed of the Premier League and he was not the most confident on the ball. The Romania international’s progress was then disrupted after he suffered an anterior cruciate ligament (ACL) injury in January 2025.

The Athletic has previously reported there is a strong chance captain Cristian Romero will leave this summer and there is uncertainty over the future of last season’s top goalscorer Richarlison. Guglielmo Vicario is another who could leave following Antonin Kinsky’s new contract and the arrival of veteran goalkeeper Martin Dubravka.

Jay Harris

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Real Madrid

What has happened this week?

On Friday, Real Madrid categorically denied any interest in Enzo Fernandez. Although the 25-year-old had been open to the move, senior club sources had played down the prospect of it happening. But it was still a surprise to see Madrid issue a public statement on the subject.

Other than that, it has been a relatively quiet week on the transfer front. Madrid sources maintain sales will need to be made before any further signings are considered, following the arrivals of centre-back Ibrahima Konate, left-back Marc Cucurella, midfielder Bernardo Silva and right-back Denzel Dumfries.

The signing of 30-year-old Netherlands international Dumfries was officially announced on Sunday, although Madrid president Florentino Perez had already confirmed the deal publicly during his re-election campaign in June.

Is the Nico Paz deal evidence that Madrid’s buy-back system is working?

Senior club sources see their recent deal with Como over Paz as an ideal solution, one that allows the 21-year-old to continue his development while ensuring Madrid retain control over his future. Sources said Como will pay Madrid €60million to remove previous buy-back options and sell-on fees following a renegotiation of their 2024 agreement, when Madrid academy graduate Paz joined the Italian club. It gives Madrid a new buy-back clause of €80m valid in summer 2027.

The same sources also believe the structure makes sense from an accounting perspective — and the Paz deal isn’t Madrid’s only one involving an academy graduate this summer. Madrid also picked up 50 per cent of the €40million Liverpool paid to sign Victor Munoz from Osasuna. Alex Jimenez permanently joining Bournemouth netted them another €12.5m and a further €3.5m comes from Getafe’s decision to sign Mario Martin after last season’s loan.

If Bournemouth end up signing Alvaro Rodriguez (The Athleticexclusively reported on their advanced talks last week), Madrid could end up getting €12.5million more from that deal.

Como are not expected to pay Madrid €60million up front for Paz, but factoring in that potential revenue brings the total for all these players to €108.5m, and there could be more if players such as Mario Gila (Lazio), Antonio Blanco (Alaves) and Sergio Arribas (Almeria) move this summer. Madrid still hold sell-on percentages for the academy graduates.

What positions/players are they looking at?

Although the priority remains player sales, Madrid are continuing to monitor the market closely. As The Athletic has previously reported, Madrid have explored reinforcements in defence, midfield and even attack, with head coach Jose Mourinho driving that process.

However, there are figures at the club who believe the squad already has enough midfield options.

Which players could be leaving?

Midfielder Dani Ceballos became the latest departure after mutually agreeing to end his contract a year early, but further exits are expected. The situations of 26-year-old left-back Fran Garcia and 23-year-old centre-back Raul Asencio remain ones to watch.

There has also been renewed speculation over Eduardo Camavinga. However, sources close to the player insist his intention remains to stay at the club. The 23-year-old is under contract until 2029.

Meanwhile, several academy prospects, including 18-year-old centre-back Joan Martinez, 20-year-old defensive midfielder Jorge Cestero and 21-year-old attacking midfielder Cesar Palacios, are weighing up their options and are also considering moves. However, all three are expected to report for pre-season training under Mourinho on July 13.

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Barcelona

What has happened this week?

Barca announced Ansu Fati’s sale to Monaco for €11million. They will retain a 30 per cent sell-on clause as part of the deal, according to club sources. Beyond the profit the club will cash in for the sale of an academy product, it also represents a significant salary saving for the Catalans.

The next in line to leave is Marc-Andre ter Stegen. The Athletic reported last week that Barca and Ajax have reached a verbal agreement over a one-season loan deal for the goalkeeper. New Ajax manager Michel has been a driving force in moving for the 34-year-old German, who already played under him last season on loan at Girona.

Sources from the player’s camp told The Athletic the deal could still take days to complete, as there are details to sort over personal terms. The expectation is that Barca will still be paying a significant share of his salary.

Meanwhile, Barca confirmed 30-year-old centre-back Andreas Christensen will be staying, after announcing his new two-year contract.

Does the Harry Kane enquiry show Barcelona are casting about for striker options?

Barca know that placing all their eggs in one basket might not be the wisest transfer strategy, especially when they are being priced out for Julian Alvarez, their No 1 target up front. But the club’s appreciation of Kane is genuine.

Back in March, The Athletic reported on Barca’s plans for signing a new striker, when they had already earmarked Kane and Alvarez. Club sources described their enquiry over Kane, 32, as just testing the waters to learn about the latest on a player they like.

At an event at Camp Nou last week, Barca president Joan Laporta spoke about their search for a new striker. He admitted their interest in 26-year-old Alvarez, and said they sent a verbal proposal to Atletico Madrid which was rejected “because they had no replacement lined up”.

He added: “That offer will stand from our end, but it won’t remain forever. Atletico know what our intentions are. There is an offer, Atletico have it and if there is an option to speak about it we would happily do it.

“If we don’t add anything else, I am fine with it. We will be competitive regardless. If we improve the team a little bit more, of course it would help, especially in competitions where luck plays a big role. Anthony Gordon’s signing helps us cover a lot of the departments we wanted to improve on.”

What positions/players are they looking at?

The biggest goal is to bring in a new No 9 to replace Robert Lewandowski following his move to MLS side Chicago Fire. Alvarez still remains their top priority and there is the expectation that Barca make another move after his participation at the World Cup.

Club sources said their first exploratory approach for Alvarez was set to reach €100million. Their new move, as reported last week by The Athletic, could be at around €130m, but sources insist they will not go over the top.

The list of realistic alternatives beyond Alvarez is very limited. Other names previously mentioned, such as 27-year-old Galatasaray striker Victor Osimhen, do not have the consensus of all key decision-makers within the club.

Barcelona are also considering signings in defence. However, the club believes that a big departure should take place before making a significant move for a new arrival in that department.

Which players could be leaving?

Marc Casado is one to watch. The youth academy graduate has been tipped for a long time as a player who could leave, as his involvement with the first team was limited last season and there are no signs that will change.

Barca would expect to receive a fee of around €30million for the 22-year-old. Sources close to the player told The Athletic he could be open to exploring proposals from Saudi Arabian clubs.

Another player who might leave by the end of the summer is Roony Bardghji. The 20-year-old spent his first season at the club as Lamine Yamal’s backup, and as much as he showed promising glimpses, he is at an age where he needs regular playing time. Barca are open to listening to proposals, preferably loans.