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Nigeria vs Angola

January transfer window review

Messi vs. Ronaldo? It was no contest
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THE TRANSFERS EUROPE’S LEADING CLUBS WILL NEED TO DO IN THE SUMMER OF TWO
DEADLINES


By Tom Burrows, James Horncastle and more
Feb 1, 2024

--------------------------------------------------------------------------------

What a difference a year makes.

At the end of January 2023, there was a flurry of activity in the window as
Chelsea signed Enzo Fernandez for a British record of £106million ($134m),
Anthony Gordon arrived at Newcastle for £45m, Jorginho moved to Arsenal and Joao
Cancelo swapped Manchester City for Bayern Munich on loan.

Premier League clubs at the wrong end of the table were equally busy, with
Nottingham Forest signing three players on deadline day, Southampton two,
including club-record signing Kamaldeen Sulemana for £22m, and Bournemouth two
for a combined £45m.

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However, this year it has been remarkably low-key as the Premier League’s
Profitability and Sustainability Rules (that catchy new phrase we’ve all adopted
this window) bared its teeth, the Saudi summer spending paused, the “Chelsea
loophole” was banned and clubs instead scoured the market for loans or cut-price
deals.

But for those of you pining for the frenetic madness of transfer windows gone
by, fear not.



This summer things should really ramp up again as clubs will start to work with
two deadlines in mind: June 30 (the last day of the financial year as they look
to comply with PSR regulations that are now being punished with points
deductions) and the regular end of window deadline for new signings.

So what are each of Europe’s top clubs planning that will turn a sleepy January
turn into a far busier summer?

The Athletic’s dedicated correspondents explain.



--------------------------------------------------------------------------------


ARSENAL

What they didn’t buy in January and need to do in the summer

Arsenal entered the window with several positional priorities but were realistic
about the prospect of adding reinforcements. New arrivals would most likely have
been contingent on significant sales. With the squad struggling with several
absentees, Arsenal chose to stick rather than twist. Come the summer, a striker
is likely to top Arsenal’s wish list.

Who they didn’t sell in January and might sell in the summer

Aaron Ramsdale was told in no uncertain terms he would not be leaving, but the
expectation remains that he will move on in the summer. The likes of Eddie
Nketiah and Reiss Nelson may be candidates for a departure — as academy players,
any fee recouped for them would significantly improve Arsenal’s PSR position.

James McNicholas

--------------------------------------------------------------------------------


ASTON VILLA

What they didn’t buy in January and need to do in the summer

The need for Villa to alleviate PSR concerns has grown ever more pressing. As
The Athletic reported last month, there was an unavoidable sense that Villa
would likely need to sell a first-team player for substantial profit if they
wanted to continue spending big but comply with regulations before the end of
the financial year on June 30. Head coach Unai Emery dampened expectations
throughout the month and is happy with his squad, albeit having held his own
targets he wished to bring in.

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Who they didn’t sell in January and might sell in the summer

Their only senior departure has been Leander Dendoncker’s loan to Napoli. Calum
Chambers has held talks with sides from abroad and domestically and has been
open to moving to the Championship. Bertrand Traore’s situation was more
complex, given he is out of contract in the summer and away at AFCON with
Burkina Faso. As referenced above, Villa will likely need to sell a first-team
player in the summer, with Ramsey being one of the options.

Jacob Tanswell

--------------------------------------------------------------------------------


CHELSEA

What they didn’t buy in January and need to do in the summer

A forward. Chelsea have been looking at bolstering their firepower in the final
third for some time, but a combination of PSR considerations and a lack of clear
upgrades has kept them from delving into the winter market. The one caveat here
is that the attackers on the books could yet change the plan with their
performances in what remains of the season — particularly Christopher Nkunku,
who was bought to be a marquee star at Stamford Bridge but has barely featured
yet due to injury.

Who they didn’t sell in January and might sell in the summer

Gallagher’s future at Chelsea remains uncertain as long as his contract
situation is unresolved, and he will head into the final year of his deal this
summer. Todd Boehly and Clearlake Capital’s asking price will be significant but
their leverage will also be reduced and buyers are more likely to materialise at
the end of the season. Broja and Chalobah are other attractive potential avenues
to pure-profit sales, and Ian Maatsen (on loan at Dortmund) has a £35million
release clause in his contract that can be triggered from the next window.

Liam Twomey

--------------------------------------------------------------------------------


LIVERPOOL

What they didn’t buy in January and need to do in the summer

Having lost Joel Matip to a season-ending anterior cruciate knee ligament
injury, Liverpool decided they did not need to recruit a replacement in January
due to the development of young defender Jarell Quansah. With Matip out of
contract in the summer, Klopp’s successor will need to decide whether that
centre-back department still needs strengthening. Thiago is a free agent at the
end of the season so there will be a gap to fill in terms of midfield depth.
Buying a right-back could be on the agenda if the new manager decides that Trent
Alexander-Arnold’s future lies in midfield.


Whoever replaces Klopp could be busy this summer (Getty Images)

Who they didn’t sell in January and might sell in the summer

There was never any real prospect of Liverpool generating funds from sales in
January. The only outgoings were ever going to be fringe players securing loan
moves.

In terms of the summer, so much is up in the air given the fact that the club
are in the process of recruiting both a sporting director and a manager. Virgil
van Dijk, Mohamed Salah and Alexander-Arnold have all entered the final 18
months of their deals, so there’s a lot to sort out.

James Pearce

--------------------------------------------------------------------------------


MANCHESTER CITY

What they didn’t buy in January and need to do in the summer

The short answer is to replace Kalvin Phillips, albeit with somebody who Pep
Guardiola would actually pick. City are exploring a move for Bayern Munich’s
Kimmich but know it will not be easy. A winger is on the agenda, with Pedro Neto
at Wolves and Savio at CFG (City Football Group) sister club Girona on the
radar.

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Who they didn’t sell in January and might sell in the summer

They don’t really need to sell anybody but Bernardo Silva may finally go if a
club triggers a release clause that was put into his contract last summer.
Phillips will most likely find a permanent home after his loan at West Ham.

Sam Lee

--------------------------------------------------------------------------------


MANCHESTER UNITED

What they didn’t buy in January and need to do in the summer

Manchester United could have done with adding a striker this month but the funds
simply weren’t there. Going into the summer, when Anthony Martial will be out of
contract after spending nine years at Old Trafford, means it remains a priority
position.

Who they didn’t sell in January and might sell in the summer

Jadon Sancho was the most notable departure in January, although he only
returned to Dortmund on loan until the end of the season. Given the nature of
his public fallout with Erik Ten Hag, should the Dutchman remain in post beyond
the summer, then you would expect Sancho to be sold.

Dan Sheldon

--------------------------------------------------------------------------------


NEWCASTLE UNITED

What they didn’t buy in January and need to do in the summer

The midfielder Eddie Howe desperately craves did not arrive and, although Sandro
Tonali will return from suspension in August, the long-term uncertainty over
Bruno Guimaraes and Joelinton’s respective futures mean engine-room
reinforcements remain essential.

Attacking signings are required too, with Alexander Isak and Callum Wilson’s
persistent fitness issues often leaving Howe short of out-and-out striker
options. Essentially, a general refresh is needed throughout the team, with
centre-backs, midfielders and attackers all desired.

Who they didn’t sell in January and might sell in the summer

Bayern Munich’s move for Trippier was resisted, Wilson did not depart despite
speculation, and Al Shabab never followed through with an official offer for
Miguel Almiron. Wilson and Almiron in particular could well be moved on, with
Newcastle keen to lower the average age of their squad.

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A key first-team player or two may be sold to aid PSR, such as Guimaraes or
Joelinton, while an academy graduate may be offloaded. A busy summer of ins and
outs is expected.

Chris Waugh

--------------------------------------------------------------------------------


TOTTENHAM

What they didn’t buy in January and need to do in the summer

A top-class forward who can reduce the goalscoring burden on Son Heung-min. Timo
Werner arrived on loan but he’s more of a stop-gap and, even if he does sign
permanently, Spurs will still need another forward. Ange Postecoglou has spoken
about his attack not quite clicking this season, and it’s definitely an area to
look at.

Who they didn’t sell in January and might sell in the summer

Pierre-Emile Hojbjerg is the main one. Both in January and in the summer, the
player and the club were open to a move, but nothing materialised. Come the end
of the season, he will have just one year left on his contract, and it’s pretty
clear he’s not in the long-term plans of the head coach.

Charlie Eccleshare

--------------------------------------------------------------------------------


BARCELONA

What they didn’t buy in January and need to do in the summer

A pure defensive pivot. The absence of Sergio Busquets has been the most
noticeable loss for Barca this season. Without their compass, the midfield has
been lost in almost every game.

Oriol Romeu did not perform as expected, he lost his confidence and is a player
who has been virtually written off. He has been losing prominence in the
starting line-up as the season progressed. Xavi Hernandez put a lot of emphasis
on the arrival of a guaranteed pivot and, half a season later, he is still
needed.

With Gavi’s long-term injury, the club opted not to use the La Liga option to
sign another player in his midfield position. That money will be saved for the
summer.

Who they didn’t sell in January and might sell in the summer

Given the critical economic situation of the club, practically all but three or
four players — Pedri, Gavi, Marc-Andre Ter Stegen and Ronald Araujo — are for
sale if a good offer comes in. Three players in particular are in the spotlight
in this respect: Robert Lewandowski, Jules Kounde and Raphinha.

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Kounde has struggled at centre-back and full-back, Raphinha has failed to
perform consistently and Lewandowski, who was expected to be a leader and score
a lot of goals, has given the team neither this season. All three have a high
market value and their sales could help the club financially.

Laia Cervello Herrero

--------------------------------------------------------------------------------


REAL MADRID

What they didn’t buy in January and need to do in the summer

With David Alaba suffering a serious knee injury in December (as Eder Militao
did in August), the initial idea was to sign a centre-back. It was widely agreed
that, pending when and how Militao would return (he could be back in March), the
key phase of the season could not be approached with just two first-team
centre-backs: Antonio Rudiger and Nacho Fernandez.

Real Madrid do not like doing business in January, but several voices in the
board and, above all, Carlo Ancelotti were in favour of a reinforcement. In the
end, the views of president Florentino Perez, chief executive Jose Angel Sanchez
and head scout Juni Calafat prevailed.

For the summer, depending on whether or not Nacho extends his contract and how
Militao and Alaba (although he will not play again this season) return, a
central defender could be sought.

They will try to sign an attacker, with Mbappe again the big target. They will
look at the market for a full-back, with Davies one player they are monitoring.


The futures of Luka Modric and Toni Kroos are to be decided (Photo: Matthias
Hangst/Getty Images)

Who they didn’t sell in January and might sell in the summer

Due to the large number of injuries and the overall good performance, no offers
would have been listened to. Moreover, no player asked to leave. For the summer,
the futures of the players whose contracts expire must be decided. These are the
loan players Joselu Mato and Kepa Arrizabalaga and then Lucas Vazquez, Nacho,
Toni Kroos and Luka Modric.

As in previous windows, Ferland Mendy (under contract until 2025) will be put on
the market, mainly due to his injury struggles.

Mario Cortegana

--------------------------------------------------------------------------------


BAYERN MUNICH

What they didn’t buy in January and need to do in the summer

Thomas Tuchel’s enduring obsession with a “holding No 6” defensive midfielder is
set to continue into next season as Bayern focused on bulking up the defence
with deals for Eric Dier and Boey in this window instead. Another top-class
centre-back will be a priority unless Dier impresses.

Who they didn’t sell in January and might sell in the summer

Kimmich, Leroy Sane and Davies are all out of contract in 2025. There was no
chance Bayern would let any of them go in the winter. But the trio are likely to
be put up for sale unless they renew their deals in the coming months. Leon
Goretzka’s future is in doubt since Tuchel isn’t the Germany international’s
biggest fan.

Raphael Honigstein

--------------------------------------------------------------------------------


INTER

What they didn’t buy in January and need to do in the summer

This squad is the most complete Inter have boasted since the treble in 2009-10.
The only gripe is with the backup strikers Marko Arnautovic and Alexis Sanchez.
Inter are already moving to sign Piotr Zielinski on a free from Napoli to make
their midfield even silkier.

Who they didn’t sell in January and might sell in the summer

Wing-back Tajon Buchanan’s signing from Club Bruges makes one wonder if Inter
are planning on selling Denzel Dumfries to the Premier League in the summer.
Free transfer Marcus Thuram, the signing of the season in Serie A, could be sold
for pure profit to balance the books after a single year, a la Andre Onana.

James Horncastle

--------------------------------------------------------------------------------


JUVENTUS

What they didn’t buy in January and need to do in the summer

A guileful trequartista. Juventus looked at the Icelandic Paulo Dybala — Albert
Gudmundsson — and Giacomo Bonaventura without following through. As for the
summer, plans for the midfield will depend on the outcome of Paul Pogba’s doping
trial. It remains to be seen if Juventus take the option to sign Carlos Alcaraz
on a permanent basis from Southampton, having signed him on loan. Juventus will
hope to roll over Adrien Rabiot’s deal as they did last summer or risk losing
him for free.

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Who they didn’t sell in January and might sell in the summer

Moise Kean was returned to sender by Atletico Madrid in January. If Juventus
need to make a quick buck, they can sell one of their talented academy grads —
Kenan Yildiz, Dean Huijsen, Samuel Iling Junior, Matias Soule, etc — for pure
profit. Although, personally, I’d build around them.

GO DEEPER

Matias Soule is Juventus’ silky loanee who just turned down the Saudi Pro League

James Horncastle

--------------------------------------------------------------------------------


MILAN

What they didn’t buy in January and need to do in the summer

Another centre-forward, such as Serhou Guirassy from Stuttgart. Olivier Giroud
and Luka Jovic’s deals are up. Regardless of whether they renew Giroud, Milan
need to get younger in the position. Lorenzo Colombo, on loan at Monza, isn’t
the guy to lead the line.

Who they didn’t sell in January and might sell in the summer

Aside from gaming the non-EU slot system, Milan moved out Rade Krunic and others
this winter. Fikayo Tomori has Premier League interest and Barcelona remain
admirers of Tijjani Reijnders.

James Horncastle

--------------------------------------------------------------------------------


PARIS SAINT-GERMAIN

What they didn’t buy in January and need to do in the summer

PSG spent big last summer, with one of the biggest squad overhauls in Europe, so
they did not need major squad surgery. They wanted to add defensive
reinforcements following Presnel Kimpembe’s injury setback, as well as a
midfield option too, and they have done that by signing two young players from
Brazil. Lucas Beraldo joined from Sao Paulo and, belatedly, Gabriel Moscardo,
who has been loaned back to Corinthians until the summer.

The future of Mbappe, whose contract expires at the end of the season, will have
a huge bearing on what they do. The club feel they are prepared, financially and
from a sporting standpoint. But Mbappe’s decision will be seismic.

Who they didn’t sell in January and might sell in the summer

PSG are still looking to offload personnel, including Hugo Ekitike, who might
leave before the January deadline. A loan move seems the most likely outcome.
Layvin Kurzawa is another player who has seen his minutes limited and the
arrival of Beraldo will push him further down the pecking order. His contract
expires in the summer.

Peter Rutzler




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