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The 2026 winter transfer window officially closed on Monday, with Jorgen Strand Larsen’s £48 million switch from Wolves to Crystal Palace emerging as the biggest deadline-day deal. However, the final hours offered a rather subdued close to what was an otherwise uneventful month for transfers. Aside from Manchester City, most of Europe’s elite clubs engaged in minimal mid-season activity, while movement across France, Germany, and Spain was notably limited — hardly surprising given January rarely represents good value for money in the market.

Despite the general inactivity, the past four weeks were far from dull. Fans across Europe debated their clubs’ reluctance to strengthen, while several high-profile moves collapsed under unfortunate circumstances.

With that in mind, here’s a look at the biggest winners and losers of the 2026 January transfer window.

WINNER: Endrick

Player influence played a significant role in Xabi Alonso’s dismissal from Real Madrid — not least due to his treatment of Endrick. The coach’s unwillingness to field the young Brazilian seemed strange at the time and now appears even more ill-advised following Endrick’s blistering start at Lyon.

Even allowing for the lower competitive level in Ligue 1, the 19-year-old’s performances have been outstanding, scoring four goals in his first four games for Lyon.

After managing just 99 minutes of football in the first half of the season, Endrick now looks poised to earn a spot in Brazil’s World Cup squad — especially as the Selecao’s manager Carlo Ancelotti already knows his capabilities, having seen him net seven times during his debut campaign at Real Madrid.

Though his path to regular minutes remains blocked by Kylian Mbappe in Madrid, Endrick is seizing his chance in France to prove his immense potential in European football.

LOSER: Liverpool

Liverpool deserve acknowledgment for beating Chelsea and Manchester United to the signing of Jeremy Jacquet, who will arrive from Rennes this summer. However, the Reds desperately needed defensive reinforcement now, not months later.

Before the window, it was widely expected they would revisit their pursuit of Marc Guehi, who was close to joining last September before manager Oliver Glasner halted the move. This time, Liverpool opted against paying a transfer fee, hoping to sign him for free at season’s end.

That plan backfired as Guehi instead joined Manchester City, a huge blow compounded by Liverpool’s failure to secure any alternative centre-back options. The frustration among fans is understandable. Giovanni Leoni’s season-ending injury and Joe Gomez’s recurring fitness issues have left Arne Slot with just two senior central defenders.

Further complicating matters, midfielders have been forced to fill in at right-back with Conor Bradley out for the season and Jeremie Frimpong struggling with hamstring issues. A late move for Lutsharel Geertruida fell through, leaving Liverpool’s top-five ambitions — let alone title hopes — looking bleak.

While Jacquet’s future arrival offers hope, Liverpool’s squad is undeniably weaker now than it was a month ago.

WINNER: Manchester City

Finding value in January is notoriously tough, and Manchester City learned that lesson the hard way last year after spending £177 million ($241m) on five players who largely underperformed. This time, however, City appear to have made two shrewd acquisitions — Marc Guehi and Antoine Semenyo — for a combined £84m ($115m).

While £20m ($27m) for Guehi, who had just six months left on his contract, might seem steep, it’s a bargain for an established England international now addressing Pep Guardiola’s defensive crisis. Semenyo, meanwhile, has hit the ground running at the Etihad, continuing his fine Bournemouth form. Both players were coveted by Premier League rivals, including Liverpool.

Unlike last year’s spending spree, these signings have already bolstered City’s prospects of lifting at least one trophy before season’s end.

LOSER: Crystal Palace

On January 7, Oliver Glasner suggested that while every player had a price, captain Marc Guehi would likely stay until summer. Just over a week later, Guehi was sold to Manchester City for £20m, a move that directly contradicted Glasner’s insistence on a high transfer fee.

The manager, furious upon learning of the sale, soon announced he would leave Palace at season’s end. Following a 2-1 defeat to Sunderland on January 17, he admitted feeling “abandoned” and lamented that his players’ “hearts were torn out” — a clear reference to Guehi’s departure.

Matters worsened when the club’s record signing Jorgen Strand Larsen arrived to replace Jean-Philippe Mateta, only for Mateta’s transfer to AC Milan to collapse. Palace also failed to finalise a deal for Dwight McNeil, while Glasner’s frustrations grew.

Although Brennan Johnson’s arrival offered a silver lining, fans who celebrated last May’s FA Cup triumph now face the heartbreak of seeing their heroes depart. Sympathy for supporters is high, but chairman Steve Parish, remembered for his dismissive Covid-era comments about aiding smaller clubs, might be finding karma unforgiving.

LOSER: Harvey Elliott

Harvey Elliott, one of England’s brightest young talents, starred at the Under-21 European Championship last summer, scoring five goals and winning Player of the Tournament. Yet Liverpool’s signing of Florian Wirtz effectively closed the door on his preferred attacking midfield role.

Reluctantly, Elliott joined Aston Villa on loan, with a conditional obligation to buy for £35m ($48m) after 10 appearances. Despite starting well, he has featured just seven times to date. Villa, constrained by PSR regulations and unconvinced boss Unai Emery, appear unwilling to trigger the clause.

Since players cannot represent more than two clubs in one season, Elliott is stuck. Despite a full 90-minute outing against Red Bull Salzburg and his light-hearted social media posts, his future remains uncertain as Villa refuse to commit to a permanent deal.

WINNER: Ademola Lookman

Ademola Lookman bid farewell to Atalanta after nearly four memorable years, thanking fans and recalling his unforgettable hat-trick in their 2024 European final triumph — the club’s first major trophy in 61 years.

Lookman had long sought a move, even going on strike last summer after Atalanta rejected Inter’s €45m offer. In hindsight, they might regret not selling earlier, as his form dipped and they eventually accepted Atletico Madrid’s €35m bid just before the window closed.

Though Atalanta feel betrayed, Lookman, now 28, joins a top European club in his prime — fulfilling a long-held ambition.

LOSER: Jean-Philippe Mateta

Few experienced a worse deadline day than Jean-Philippe Mateta. The French striker was set for a dream move to AC Milan after Palace signed Strand Larsen as his replacement. But after passing initial checks in London, follow-up medicals in Paris revealed a knee issue that led Milan to cancel the deal.

Mateta must now return to a club he wished to leave and could face surgery, potentially sidelining him for three months — a devastating blow ahead of Didier Deschamps’ World Cup squad selection. Glasner’s remark that Mateta “didn’t feel in the right place to play” before the Nottingham Forest game only underlines the player’s turmoil.

LOSER: Lazio

Lazio kept their European hopes alive with a 100th-minute winner against Genoa, yet only 5,000 fans attended as supporters protested the club’s lack of investment. Coach Maurizio Sarri sympathised, calling the boycott “an act of love.”

Lazio sold key players Valentin Castellanos and Matteo Guendouzi early in the window, spending only half the proceeds on replacements. President Claudio Lotito’s public criticism of Sarri further soured the atmosphere, though Sarri insisted departing players left due to the club’s lack of ambition, not personal conflicts.

While Sarri successfully blocked Alessio Romagnoli’s potential move to Al-Sadd, reports of unpaid wages persist. Fan unrest at the Stadio Olimpico seems likely to continue.

WINNER: Paris Saint-Germain

Paris Saint-Germain again ruffled Barcelona’s feathers by luring 18-year-old Dro Fernandez from Camp Nou. PSG paid €8m (£6.9m), exceeding his release clause by €2m in a goodwill gesture, but Barca president Joan Laporta still called it “an unpleasant situation.”

Manager Hansi Flick, who had given Dro his senior debut last September, voiced frustration at agents influencing young players’ decisions. His disappointment was palpable — and understandable — as PSG once again poached one of Barcelona’s brightest prospects.

LOSER: Chelsea’s Defence

Just two days before the deadline, Chelsea were certain of signing Jeremy Jacquet. Reports even claimed he was only interested in Stamford Bridge. Yet, the Frenchman chose Liverpool instead, leaving Chelsea scrambling to recall Mamadou Sarr from Strasbourg.

While Sarr’s return adds depth, it hardly resolves their defensive instability. Despite heavy spending under Todd Boehly, Chelsea remain short of experience and leadership at the back, a weakness that could cost them Champions League qualification and raise questions over their recruitment policy.

LOSER: Cristiano Ronaldo

Al-Nassr’s 1-0 win over Al-Riyadh closed the gap on Al-Hilal, but Cristiano Ronaldo was absent — reportedly in protest over the club’s lack of transfer activity. The Portuguese forward allegedly feels Saudi Arabia’s Public Investment Fund favours Al-Hilal, particularly following their signing of Karim Benzema and Pablo Mari.

Ronaldo’s competitive nature is legendary, but this episode paints a less flattering picture — that of a frustrated 40-year-old star unhappy despite being the world’s highest-paid player. Surrounded by stars like Sadio Mane, Joao Felix, and Kingsley Coman, his criticism of the club’s ambition could easily alienate teammates.

Perhaps leadership, not squad depth, is Al-Nassr’s real issue. If Ronaldo wanted more signings, a pay cut might have helped.

WINNER: Atletico Madrid

Atletico Madrid managed the rare feat of strengthening their squad while turning a profit. They earned €63m from the sales of Conor Gallagher and Giacomo Raspadori before securing Ademola Lookman for €35m, alongside young talents Rodrigo Mendoza from Elche and Obed Vargas from Seattle Sounders.

Lookman should be a significant upgrade on Raspadori, while Mendoza and Vargas bring youthful promise. Though a title challenge remains unlikely, these smart deals give Diego Simeone’s side momentum heading into their Champions League tie with Club Brugge.

LOSER: The Rest of Europe

Villarreal’s Champions League exit with a game to spare highlighted a growing imbalance in European football. Coach Marcelino lamented losing Spain international Yeremy Pino to Crystal Palace, noting that even mid-table Premier League sides can now outspend La Liga clubs.

Indeed, only Bayern Munich and Paris Saint-Germain can financially compete with English teams, as Premier League clubs once again outspent the other four major leagues combined. This concentration of talent has allowed five English sides to reach the Champions League last 16, while Spanish clubs like Villarreal and Athletic Club struggled early.

While the Premier League’s dominance benefits English football, it raises serious concerns about the competitiveness of Europe’s other top leagues.