Top News

The pace of world football feels faster than ever. Barely had the World Cup concluded before focus instantly turned to the transfer market — hardly surprising, given that several blockbuster deals are anticipated in the coming days, following the shock £117 million transfer of Morgan Rogers from Aston Villa to Chelsea.

The summer transfer window, which opened in mid-June, has already seen some hefty signings. Rogers’ England teammates, Elliot Anderson and Anthony Gordon, have joined Manchester City and Barcelona respectively, both commanding major fees.

With roughly six weeks left before the transfer deadline, the question now is — where do Europe’s biggest clubs stand? Which sides have already completed most of their business, and who still has significant work to do before September 1?

Below, GOAL assesses the activity of the top 10 clubs in the 2026 Deloitte Football Money League and examines the areas that still require reinforcement.

Arsenal

Arsenal have not been inactive this summer. Piero Hincapie’s loan from Bayer Leverkusen has been made permanent for what looks like a bargain £34.5 million, while Illan Meslier has arrived on a free transfer to strengthen the goalkeeping ranks. The Gunners have also seen several departures, including Leandro Trossard’s £17 million switch to Besiktas. Club Brugge’s Christos Tzolis is expected to join soon to fill the Belgian’s role.

Despite this, Arsenal fans are growing restless. They had hoped for a marquee signing by now, but the club has refrained from meeting Aston Villa’s steep valuation of Rogers. Reports also suggest that Arsenal expected Bruno Guimaraes to be available for far less than Newcastle’s nine-figure asking price.

Meanwhile, Julian Alvarez, a player admired by Mikel Arteta, has openly expressed his desire to leave Atletico Madrid but appears intent on joining Barcelona. Even if Atletico were open to selling him to Arsenal, his transfer fee would be enormous.

Arsenal find themselves in a delicate position. Having just ended a 22-year wait for a Premier League title, they aim to strengthen from a position of power but are unwilling to overspend on targets.

As things stand, the Gunners could use a commanding, ball-playing midfielder, a top-tier left winger, and solid central defensive cover after William Saliba’s injury.

Grade: D-

Barcelona

Like Thomas Tuchel, Barcelona had to choose between Marcus Rashford and Anthony Gordon this summer — and opted for the latter, much like the England manager. Whether it was the right decision remains open to debate.

Gordon, though younger, cost more than double Rashford’s fee despite not being clearly superior. Still, his World Cup performances suggested he has the pace and flexibility to make a major impact at Camp Nou, much as Rashford did last season, contributing 14 goals and 14 assists.

However, Barcelona face a glaring gap in attack after Robert Lewandowski’s departure from Spain. Sporting director Deco’s ideal replacement is Julian Alvarez, but Atletico Madrid would demand a near-record fee even to start negotiations.

As a result, Barcelona are considering cheaper alternatives, though talents like Eli Junior Kroupi — also on Tottenham’s radar — would still cost around £100 million. With Ferran Torres potentially leaving as his contract winds down, Barcelona might look for cost-effective options.

In midfield, Barcelona are well-stocked and could even sell Marc Casado to generate profit. Any funds raised may go toward signing a dominant centre-back to partner Pau Cubarsi or possibly a new full-back.

Grade: D

Bayern Munich

Bayern Munich have enjoyed a positive transfer window so far, securing deals for Ismael Saibari and Nathaniel Brown even before the World Cup concluded.

The Saibari transfer, agreed before the tournament, now looks like a masterstroke after his excellent performances for Morocco. At €50 million, the deal seems very smart business. Meanwhile, Brown’s signing ensures that Vincent Kompany won’t be short of options at left-back, even if Alphonso Davies leaves.

Bayern may still pursue reinforcements in central midfield and right-back, but their main focus is on convincing Harry Kane to extend his contract and fending off Real Madrid’s interest in Michael Olise, who might be tempted to join French teammate Kylian Mbappe at the Bernabeu.

How these situations develop will largely define Bayern’s transfer window. For now, things look promising.

Grade: B

Chelsea

Another new chapter begins at Chelsea, with Xabi Alonso appointed head coach to restore order at Stamford Bridge after a tumultuous 2025-26 season that saw both Enzo Maresca and Liam Rosenior lose their jobs. Despite Marc Cucurella’s transfer to Real Madrid, Alonso’s start has been encouraging.

He reportedly played a key role in convincing Morgan Rogers to join Chelsea, while the arrivals of Geovany Quenda and Marco Palestra add exciting depth to the squad.

However, Chelsea still need more signings. Liam Delap appears below the required standard, and Alejandro Garnacho’s sale seems imminent, highlighting the urgent need for another attacker. The Blues also need to address defensive frailties and a lack of experience that cost them dearly last season, when they missed out on European football entirely.

Recruiting elite players will be challenging, but Chelsea have done reasonably well so far — Rogers’ signing is a coup, even if overpriced. They are also optimistic about landing France centre-back Maxence Lacroix from Crystal Palace to further strengthen defensively.

Much depends on Enzo Fernandez, who wants to leave but is being held back by the club. Should he depart, Alonso could gain significant funds to continue his rebuild, having already shown at Bayer Leverkusen that he can form an exciting and successful team with the right players.

Grade: B

Liverpool

It was no shock that Liverpool began the 2026-27 season with a new Spanish manager. Arne Slot’s departure was expected, but appointing Andoni Iraola instead of the fan-favourite Alonso did surprise many, especially since Alonso took charge at Chelsea.

Nonetheless, supporters are optimistic. Iraola’s impressive stint at Bournemouth — leading them into Europe for the first time — has raised expectations for attacking, dynamic football at Anfield.

Iraola is expected to make better use of players like Florian Wirtz and Alexander Isak. Still, many believe Liverpool need more than Jeremy Jacquet and Victor Munoz to regain the Premier League title they surrendered so easily last season.

The Reds require a genuine replacement for Mohamed Salah but seem to have missed out on Yan Diomande, who is now set for Paris Saint-Germain. PSG also appear unwilling to sell Bradley Barcola, compounding Liverpool’s frustration.

Further concerns include a lack of physicality and depth in midfield, as well as right-back issues due to Jeremie Frimpong and Conor Bradley’s injuries. Another centre-back is also needed following Ibrahima Konate’s free transfer to Real Madrid.

Overall, Iraola’s squad looks thin, though he could yet revive the careers of Curtis Jones, Federico Chiesa, and returning youngster Harvey Elliott.

Grade: D+

Manchester City

Manchester City have made just one major move this summer — but it’s a big one. The club signed Elliot Anderson from Nottingham Forest for £116 million. Reports suggest City are also eyeing Ayyoub Bouaddi to bolster midfield options.

City seem to be preparing for life without Rodri, whose contract runs for only one more year amid persistent Real Madrid links. Losing the World Cup winner would be a major blow for new manager Enzo Maresca, as neither Anderson nor Bouaddi can yet match his influence.

There are other concerns as well. John Stones, plagued by injuries, and Bernardo Silva, who left on a free, both need replacing. Maresca is also expected to target a dedicated right-back after Pep Guardiola’s reliance on midfielder Matheus Nunes in that role last season.

Despite strong recruitment in the winter window, City still need a big summer to re-establish themselves as Champions League contenders.

Grade: C-

Manchester United

Manchester United moved swiftly to address their midfield issues. After Casemiro’s exit, Manuel Ugarte’s injury, and a collapsed deal for Atalanta’s Ederson, the club signed Andrey Santos from Chelsea for £50 million and activated Youri Tielemans’ £36 million buyout clause at Aston Villa.

Both could be valuable additions, but manager Michael Carrick still needs more quality to handle the demands of Champions League football. Even midfield depth remains a concern, which explains their interest in Manu Kone. United’s defence also needs reinforcement across all positions.

Up front, United have versatile forwards but lack a dependable goal-scorer or elite dribbler. Marcus Rashford’s situation will be key — he returns from Barcelona after a solid season but may still be sold to fund fresh attacking options.

Grade: C-

Paris Saint-Germain

It’s been a quiet window at PSG so far, but that is unlikely to last. After winning back-to-back Champions League titles, Luis Enrique quickly turned his focus to squad reinforcements in pursuit of a third consecutive crown.

Yan Diomande could be among the new arrivals. Although Liverpool had been leading the chase, the Ivorian now appears determined to join PSG. However, with RB Leipzig keen to retain him for another season, completing the deal remains complicated.

While PSG already boast plenty of wingers, Enrique favours wide players, and Monaco’s Maghnes Akliouche is expected to arrive shortly. This could push Bradley Barcola closer to an exit — a sale that would yield significant funds after the club already earned €75 million from Goncalo Ramos’ sale. Ferran Torres has been mentioned as a possible replacement in attack.

PSG have reportedly ended their pursuit of Lille’s Bouaddi, which makes sense given their midfield depth. They have also strengthened at left-back by signing France international Lucas Digne from Aston Villa.

Grade: C+

Real Madrid

In a move that surprised few, Florentino Perez finally brought Jose Mourinho back to Real Madrid after a second successive season without major silverware. While controversial, Perez appears determined to give Mourinho all the tools to build a team capable of challenging Barcelona once more.

True to form, Madrid have capitalised on free agents, signing former Manchester City captain Bernardo Silva and ex-Liverpool defender Ibrahima Konate. Though Konate’s poor World Cup raises concerns, the low-cost additions make sense. Denzel Dumfries’ €20 million transfer also strengthens right-back options amid doubts about Trent Alexander-Arnold, while £50 million for Spain’s Marc Cucurella looks a wise investment.

Still, Madrid’s midfield and attack remain uncertain. Replacements for Toni Kroos and Luka Modric are needed, but potential arrivals of Rodri and Michael Olise could make them serious contenders again.

Grade: B+

Tottenham Hotspur

Few expected this! After back-to-back 17th-place finishes, Tottenham have stunned everyone with a massive summer spending spree.

Spurs have already spent an extraordinary £227 million on Sandro Tonali, Mateus Fernandes, and Jan Paul van Hecke, while securing Andy Robertson and Marcos Senesi on free transfers.

Although the £100 million for Tonali and £85 million for Fernandes seem inflated, fans won’t mind — they’ve long demanded big spending from ENIC, and they’ve finally got it.

Manager Roberto De Zerbi still wants attacking reinforcements and is expected to continue spending. While questions remain over investing so heavily under a volatile coach, Tottenham’s ambition this summer cannot be faulted.

The club also intends to offset some costs through sales, including Luka Vuskovic’s £50 million move to Brighton. Lucas Bergvall could also fetch a big fee if his transfer materialises.

Grade: B+