WHO WON THE TRANSFER WINDOW? | Premier League Financial Analysis

0:00This podcast is part of the Sports Social Podcast Network. I'm Ron on Mochattra and welcome to another episode of Money Talks and really delighted to have everyone on and listening live to the show. This is not fan-focus, I'll get that change in just a moment. Right, there we go. So this is a show to reflect on the transfer window that drew to an end a couple of nights ago. And one of the more noteworthy newsworthy transfer windows that we've had across the Premier League record levels of revenue were spent to facilitate a huge number of transfers across all of the Premier League clubs.

1:00And it's fair to say that the vast majority of fans across Premier League clubs were disgruntled to a greater or lesser extent. Notably the fans of Everton, Liverpool, Manchester United, even the Champions Arsenal. But we'll get into some of those clubs in just a moment. So let's talk about the window and its experience for Liverpool Football Club. And so this was one of the more talked about transfer windows, notably because at the start of the window we had a change of manager. So Anis Lott was relieved of his duties and in came the Bournemouth manager and Doni Eureola. And there was much talk that there was a fair bit of work that was required to upgrade in various areas of the squad.

2:08Most notably because the talismanic Mo Salah moved on in the summer for no fee. And we know that eventually ended up at Trabsonspoor in Turkey. On top of that, Andy Robertson moved on as well. And the team already had certain areas of weakness is notably at Centreback where the club went through the whole of last season with essentially three centrebacks. And one of those three in Ibu Canate also was another lever in the summer. He also left for free joining Real Madrid as we know. So that was one of a number of areas of weakness. We also know that defensive midfield was another, that was known. It is a problem area.

3:09And on top of that, we also know that the right back position was much talked about. And the reasons for that are because there was just a revolving door. And as we saw last season, Frimpong was signed as the right back, but he didn't really play that position at Levycuzum where we live a poor sign in from. And so he struggled when he did play, but when he didn't play, it was often because he was injured. I think he suffered six different injuries last season. And Conor Bradley, who some prefer in that position, suffered a very horrendous injury towards the tail end of last season. And he's an expected back until at least January, if not much later.

4:09And so with all that said, the club, it was perceived to be needed to carry out significant surgery. And a lot of business was required. Well, so it seemed. But the club only ended the transfer window with a fewer set of signings. And so the ones that did come in were most notably Bradley Balkola from PSG for a base fee of 106 million with 17 million of add-ons. So he was the marquee signing of the window. Jeremy Shakay, though that deal was essentially locked in back in the January transfer window or in early February. That deal actually in terms of its contract was formalized over the summer.

5:12And so Jacque was announced as a signing earlier on in the transfer window. And that was for a base figure of 55 million pounds. Victor Munoz was signed from Ossasuna. And that was a very nice deal in that nobody speculated about it whatsoever. And it just was announced. So that was for 35 million. And then we also saw rights on the final day. A signing of a goalkeeper from Gink and 18 year old. And so that was also a figure of close to 30 million pounds, which meant that all told the club had an outlay. Of 227 million pounds in terms of base figures. Whereas in terms of sales. The club didn't have quite as much luck.

6:14Only managed to achieve one notable signing in Curtis Jones moving to Inter Milan for about 27 million pounds. And then there were a couple of very minor other sales which were made to just over a million pounds for academy players or players that have been in the academy but haven't really come on most notably. And then there was a huge, notably, a badgie teach. So the gross net spend. Sorry, I should say a matter to 199 million pounds, which was the biggest net spend of any Premier League club, surprisingly. In the summer transfer window. And so from a net spend perspective, Liverpool outdid everyone. Most fans, not all, but most fans felt hugely deflated by the end of that transfer window because of the reasons that I just outlined earlier that several key positions were not addressed.

7:21The right forward position occupied for many years with distinction by Sala was not filled. The defensive midfield position was not filled for the fourth season running. Yes, three years ago, or Tyrendo was signed, but very much as a squad player, not as a starting defensive midfielder and he's still here. And the right back position also was not addressed. And again, only people at the club within the club can really answer why that is. And already two games into the season we've seen opposition teams target that side, knowing that there is glaring weaknesses there, but also through the center of the park. Where we saw on the opening day fixture Liverpool succumbed to two goals that. In the days of Fabinho were an extreme rarity and you just never saw goals like that being conceded when he was at his peak and you know three and a bit years on he still hasn't been replaced.

8:34So a lot of criticism was leveled at Liverpool because of that. And furthermore, the club also attracted significant criticism and in my view rightly so for the fact that there was a what appeared to be part time sporting director by Michael Edwards. And Edwoods appointed Richard Hughes, Richard Hughes came into the club just over two years ago in his first transfer window. After the departure of George match, back to Germany. He had an extremely quiet window. There were three notable contracts that had only a year to go at that point in Verdral van Dyke, Trent Alexander Arnold and Mo Salah.

9:35None of those contracts were renewed in that summer transfer window and the only incoming was that of Kiezer from Juventus for about ten million pounds. So at the end of that transfer window two years ago, Liverpool fans were equally despondent thinking right. We have a new manager, Jürgen Kloppers moved on and all we can do for this new manager is give him one squad player who's injury prone from Juventus. So there was not a great deal of optimism at that point. Fair to say that barely any Liverpool fans expected anything more than a top four challenge at that point. So it was obviously a pleasant surprise for all Liverpool fans that the club went on to unexpectedly win the Premier League that season.

10:39Outdid, Arsenal outdid Manchester City to lift the 20th lead title of the club's illustrious history. So fast forward on 12 months after that lead title win, the club went into overdrive and carried out some very significant business. High value signings, notably Alexander Esack, Florian Fiatz, Hugo Ike Tiki. Milos Kerkez, Jeremy Frimpong, also Mamadash Villy. And though again, that was a deal that was agreed the preceding January, the deal actually only went through in the summer. So huge amounts of money spent some 450 million or so. But in that window, the club did generate quite significant sales. So the net spent ended up also around just over 200 million pounds.

11:40But that was a window that many rival fans and even indeed personnel at the rival clubs fear that Liverpool kick on and comfortably race away. To win a 21st lead title. And as we all know, that certainly didn't transpire. Everything that could have gone wrong did go wrong and on a slot lost the job as a result. And so the approach to that window whilst it appeared strong at the time, history tells us that. It really on a number of levels was not the club struggled. It didn't really manage to make the signings work into a cohesive collective. And a lot of the blame on that for that was rightfully pinned on the manager for not being able to make the players work.

12:44I think that that is somewhat unfair. I think that some of that blame also needs to sit with lights to reach a huge and any of the analysts and others involved in recruitment. There were party to those decisions and to bring some of those players in. And perhaps why is the use of that money could have resulted in a stronger right back a defensive midfielder. And perhaps a second forward to compliment Hugo Eckert, who may have fitted that system a bit better. All that said, it's just one season and we've got many examples through history of players that had fairly underwhelming first season at any club. But then to have a quite impressive second season and then kick on to become really strong thereafter. And indeed Liverpool themselves have such a player in more recent times Hugo, sorry Dominic's Hobbesly very subdued first season and static kick on in season two and really made his mark in season three or be it.

13:56There were some critics of Dominic's Hobbesly in his third season, which was last season. Some felt that he didn't quite fit that kind of system that slot wanted to kind of see function and perform in the center of the park, which then left gaping holes, which opposition teams exploited time and again. And that is a criticism that you know several pundits have also leveled at the player. But nonetheless, the window came and went huge money was spent. There was an expectation that sizeable funds would be spent this window just gone. The club did spend £230 million and if one or two other deals transpired, that figure would have exceeded 300 million. We do know the club putting bids for Ismaila Sarr at Crystal Palace and you could be minted the injured winger at Brighton.

15:05Those bids were not accepted and the club weren't able to close out those deals through any other bids that may have gone in right at the tail end of the transfer window. And we also know that the club apparently put in a loan offer for Malagusto at Chelsea. Chelsea were not interested in that and were only open to a permanent sale in the region. It's reported to be of around 75 million pounds, which Liverpool clearly were not interested in. So that deal didn't materialize. The only other deal to note is Arayahu arrived on loan from Barcelona to give Liverpool's backline some much needed backup going into a season with otherwise just four centre backs. There were three of whom were injured during pretty much the entire season in Leone who's not back for a while yet.

16:13Joe Gomez, who was injured in one of the earlier preseason games and still hasn't returned. And Jeremy Jacques, who was suffering from an injury from earlier in the calendar year and obviously is only just returned back to the competitive football in the last couple of games. So the window has been underwhelming. Several key positions have not been addressed. And furthermore, it appeared that the sporting director was moonlighting working alongside his sporting director role for Liverpool with the equivalent role for allow in Saudi Arabia, which is somewhat of a fast, classical situation. And one that quite frankly is one that I wouldn't expect a major club to entertain. Though Liverpool clearly were open to this and went ahead with it. And it's something that they perhaps will regret. It is now expected Michael Hughes will move on.

17:20So it's just a matter of time before the official announcement is made that his 100% oh, he'll allow and a search will then begin for a new sporting director. And in recent times, over the last four or five years, the club is generally tended to go in house or go with recommendations from an inner circle. And so that hasn't really worked well. We saw four changes of sporting directors in the space, just two years. And for a structure that dictates that the sporting director determines the strategy, the style of play and ultimately recruitment for that level of turnover. It's not ideal by any means for a head coach, whether it's an honest lot, whether it's an end on a year or older or anyone else for that matter.

18:23That has been clearly very problematic. And I think that the new consortium with their 38% stake in Liverpool now may have somewhat of a say in recruitment matters. And for that, therefore, it would perhaps make sense for them to have also a say in who the new sporting director is. And my view is that the club should certainly be casting the net much further afield far and wide than it certainly has over recent years to try and really find best in class. And that is finding in house solutions to that very critical role simply hasn't worked well. Yes, we've still seen Liverpool make some very strong signings over the last three, four years. And we've also seen increasing numbers of poor signings made curious decisions around the profile of the player that the club should be looking to sign.

19:37And most egregiously allowing multiple contracts for key players, wind down to the point that plays who may have been worth 50, 60, 70, 80, 90, 100 million pounds were allowed to move on for free. And that is one of the things that really, really does great on many Liverpool fans because the amount of transfer fees that potentially could have been generated over the last few years is I watering. In fact, just on X in the last couple of days I published a thread and I listed the players that left for free or virtually left for free. And Ginny Ronaldo in 2021, Divock, or really the following year, in 2023 we saw a maths exodus of midfielders Milner, Oxley Chamberlain, Nabikator and Jordan Henderson left for a fee but it wasn't particularly a big one.

20:51Bobby Femino also left for free that same summer in 2024, Joe Mateep and Thiago Alcantara left or rather retired. Trent Alexander Arnold very notably moved for free, sorry for 8 million pounds to round Madrid just over a year ago. And then in this summer window just gone we've seen Andy Robertson, Mo Salah and Ibn Kanate also leave for free. And these are not fringe players, these are players who've played an incredibly prominent role for Liverpool Football Club over the last seven, eight, nine, ten years. So to allow all of those players to leave for free or for next to nothing is scandalous, highly negligent and should be and would be a sackable offence in most other top clubs and yet it seems to happen season on season.

21:58And what makes that even more problematic is that Liverpool Football Club do run or have certainly run up until now a self-sustaining model. The owners do not put money into the club unlike most other clubs. So generating fees from sale of players becomes all the more important. So to not be doing that on a regular basis for key players is almost criminal and that again is something that I'm sure likes Amit Batti from this new 82 holdings consortium will be looking to address in the weeks and months to come. So then let's talk about other clubs because significant business was done elsewhere amongst the big six and let's move on to Manchester City. Now Manchester City also had quite a sizable net spend. So thanks to our friends at valuable whose figures I'm relying upon here.

23:06So the net spend for the transfer window that is just closed was 147 million pounds based on 451 million pound spent which excludes add-ons and 304 million pounds. So I think that's one of the biggest things that I've ever seen in the past is the fact that I'm not a player of players sales. And you know they obviously have carried out some significant business largely to try and strengthen the midfield a midfield that saw the talismanic Rodry and the legendary Bernardo silver move on. And also depart. So there was by Manchester City standards significant turnover and let's not forget the greatest of their managers in their history for Manchester City pet Wadiola departed after a decade at the club.

24:08So in order to give new manager Enzo Morescar a fighting chance of trying to reclaim a Premier League title for the first time in three seasons. The club did bring in some very high value signings. On the last day the transfer window we saw Enzo Fernandez arrive earlier in the transfer window earlier Anderson was signed for 116 million pounds from forest. And a you are the high rate youngster from legal was signed for 81 million pounds with another 4 million in add-ons as well. I'm in and I'm from everton for a very significant fee as well. And so you know this kind of business obviously helps to replenish the city squad though the level of turnover that we've seen will certainly be interesting in terms of how the manager can really make it work.

25:10You know there are clearly a lot of strengths in terms of their forward play but defensively certainly off the ball as well. We'll have to see just how well they fare given the immense amount of work that we saw from the lights of silver and Rodry to really shield that back line. And they are looking pretty good based on their most recent performance but obviously very very early days. But nonetheless I think that many city fans will be reasonably happy with their recruitment though there will be some level of disappointment that they missed out on Cody Gackpoh they put in a bit of 85 million pounds for the player. But ultimately because Liverpool weren't able to secure deals for one or both of it's my less sa or minté from Brighton and so they were unwilling to release and Cody Gackpoh.

26:21Even though he had agreed personal terms with city and 85 million pounds for that player is a figure that most Liverpool fans would have absolutely beaten someone's handoff for. But nonetheless I think man city fans on the whole fairly pleased with the act of the window. The club with the next level of high net spend in fact slightly excessive Manchester city who also went on quite a spending spree by their standards is Tottenham Hotspur. Now Tottenham Hotspur Unright Manchester City have fairly less levels of revenue. So in the 24 25 season their revenue figures for that season were in the region of 560 odd million pounds for 25 26 that figure will have been lower and it will certainly be lower.

27:25Next for the current season 26 27 on account of the fact that the club will be partaking in no European football whatsoever. So no championship money not even in your openly money to bolster the coffers so that was a dilemma that faced the owners in it. And with the new manager Roberto Deserbie expecting perhaps he would be promised significant funds the owners invested their own monies into the club they provided a very significant loan which is followed on from other loans that they've also provided to the club over the last two to three years. And these are owners that again much like Fenway sports group at Liverpool had not been putting their own money into the club for quite a number of years but they've changed their model and they are more open to putting their own money into the club and that is largely what facilitated the activities that we saw at the club and some of the more notable signings for Spurs were Sanro to Nali.

28:41Great me fielder from Newcastle night for just shy of a hundred million pounds in terms of the base figure but a hundred million pounds including the ad on so that was very significant sum to roll out for a club that isn't in the Champions League and is absolutely not guaranteed any Champions League competition and therefore monies for going into next season because to achieve that they will have to finish in the top five and with two defeats out of two again though it's early days and clearly Roberto Deserbie has to work very fast and very quickly to make all of the changes within that squad work to the extent that they start to turn around these performances and start notching up some victories because a few more losses in draws and they'll be well off the pace very early into the season. In order to achieve that level of spend there were certain outgoing as well so most notably Luke Vazovic very highly rated centre back

29:56ended up at Brighton a player that Liverpool had shown a little bit of interest in but didn't follow through with any bids. Christian Romero the hotheaded centre back as a depit the Premier League ended up at Athletico Madrid and in many ways that will be a very fitting side for that player to be part of. And JED Spence who had a magnificent World Cup also departed for a sizable feed to Inter Milan with 26 million pounds so by spur standards a pretty good one for player sales moving on then to Manchester United. So this is a club that saw a net spend of 92 million pounds and 152 million pounds spent with 60 million in sales so in terms of sales actually outdid Liverpool which makes a change though in terms of gross spend lower than they have seen over most of the last few summer windows so

31:14quite a window though there were still a few incomings but the fans generally were not very happy it's probably fair to say so what we did see is in terms of the more noble arrivals Carlos belabor was the most expensive signing defensive midfielder from Brighton 65 million with 5 million in add on so the total figure could rise to 70 million pounds. For a player that had a great 24 25 but a really underwhelming 25 26 and Ray Santos another midfielder very much a fringe player didn't really pull up any trees at Chelsea and Chelsea were wonders and were able to sell him on for 48 million pounds base 2 million in add on so potential fee of 50 million if those add on zone.

32:14So he was a realist and another midfielder from aston Villa in U.E. Tillamins so his release causes activated and he rife a 35 million pounds so that was the business that was done I mean Manchester United fans were crying out for a left back most United fans not all but most feel that Luke Shaws days are done and on the evidence of preseason and the first couple of Premier League games it's hard to argue with that point but nonetheless Luke Shaw is still at the club and has not been replaced. So the club struggled to identify a left back and didn't manage to get any deals done and they did put in I believe one or two offers made a variety of approaches and inquiries but nothing was happening where that position was concerned. And also they were lumbered if that's the right term we had Marcus Rashrid so the club had hoped to sell the player perhaps even expected to sell the player to Barcelona after he had a relatively decent season there and obviously became a league champion there but Barcelona decided not to follow through and sign the player.

33:40Which I'm sure the player himself was quite disappointed by you then returned back to many night. Perhaps with the next expectation that another club would come in for him but the slight issue there is his ways are very very high report to be around 350 a week base so if he was unwilling to take a cut in that pay it's no wonder that nobody came in for him. So he remains at match united and perhaps that was somewhat a disappointment for the club themselves who may have been looking to off road a player and his wages and some of the baggage that comes with him onto some of the else but that won't happen until at least summer of next year. So overall a disappointing one for united fans but it is a window that I will go into some depth on in my next money talks here on EPL index.

34:46Let's then move on to the league champions Arsenal so this was another club whose fan base were disappointed by the activities of the transfer window they were very happy to bring in one of new cast united best midfielders in Bruno Gilmourache he was signed after quite a protracted. He was secured for a fee of 75 million which for a player that's 28 or 29 is somewhat on the high side but certainly he's demonstrated immense quality over the last two three years in the Premier League. So even if he's not one for the long term Arsenal should still be able to get somewhat of a tune out of him and for the next couple of years at least and all the more crucial given that

35:48Declan Rice who is arguably being Arsenal strongest midfielder over the last three years also is very much looking like a player that is run and put his heart into a huge number of games over the last two three years. And you know there are certainly worries that he might be out with the long term injury but he's obviously back and there are still concerns that he may struggle to get through the whole season so bringing the group of Ryan Shin provides that bit of backup. On top of that and the club also finalised the deal for pure or in capy a from by leather cousin he was on loan let's not forget last season but with the option to buy possibly an obligation to buy and so that deal was done for this summer at 35 million pounds and as if

36:58Arsenal don't have enough centre backs and they were not signed as we cons er England international from aston villa and for 51 million with 4 million in add-ons so that figure could rise to 55 million in total. There was one for the arrived in a solace a crystal solace from bruge and he arrived earlier in the transfer window for 34 million. So Arsenal felt okay yeah we've done some decent business but there were one or two gaps that we were disappointed by and it was really the front line that I think asked most Arsenal fans felt underwhelmed by that yes it's great that we brought solace in but we needed to do more especially given we lost several forwards notably. We the loss of a Leandro trossard and Gabrielle Martinelli and trossard in particular came up with some critical goals at vital times last season so it is departure will be one that will be felt but the club has still retained the core of its strongest.

38:1414 15 players and they've all remained so it's only really trossard and Gabrielle Martinelli of the strongest core of that overall squad that have moved on. Gabrielle J. Zeus had been a perennial issue when it comes to injuries and was on a very high salary as well so there were not many fans that were shedding tears about his departure and Christian norguard who arrived only prior didn't really get many minutes and Eroton came calling for him a very solid dependable and reliable midfielder. So he departed after a year and so though the Arsenal squad still appears very strong especially in defense and in midfield there does appear to be a lack of quality and depth in the front line and all it will require is a couple of injuries to players that have had injury issues in the likes of.

39:29Sacka and the player up front whose name I forget oh have it there we go it's late and he and Sacka have had their injury concerns over the last couple of years so again there will be some worries that will they be able to get through this season unscathed and history tells us that at least one if not both will perhaps not achieve that. But nonetheless Arsenal have brought in some quality additions and so no wonder then that they are still the favorites to win the Premier League this season. The club that carried out the most business incredible amounts of business both in terms of incoming and outgoing Chelsea and surprisingly did all of this by generating a surplus and so they spent huge amount and 344 million was spent and they managed to recoup 408 million and again this excludes add-ons.

40:42So that business was most notable by a surprise signing of Morgan Rogers from Astinville for 170 million a player that seemed disdined to be the new marquee signing for the left side of Arsenal's front line everyone expected that to happen it was almost being reported is here to go here you go here we go. But then at the last minute Chelsea came swooping in after the player deal he couldn't refuse and he decided to go with Chelsea and so so that was certainly one that Arsenal fans were venting over at that time perhaps to some extent still are. But the club also brought in experience one of the critics isn't over the previous couple of seasons is there were just far too many kids barely any players over the age of 25 so we saw and the likes of La Cra come in from Crystal Palace to centre back Jordan Henderson next Liverpool player arrived age 36 and Danny Wellbeck age 35 36 from Brighton.

41:55But they also signed the likes of the right back Marco Polestra for 43 million if you have any quender for 44 the Argentine and Valentin barco from Strasbourg for 34 and Omega for 22 million so these were just the more noble signings there were a few other incoming as well. But we knew that with their financial issues and the fact that they have a settlement agreement with UEFA there was a need to sell and sell big and so the club did absolutely wonders to generate over 400 million pounds in sales and the most noble of those was on the last day of the transfer window. So Enzo Fernandez, the PI for 125 million a record equaling fee for a Premier League signing and Nicholas Jackson ended up at Aston Villa and right at the end of the windows well for 48 million plus add-ons of 18 so that would be 64 million pounds if all of those add-ons are materialising.

43:10Cucarrala the left back left to join Real Madrid much earlier in the transfer window for 48 million plus 4.3 and add-ons and a variety of other departures as well and resanthos Liam Delat, Shalaba, Gay, Tyreejours and so a huge clear out from that squad from that dressing room lots of new players coming in and and it appears that their new manager Shabby Alonzo has already made a great start in meshing that new dressing room together or be it even Chelsea fans were fuming on the last day when they thought that a vital cog in their midfield had been acquired in camera from Monaco only for Monaco to pull the plug literally at the 11th hour and the player did it. And the player didn't join and so the club is certainly left with a lack of quality in debt in the centre of the park we know that they've got a world class player in Cascado though he has had some injury issues very recently and but beyond that you've got a real lack of quality in debt there and that is something that Chelsea fans are concerned about in terms of the quality in debt.

44:38In terms of the duration of the season despite the fact that there is no European competitions to participate in neither are there concerns about competing in something like the club World Cup which obviously the club participated in just over a year ago so compared to the schedules that that squad underwent between June of 25 through to June of 26. Far far far far fewer games will be participate in for that Chelsea squad and that is part of the reason why some are tipping them to be a hot contender for this season Premier League title. I personally don't see it I think that though that front line of Rogers. Pedro and Palmer is an exhilarating one and a very exciting one beyond that again there is a little bit of a drop off with the rest of the squad in terms of front forward options and also let know you the midfield also has.

45:53A lack of debt and quality so I think that they will certainly do better than last season and they may make a very good start in the first few months of the season but I think as the season goes on some of the glaring gaps may become an issue unless they go on to do some noble business in the January transfer window which is obviously very possible so. If you are talking about winners and losers I think Chelsea and Manchester City absolutely will feel that they've ended the windows on high and Tottenham hot spur despite their. The first two Premier League results will still feel that they go into this season with an overall stronger squad than the one that they saw finish very very close to relegation last season and also close to relegation the season before.

46:53The likes of Manchester United and Liverpool will be feeling frustrated at some of the business that most fans expected to be done that ultimately was not done. Arsenal are in the middle perhaps that fan base though disappointed with a lack of business in terms of the front line we will still feel that there is enough quality and depth there to achieve. The second successive Premier League and certainly that is why they are the favourites so that's a wrap then another transfer window comes to an end huge amounts of money have been spent I certainly think that there are conversations to be had about the transfer system but perhaps that's a show for another time but thanks for joining I'll be back very very soon. To be joined by Jamie from sub prime goals and we'll be talking through Tottenham hot spurs financial model and also Chelsea in some of their kind of ownership structure and also reflecting on the transfer window from other angles but until next time thanks for joining.

48:20Thank you.