The Biggest Spenders of the January Transfer Window

We can thank the Saudi Pro League for supplying some late soap opera drama into an otherwise forgettable January transfer window.

After a mammoth summer, clubs across Europe, particularly in the Premier League, operated with more prudence in the winter in the hope of not breaching Financial Fair Play (FFP) or Profit & Sustainability Rules (PSR).

Still, English clubs once again combined to trump the rest of the continent in terms of spending, with their £390 million ($530 million) outlay dwarfing Europe’s other premier divisions.

Market protagonists started to emerge around the globe, not just in Saudi Arabia, with the perks of Club World Cup-earned cash already coming to pass.

Here were the 10 biggest-spending clubs of the 2026 January transfer window.

10. Lazio (€37 million)

Kenneth Taylor — Lazio were subject to a transfer ban in the summer. | Silvia Lore/Getty Images

Lazio were subject to a transfer ban in the summer, so they went about as crazy as an Italian club can in the current climate.

The Romans were forced to replace Taty Castellanos and Mattéo Guendouzi, who moved to West Ham United and Fenerbahçe, respectively, but did so astutely. Ajax’s Kenneth Taylor joined the club in a deal worth just shy of €17 million ($32 million) and has quickly made an impact, while Petar Rakov is a young centre forward with plenty of upside.

The fees recouped for Castellanos and Guendouzi meant Lazio ended the window with a net spend of -€23 million (-$27 million).

9. Fenerbahçe (€37 million)

N’Golo Kanté — N’Golo Kante has moved to Türkiye. | Jean Catuffe/Getty Images

Having seen Galatasaray attract the likes of Victor Osimhen, Leroy Sané and İlkay Gündoğan, Fenerbahçe pivoted to star power of their own late in the January transfer window.

N’Golo Kanté is heading to Istanbul after a rollercoaster saga, and he’ll join on a free transfer after his Saudi venture returned a league title.

The bulk of Fenerbahçe’s spend was dedicated towards Guendouzi (€28 million), but will their midfield reinvention be enough to see Gala toppled at the summit?

8. Bournemouth (€42 million)

These plucky Cherries have done it again.

Rayan’s Premier League debut may have come against one of the competition’s worst-ever sides, but the young Brazilian, with his imposing frame and all, looks like the real deal.

Bournemouth signed the Vasco de Gama starlet for €28.5 million ($33.7 million), and the purchase of Golden Boy nominee Alex Tóth should also excite the Vitality Stadium.

7. Flamengo (€54 million)

Lucas Paquetá completed a record-breaking return. | Sergio Lima/AFP/Getty Images

The success of Brazilian clubs at last summer‘s Club World Cup threatens to create a European-like disparity between South America’s best and the rest.

Copa Libertadores holders Flamengo recorded a club-record revenue of €249 million ($294 million) through the first three quarters of 2025, and they flexed their improved financial muscle in January.

The €41 million ($48 million) fee they splurged to welcome West Ham’s Lucas Paquetá back to Rio de Janeiro was a Brazilian record.

6. Atlético Madrid (€54 million)

Ademola Lookman finally earned his big move. | Dennis Agyeman/Europa Press/Getty Images

Atlético certainly haven’t been shy in throwing their weight around the transfer market, and they were at it again late in the January window.

The acquisition of Elche starlet Rodrigo Mendoza will undoubtedly go under the radar, but Mendoza has the potential to emerge as a star in Atléti’s engine room once Koke finally decides to slow down.

Before adding Mendoza late in the day, the La Liga side signed Atalanta’s Ademola Lookman in a €35 million ($41 million) deal. He’s come in as a replacement for Giacomo Raspadori, who’d earlier moved in the opposite direction.

5. Tottenham (€55 million)

Tottenham have had a long-standing interest in Conor Gallagher. | Izzy Poles/AMA/Getty Images

Tottenham Hotspur were the fifth-biggest spenders of the window, yet the overwhelming majority of supporters believe the club didn’t do anywhere near enough to bolster Thomas Frank’s depleted squad amid unlikely relegation fears.

Conor Gallagher seems a good signing in isolation, but much less is known about Brazilian left back João Souza.

There were plenty of links late in the window for another forward, but sporting director Johan Lange asserted after the window that it was important the club remained disciplined amid potential temptations.

4. West Ham (€56 million)

Taty Castellanos — The Hammers sought to reinvent their attack. | Izzy Poles/AMA/Getty Images

West Ham edged bitter rivals Tottenham in north London last month, and they just about pipped them to fourth spot in the January spending table.

The Hammers were proactive early, signing Lazio’s Castellanos and Gil Vicente’s Pablo for a combined €52 million ($61 million) to create a new-look attack, and the pair have been bright enough at the start of their Premier League careers. Whether they’re up to the calibre to keep Nuno Espírito Santo’s side afloat, however, is another matter entirely.

West Ham also added Adama Traoré for a small fee and brought in Axel Disasi from Chelsea on loan.

3. Al Hilal (€67 million)

Karim Benzema, Kalidou Koulibaly — Cristiano Ronaldo isn’t happy about Karim Benzema’s move to Al Hilal. | AFP/Getty Images

Cristiano Ronaldo’s meltdown is believed to be directly linked to Karim Benzema’s switch from Al Ittihad to Al Hilal, who currently lead Ronaldo’s Al Nassr in the Saudi Pro League title race.

Bitterly frustrated by his club’s unwillingness to improve this winter, Ronaldo’s gone on strike while Benzema celebrated his move by scoring a hat-trick on debut.

Al Hilal were also able to extend the contract of midfielder Rúben Neves, and add Rennes talented young centre forward Mohamed Kader Meïté, who’d attracted interest from Manchester United after a breakout 2024–25 campaign.

Labelled the “Real Madrid of Asia” by Benzema, Al Hilal are well placed to reclaim the league title and prolong Ronaldo’s wait.

2. Crystal Palace (€90 million)

Jørgen Strand Larsen — Palace broke their transfer record twice. | James Gill/Danehouse/Getty Images)

The January window seemed to revolve around Crystal Palace, who smashed their transfer record twice, oversaw the departure of their captain and endured a pretty miserable month on the pitch.

It looked like they were going to lose Jean-Philippe Mateta in addition to Marc Guéhi, but a failed medical with Milan saw him stay put. Now, he’ll work with record signing Jørgen Strand Larsen, who joined the club on Deadline Day from Wolverhampton Wanderers.

While Larsen has struggled amid a torrid season for Wolves, the Nordic target man did score 14 times in the Premier League last season. He could be a suitable Mateta successor for when the Frenchman finally leaves, but Brennan Johnson continues to seem unsure of himself despite the change of environment.

1. Man City (€95 million)

City won the race for Antoine Semenyo. | Vince Mignott/MB Media/Getty Images

Manchester City were the protagonists of last year’s winter window, and they were considerably less bullish this time in comparison.

Nevertheless, the Premier League title hopefuls, who trail Arsenal at the top of the table, acted again in the market to facilitate an upsurge during the second-half of the season.

They didn’t require major surgery this time around, but the Cityzens still landed two of the Premier League’s best at their respective positions in Guéhi and Antoine Semenyo for a combined €95 million ($112 million).

The Biggest Spenders of the January Transfer Window—Ranked