Winners and Losers of the January 2026 Transfer Window
The January 2026 transfer window shut on Monday night with little of the usual chaos. Aside from a handful of late deals, most of Europe’s elite clubs opted for caution rather than heavy spending, reinforcing the idea that January remains a difficult market to extract value.
That said, a quiet window does not mean a boring one. From smart Premier League recruitment to stalled moves, managerial fallout and careers left in limbo, the last four weeks still produced clear winners and losers across Europe.
Here’s a breakdown of the clubs and players who gained momentum, and those left counting the cost.
WINNER: Endrick (Lyon)
Endrick’s loan move to Lyon has already transformed his season and possibly his international prospects. Frozen out at Real Madrid under Xabi Alonso, the Brazilian teenager saw just 99 minutes of action before heading to Ligue 1. Since arriving in France, the 19-year-old has scored four goals in his first four appearances, immediately justifying the decision to seek regular football.
While Ligue 1 may not match La Liga’s intensity, Endrick’s sharp movement, confidence in front of goal and physical development have stood out. Crucially, Brazil head coach Carlo Ancelotti knows the forward well from Madrid, where Endrick scored seven goals under him last season.
With the World Cup approaching, consistent minutes could prove decisive. For now, Endrick is doing exactly what he needed: playing, scoring and reminding Europe why Real Madrid signed him in the first place.
LOSER: Liverpool
Liverpool did sign Jeremy Jacquet from Rennes, beating Chelsea and Manchester United to his signature. The problem is timing. The Reds needed a centre-back now, not next season. Injuries to Giovanni Leoni and Joe Gomez have left Arne Slot with only two senior central defenders, while full-back issues have forced midfielders into defensive roles.
Hopes of landing Marc Guehi faded after Liverpool refused to meet Crystal Palace’s valuation, hoping instead to sign him on a free in the summer. That gamble backfired badly when Manchester City stepped in and signed Guehi for £20 million.
By the end of the window, Liverpool’s squad was arguably weaker than it was in December. Jacquet may represent the future, but the present looks fragile.
WINNER: Manchester City
Manchester City quietly emerged as the most effective operators of the window. After an expensive and largely unsuccessful January spree last year, City shifted strategy in 2026. For £84 million, Pep Guardiola secured Marc Guehi and Antoine Semenyo, two proven Premier League performers who addressed immediate needs.
Guehi’s arrival helped stabilise a defence hit by injuries, while Semenyo has added pace, pressing and directness to City’s attack. Both players settled quickly, and both were targets rivals would have happily signed. It may not grab headlines, but this was a rare example of January business actually improving a title push.
LOSER: Crystal Palace
Crystal Palace endured one of the most chaotic months in the league.
Despite assurances that Marc Guehi would stay until summer, the captain was sold to Manchester City for a fee that angered manager Oliver Glasner, who later confirmed he will leave the club when his contract expires.
The fallout destabilised the squad. Palace broke their transfer record to sign Jorgen Strand Larsen from Wolves as a replacement for Jean-Philippe Mateta, only for Mateta’s proposed move to AC Milan to collapse late in the window.
With dressing-room morale damaged and supporters disillusioned, Palace’s January felt like the unravelling of last season’s progress.
LOSER: Harvey Elliott (Aston Villa)
Harvey Elliott’s loan move to Aston Villa was meant to relaunch his career. Instead, it has stalled it.
Despite winning Player of the Tournament at last summer’s Under-21 Euros, Elliott has struggled for minutes under Unai Emery. A conditional £35 million obligation to buy now looks unlikely to be triggered, leaving the midfielder in limbo.
Villa’s PSR constraints, combined with Emery’s lack of conviction, have left Elliott sidelined and unable to move elsewhere due to registration rules. A season that began with promise now risks ending in frustration.
WINNER: Ademola Lookman (Atletico Madrid)
Ademola Lookman finally got the move he wanted.
After months of tension at Atalanta, the Nigeria international joined Atletico Madrid for €35 million on deadline day. While the fee was lower than Atalanta hoped for last summer, Lookman arrives in Spain at the peak of his powers.
His European pedigree, pace and end product offer Diego Simeone a different attacking profile, and Atletico strengthened while still turning a profit this window. For Lookman, it’s a step into the elite environment he has long believed he belongs in.
LOSER: Jean-Philippe Mateta
Few players endured a worse deadline day than Jean-Philippe Mateta.
With Palace agreeing to sell him, the striker completed a medical ahead of a dream move to AC Milan, only for further tests to reveal a knee issue that caused the Italian club to withdraw.
Now back at Palace, injured and unsettled, Mateta faces a spell on the sidelines that could jeopardise his chances of making France’s World Cup squad. From imminent Serie A football to uncertainty overnight, it was a brutal reversal.
WINNER: Paris Saint-Germain
Paris Saint-Germain once again capitalised on Barcelona’s youth problems, securing highly-rated teenager Dro Fernandez for €8 million.
While not on the scale of Neymar or Messi, the move continues PSG’s trend of snapping up elite prospects from rivals. The reaction from Barcelona’s hierarchy and coaching staff underlined how highly Fernandez was rated.
For PSG, it’s another strategic win in the long-term talent race.
LOSER: Chelsea’s Defence
Chelsea missed out on Jeremy Jacquet and responded by recalling Mamadou Sarr from Strasbourg. It did little to reassure supporters.
Despite heavy spending across recent windows, Chelsea still lack leadership and stability in central defence. With Champions League qualification at stake, the failure to reinforce a clear weakness could prove costly.
WINNER: Atletico Madrid
Atletico deserve rare January praise.
They raised over €60 million from squad sales, reinvested smartly in Lookman, and added promising talents Rodrigo Mendoza and Obed Vargas. The squad looks deeper, younger and more flexible heading into the Champions League knockout rounds. It may not spark a title charge, but it was efficient business.
LOSER: European Football Outside the Premier League
Perhaps the biggest loser was the rest of Europe.
Premier League clubs once again outspent the other top five leagues combined, reinforcing a widening financial gap. The result is a growing concentration of elite talent in England, reflected in Champions League results and transfer outcomes.
For competitive balance across Europe, it’s an increasingly worrying trend.
January may be about survival rather than ambition, but this window reshaped seasons all the same. Manchester City and Atletico Madrid made it count. Liverpool, Crystal Palace and several individuals paid the price for hesitation, bad timing or sheer misfortune.
Chris John