The Window Slams Shut: Winners, Losers and Record Fees as Europe's Summer Market Closes

Deadline day delivered one of the most dramatic finishes in recent memory, headlined by a Premier League record-equalling move, a string of surprise exits, and at least one club left counting the cost of deals that collapsed at the eleventh hour.

Manchester City land Fernández in record-equalling deal

The biggest story of the window's final hours was Manchester City agreeing a deal worth around £125 million with Chelsea for Argentina midfielder Enzo Fernández. The fee matches the Premier League record set in 2025 when Alexander Isak swapped Newcastle for Liverpool.

It's a remarkable turn of events for Fernández, who arrived at Stamford Bridge as a statement signing and now leaves as one. For City, the move addresses a midfield that needed fresh legs; for Chelsea, it's a huge injection of funds — some of which was quickly earmarked for a bid in the region of €45 million for Monaco's Lamine Camara.

Liverpool made their own late splash, confirming the signing of French international winger Bradley Barcola from Paris Saint-Germain on the penultimate day of the window. The Reds also secured a deal for 18-year-old prospect N'Guessan, who will join next season — though questions remain about whether the champions of recent seasons added enough depth overall, with several pundits arguing the squad still looks thin in key areas heading into a congested campaign.

Arsenal reshape their attack

Arsenal were busy sellers in the closing days. Gabriel Jesus completed a move to Barcelona — reportedly taking a pay cut to secure what he described as a dream transfer — while Gabriel Martinelli departed for Saudi side Al Hilal in a deal worth around £60 million. Fabio Vieira also left permanently, joining Bundesliga club Hamburg.

Despite the exits, optimism around the Emirates remains high. Many analysts believe this Arsenal squad is strong enough to mount a serious title challenge, and this weekend's London derby against Chelsea will offer an early test of that theory.

Deadline day drama elsewhere

• Aston Villa confirmed the signings of Ibrahim Mbaye and Taylor Harwood-Bellis.

• Fulham moved late for Real Madrid youngster Manuel Ángel and Eintracht Frankfurt midfielder Hugo Larsson.

• Everton endured a deadline day to forget, with multiple targets — including a £40 million striker — slipping through their fingers before the deadline.

• Manchester United completed a sweeping squad overhaul but drew criticism for failing to land a new defender, a gap some pundits labelled a serious oversight.

• Tottenham left Richarlison out of their Premier League squad amid continued talk of an exit.