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Transfer Window Winners and Losers: Chelsea, Liverpool, Barcelona

ESPN Soccer •
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The 2026 summer transfer window has closed, and there can be no more deals to bolster teams until January offers another chance to do so. Some clubs enjoyed success over the past few months, spending serious money to improve their XI, adding numbers to squads that were clearly flagging, or just generally maneuvering smartly. Others were less fortunate, either failing in their attempts to add or, in extreme cases, losing huge talents against their will. Here's who nailed this window, and who fell foul of it.

Real Madrid: It's always a big summer at Real Madrid, but for various reasons, this one seemed bigger than usual. It began with the appointment of José Mourinho as manager, returning to the Bernabéu 13 years after he left the club by mutual agreement. A quick €55 million deal was struck for Marc Cucurella, while Bernardo Silva and Ibrahima Konaté were signed on free transfers from Manchester City and Liverpool, respectively. Inter wing back Denzel Dumfries soon followed for a bargain €20 million fee. Then, it was time for the big splashes. First, Los Blancos fended off serious competition from Paris Saint-Germain, Liverpool and more for wing wonder Yan Diomande. Then, Madrid batted away Arsenal's advances on Brazilian star Vinícius Jr., tying him down to a new long-term contract. There was still room for some smart, profit-generating work, too: They sent backup striker Gonzalo García to Fulham for €40 million, then activated Carlos Espí's €25 million release clause at Levante to replace him. If there's one knock on Madrid's window, it's not only that they couldn't get a deal done for Rodri but that he slipped over to Barcelona.

Atletico Madrid: While we're on the topic of Madrid, let's also celebrate the smart work Atlético did. Individually speaking, Cristian Romero (€40 million, from Tottenham), Morten Hjulmand (€40 million, from Sporting CP), Lee Kang-In (€35 million, from Paris Saint-Germain) and Alejandro Grimaldo (€15 million, from Bayer Leverkusen) are all spectacular value deals. Grimaldo is the pick of the bunch, as he finally returns to Spain after a decade away. The club supplemented those deals by making close to €65 million on a series of unwanted players, sending Matteo Ruggeri to Aston Villa, Thiago Almada to River Plate and Nahuel Molina to Roma, while also freeing up a sizable chunk of weekly wages off the back of the heartfelt departure of Antoine Griezmann to Major League Soccer side Orlando City. Of course, the biggest victory of their window was to keep star forward Julián Álvarez.