Early winners and losers of Europe’s €5bn transfer window

The Premier League, La Liga, Serie A, Bundesliga and Ligue 1 spent heavily on new players during the summer transfer window.

The scale of Premier League clubs’ spending dwarfed that in Europe’s other major leagues by a significant margin.

They shelled out more than €3.50 billion on transfer fees, way ahead of Serie A’s tally of around €1bn. Spending in the Bundesliga, La Liga and Ligue 1 was even lower.

With that in mind, read on as we assess whether the top transfers in each league have paid dividends during the early part of the 2025/26 season.

Premier League

Liverpool twice broke their transfer record during the summer transfer window, but they have to garner a return on their investment.

Alexander Isak has failed to shine since joining the club from Newcastle United, although injuries have undoubtedly not helped his cause.

Florian Wirtz has also struggled to impress following his move from Bayer Leverkusen, but has shown his quality on international duty with Germany.

By contrast, most of the big-money incoming transfers at Manchester United and Arsenal have already started to pay dividends.

While Benjamin Sesko is still settling in at United, Matheus Cunha and Bryan Mbeumo have both contributed to the team’s improvement.

Arsenal can be satisfied with their summer transfer business, given they are four points clear at the top of the table after 11 games.

La Liga

Real Madrid topped the spending charts in La Liga, and have had an immediate return on their investment after moving to the top of the table.

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Dean Huijsen and Alvaro Carreras have established themselves in defence, while Franco Mastantuono has shown flashes of his potential.

Villarreal and Atletico Madrid also appear to have bought well, given that they are in touching distance of Madrid and Barcelona at the top of the standings.

Antony has continued to impress after completing a permanent move to Real Betis, while Joan Garcia looked good for Barca before sustaining an injury.

One of the primary talking points in La Liga over the next few months will be Robert Lewandowski’s future at Barcelona.

The Polish striker’s contract expires at the end of the season, and Barca want to bring in a high-profile replacement for him. Bayern Munich’s Harry Kane is on their wishlist.

Serie A

AC Milan were responsible for the two most expensive transfers in Serie A, but neither player has delivered a return on their investment at the moment.

Christopher Nkunku has yet to sparkle in attacking areas, while Ardon Jashari has missed most of the season after suffering a fibula injury.

Despite this, Milan are in contention for the Serie A title and will be eager to build on the improvement they have shown under manager Massimiliano Allegri.

Elsewhere, most of the other top transfers in Serie A this summer have proved to be hit and miss. Roma’s acquisition of Wesley is the main outlier.

He has quickly established himself in the team after joining from Flamengo, and his efforts have helped Roma climb into the title race.

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Chelsea defender Josh Acheampong could be one to watch during the winter transfer window, with Fiorentina contemplating whether to make a move for him.

Bundesliga

Bayern Munich splashed the cash to sign Luis Diaz from Liverpool, and he has taken to life at the club like a duck to water.

The Bavarian giants have made a superb start to the season, powering to the top of the Premier League and the Champions League standings.

Elsewhere, Liverpool’s decision to sell Jarell Quansah to Bayer Leverkusen looks increasingly questionable given the fine form he has shown to date.

Leverkusen have put a disappointing start to the season behind them and will be hoping all of their summer signings can start to deliver consistently.

Jobe Bellingham has unsurprisingly struggled at Borussia Dortmund, raising questions about their decision to sign him from Sunderland.

Kane’s future at Bayern will dominate plenty of headlines over the coming months, particularly if Barcelona don’t extend Lewandowski’s contract.

Ligue 1

Paris Saint-Germain completed the two biggest transfers in Ligue 1 last summer, and both players have settled in well at the club.

However, they are not the only French club with a shrewd eye in the transfer market. Marseille and Strasbourg immediately leap off the page.

Marseille have shaken off a disgraceful dressing room incident involving Adrien Rabiot and Jonathan Rowe to storm into the title race.

Both players were sold to Serie A clubs at the end of the transfer window, but their departures have not impacted Marseille’s season.

Strasbourg have also made a strong start to the campaign after making several excellent acquisitions during the summer transfer window.

Their link-up with Premier League giants is clearly paying dividends and is a relationship worth monitoring over subsequent transfer windows.