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It is hard to recall a Premier League transfer window in living memory that has been quite so chaotic as summer 2026.
The root cause of this is the fact that nine clubs out of the 20 in England's top flight have changed managers since the end of last season.
Included in that list are Manchester City, Liverpool and Chelsea – three members of the division's traditional "big six". Tottenham only appointed Roberto De Zerbi during last season's fraught run-in and Michael Carrick, installed on an initially temporary basis at Manchester United last January, is a relative veteran.
This means that a chunk of the most financially powerful clubs have new men in charge, with grand ideas and money to try to make them happen.
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But spending big doesn't necessarily mean spending smart, while the ever-increasing financial strength of the Premier League compared to the other major European divisions means clubs are having to ward off interest in players from English counterparts.
The result is spiralling prices. Clubs coming to the table with money in their pockets, something those they're doing business with know only too well.
The pace had not slowed by deadline day, when a reasonably clear picture had emerged of the winners and losers from this wild window.
Premier League transfer window winners and losers
Winner: Arsenal
Keeping themselves above the fray and general wildness are the reigning champions. Arsenal have moved assuredly during this window, with Bruno Guimaraes and Ezri Konsa each "win now" buys in their prime. Mikel Arteta and the Gunners' hierarchy appear to have understandably recognised their position of strength on account of so much flux going on elsewhere. Attempts to bring in a marquee attacker, first Vinicius Junior and then Julian Alvarez, have been frustrated and they look light on the left flank, having moved on Leandro Trossard and Gabriel Martinelli for decent fees. However, Christos Tzolis has looked like a steal from Club Brugge in his early Arsenal appearances.
Loser: Tottenham
After two consecutive 17th-place finishes, Tottenham have backed Roberto De Zerbi in a big way. The Italian tactician forged a reputation as one of his generation's most forward-thinking coaches during his time in charge of Brighton and Spurs have furnished him with more than $400m of new players. After two Premier League games, two defeats, zero goals scored and five conceded, it's fair to ask what Tottenham have really got for their money. Mateus Fernandes and Sandro Tonali account for half of the outlay. Fernandes has already been relegated at Southampton and West Ham, while Tonali was supposed star man in a Newcastle side that was faded and jaded last season.
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What does Andy Robertson have left after being such a fine servant to Liverpool? Savinho and Omar Marmoush are in north London because they weren't good enough at Manchester City. Spurs taking Savinho and Marmoush off City's hands freed up Enzo Maresca's side to move for Iliman Ndiaye, ending Tottenham's hopes of signing the Senegal attacker. Turning to Mykhailo Mudryk as an alternative felt like a peak "banter era" move.
Marcos Senesi was dropped after the loss to Brentford, while fellow new centre-back Jan Paul van Hecke had to endure the Newcastle defeat too. The early indications are that Spurs have spent an awful lot on players who finished in mid-table or on the bench last season. It will be a big ask for this hastily assembled group to lift the club's malaise.
Winner: Man City
The level of player turnover at City is, on the face of it, not ideal as they start a season without Pep Guardiola in charge for the first time in a decade. Rodri deciding it was time to go back to La Liga after his World Cup heroics further complicated matters, but it feels like Enzo Maresca will have a good enough and deep enough squad to make a concerted push for major honours. Club record signing Elliot Anderson was wrapped up in July, but director of football Hugo Viana has been forced to wheel and deal over recent weeks. Viana has excelled in terms of sales, with Savinho, Omar Marmoush, Tijjani Reijnders, Nico Gonzalez and James Trafford moved on for very good fees.
There was still work to do on deadline and a British record-equalling £125m fee was required for Chelsea to green light Enzo Fernandez's departure, with Iliman Ndiaye's switch from Everton costing a further £65m from the warchest. Those seasoned Premier League performers will join exciting youngsters Ayyoub Bouaddi and Allan. The 10-time champions look ready to roll without having to fall back on the excuse of transition.
Loser: Crystal Palace
Palace enjoyed an unforgettable couple of seasons under Oliver Glasner, winning the FA Cup, Community Shield and Conference League. Glasner is now at Nottingham Forest, meaning a tough act to follow for new boss Pierre Sage. His predecessor has made it even tougher by pushing forward with a deal to bring in influential right-back Daniel Munoz from Selhurst Park. Palace are trying to prevent Dean Henderson from making the same journey to be reunited with his old boss in the Midlands. Key forwards Ismaila Sarr and Jean-Philippe Mateta are staying but probably in a state of profound disgruntlement. Deadline day target Malick Fofana was edging towards Sunderland.
Maxence Lacroix has gone to Chelsea and their most notable addition is Dwight McNeil, after Brennan Johnson went the other way to Everton in a fairly uninspiring swap deal. Adam Wharton looks to be hanging around but, after losing Eberechi Eze and Marc Guehi last season, this all points towards a season of struggle.
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Winner: Leeds
Daniel Farke's side played with increased authority as they pulled clear of relegation last season. Expect them to be clear of the scramble to stay up this time around after a fine window. James Trafford has joined from Manchester City to be an undisputed No. 1 goalkeeper and push his England ambitions further. Tarik Muharemovic is the other big buy, following Pascal Strujik's move to Brighton and the backline is further bolstered by Nico Elvedi from Borussia Monchengladbach. Harry Wilson's arrival on a free transfer from Fulham also feels like a coup after he scored 10 goals and laid on seven assists in the Premier League last season. It's not been a flashy window at Elland Road, but one where Farke's side look better equipped at both ends of the pitch.
Loser: Aston Villa
Considering Villa's example alongside Palace's, perhaps winning a European trophy last season was cursed. Unai Emery's men swept to a 3-0 win over Freiburg and also finished the Premier League season in fourth. But Youri Tielemans and Morgan Rogers, goalscorers in the final in Istanbul, have gone — Rogers for a club-record £117m to Chelsea. Goalkeeper Emiliano Martinez has joined him at Stamford Bridge, Ezri Konsa is at Arsenal and Ollie Watkins is off to the Saudi Pro League. It amounts to the spine of one of the best teams in England over recent seasons being completely ripped out.
There is some mitigation: Villa needed to bring the average age of their squad down, Tielemans had a release clause after signing on a free transfer from Leicester City and Rogers was talked out of leaving last summer. Still, it's an awful lot of quality out of the door. Arrivals, including Nicolas Jackson and Leon Goretzka, are at once exciting and confusing. It will take all of Emery's ample coaching skill to fashion this new-look Villa into anything like the previous side he built.
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Winner: Newcastle
Anthony Gordon, Bruno Guimaraes and Sandro Tonali all piling through the exit door for handsome fees put Newcastle in a similar position to Villa on the face of it, before we even consider manager Eddie Howe's pre-season departure. But Howe's team appeared to be at the end of a cycle and finished last season in 12th. After being gazumped on some targets earlier in the window, Newcastle and ambitious new coach Matthias Jaissle appear to have hit upon something promising.
Goalkeeper Lukas Hornicek and full-back Amar Dedic have upgraded a backline that still has Tino Livramento and Dan Burn to return from injuries. Bazoumana Toure and Sean Steur are exciting young additions, while Nico Gonzalez brings poise and experience from Barcelona, Porto and Manchester City to the midfield. Matias Fernandez-Pardo arrived on deadline day and looks a better, high-energy fit in attack than Nick Woltemade, who has joined Juventus on loan.
Loser: Everton
A year on from the move to their gleaming Hill Dickinson Stadium, it's tricky to muster much enthusiasm for whatever's going on at Everton. Tyrique George and Hayden Hackney look like solid buys, players with their best years ahead of them. Ainsley Maitland-Niles is set to end what feels like the Toffees decade-long quest for a new right-back. Dwight McNeil's arrival didn't change the fact that there was no reliable source of goals in an attack. Folarin Balogun was supposed to provide that, but his medical ran into problems in the final hour of the window.
Iliman Ndiaye's move to Manchester City will help to facilitate Jack Grealish's loan return but, of the two, there's no question over which man's career is on an upward trajectory and which isn't.
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