The January 2024 transfer window did not reach the heights of the summer, or even the previous January, as clubs across Europe did little business.
While English Premier League teams spent a record €2.79 billion during the summer window and €842 million in January 2023, Transfermarkt reveals that figure will be around €121 million this month.
In the other major European leagues the story was similar. It's fair to say that the transfer bubble burst due to new financial regulations and a lack of available options.
In fact, in France's Ligue 1 (192 million euros), Italy's Serie A (101 million euros), Germany's Bundesliga (82 million euros) and Spain's LaLiga (86 million euros), the clubs They also spent less. And Saudi Arabia's Pro League went from summer bids totaling €949 million to just €23 million in January.
So despite the general lack of business, who did well? And who did it badly?
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Winners
BAYERN MUNICH
Despite failing to land a defensive midfielder, the German champions enjoyed a positive window. The signing of right-back Sacha Boey is especially exciting, as the 23-year-old has been solid for Galatasaray since he joined the club in 2021 and has impressed in the Champions League. Defensively tidy, consistent and enthusiastic going forward, the €30 million newcomer should considerably boost Bayern's right flank.
The capture of Eric Dier, initially on loan from Tottenham, also offers manager Thomas Tuchel experience and versatility at the back. As a bonus, Bayern also managed to fast-track the signing of Granada winger Bryan Zaragoza (his €15m arrival was already agreed for the summer) just before the deadline.
ATLETICO MADRID
Third in the LaLiga standings, Atlético may not have opted for quantity in the transfer market, but they ended up opting for quality. To the surprise of many, they signed midfielder Arthur Vermeeren from Antwerp in what was a well-executed deal.
The Belgian international had been linked with almost every elite club in Europe, with a transfer fee of between €35 million and €50 million, but the 18-year-old suddenly appeared in Madrid and signed for an initial €22 million ( plus € 5 m add-ons). While Vermeeren may not slot directly into the starting XI, Atlético have secured one of Europe's most coveted teenagers.
If we add to this the signings of defender Gabriel Paulista and goalkeeper Horatiu Moldovan, the club should be well placed to meet the challenge in the second half of the season.
TOTTENHAM
Spurs did well to land a new centre-back given the lack of options this month. At €25 million from Genoa, Radu Dragusin was the most expensive Premier League signing of the window and was good value for money given his obvious potential.
Furthermore, although he is still searching for his first goal for the club, German striker Timo Werner, on loan from RB Leipzig, has brought energy and liveliness to the Spurs attack with an assist in each of his first two league appearances.
BORUSSIA DORTMUND
Dortmund may be slightly underperforming in the Bundesliga, where they sit in fourth place, but they can look back on some good transfer work. Ian Maatsen, on loan from Chelsea, has been outstanding in his first three games, with the left-back providing an assist in the 4-0 away win against FC Cologne.
The same can be said for the return of fan favorite Jadon Sancho. Although the English winger has been carefully reintroduced due to his lack of playing time at Manchester United over the past few months, he has already proven productive with two assists. In fact, after returning to the club he left in 2021 for €85 million, he looks like a completely different player to the sad, bereft figure he cut in the Premier League.
SOUTH AMERICAN TEENS
Striker Vítor Roque finally arrived at Barcelona. Although his €40 million transfer from Atlético-PR was agreed last year to join in the summer of 2024, it was brought forward after an injury to Gavi. The 18-year-old Brazil international took little time to make his mark for Barcelona, scoring with a header two minutes after coming off the bench in a 1-0 win against Osasuna.
Manchester City have pounced on River Plate's exceptionally talented striker Claudio Echeverri, who performed outstandingly at the recent Under-17 World Cup, although his arrival in Manchester is not scheduled before the end of the year as he returned to his former club on loan. .
Brighton beat off competition from City and signed Boca Juniors left back Valentín Barco for around €10 million. The 19-year-old had been on the shortlist of many top European teams and the Premier League club has become a star of the future.
Meanwhile, PSG signed another great prospect on the South American scene for 20 million euros. Corinthians defensive midfielder Gabriel Moscardo has received rave reviews for his performances in the Brazilian Serie A and the 18-year-old was signed before returning on loan to his former club.
Clearly, with the lack of transfer market value in Europe, some of the continent's top clubs have turned to South America in search of bargains.
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Losers
THE FANS
With transfer windows becoming a bi-annual event in their own right, and expensive signings celebrated like a long-awaited trophy, this proved to be quite disappointing for most hungry fans.
While arguably a healthy sign, the stiff 10-point penalty imposed on Everton (and possibly soon Nottingham Forest too) has certainly lent an air of caution to Premier League spending, seeing it fall from €1bn in January 2023 to approximately 100 million euros this time.
This also avoids the trickle-down effect that oils the wheels of several European leagues (and, in turn, restricts investment further down the pyramid). While January returned transfer activity to the levels of the COVID-19 pandemic year, there is no reason to believe things won't recover in the summer.
UNITED MAN
Languishing in the top half of the Premier League table, some transfer activity at Old Trafford was necessary and anticipated. Instead, as the club is waiting for the league to ratify Sir Jim Ratcliffe's 25% minority investment, while also facing financial challenges, no new faces appeared at Carrington.
Sending Sancho on loan for 85 million euros to Dortmund is also a defeat for the club. As much as Sancho did not feature in coach Erik ten Hag's plans due to his public disagreement, having to practically give up such a talented player is not a good idea. And Anthony Martial's injury coupled with Marcus Rashford's disciplinary issues means they really have very few options up front.
SAUDI PRO LEAGUE
After the incessant summer splurge that reached around €800 million, the Saudi Pro League failed to light up the transfer market in January.
With the exception of Marseille left-back Renan Lodi, who joined Al Hilal for €23 million, the ambitious and spendthrift league only saw the arrival of loan signings and free transfers, which is a stark contrast compared to last summer.
Additionally, the league has also experienced some problems retaining its top stars. Jordan Henderson has already left Al Ettifaq for Ajax, former Real Madrid striker Karim Benzema wants to leave Al Ittihad just months after arriving, while Al Nassr defender Aymeric Laporte has expressed his (and others') discontent.
BENRAHMA SAID
West Ham winger Said Benrahma looked set to move on loan to French side Lyon before the deal fell through at the last minute.
Incredibly, Lyon issued a statement and accused the club of “incomprehensible behavior” and “lack of respect.” They insisted that they had done all the administration, but that “West Ham had never initiated the slightest technical procedure on their part, despite repeated reminders from the OL and continuous mutual telephone communication.”
So now the 28-year-old Algerian international is stuck in a place he doesn't want to be and won't be able to leave until July. When he does, it is unlikely to be to move to Lyon.
