The Transfer DealSheet: Latest on Man Utd, Arsenal, Liverpool, Real Madrid and more

Welcome to the 10th edition of The Athletic’s Transfer DealSheet for the summer 2025 transfer window.

Our team of dedicated writers, including David Ornstein, will take you inside the market to explain the deals being worked on. The transfer window is open and will run until September 1.

The information found within this article has been gathered according to The Athletic’s sourcing guidelines. Unless stated, our reporters have spoken to more than one person briefed on each deal before offering the clubs involved the opportunity to comment. Their responses, when they were given, have been included.

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We aim to bring you analysis you can trust about what is happening at Europe’s leading clubs and the latest information we’re hearing from across the market. This year, The Athletic’s football finance writer, Chris Weatherspoon, will be adding to our analysis of the transfer market.

Last week, we looked at Liverpool’s financial position, a possible new contract for a Chelsea target, and Manchester United’s striker options. This week, we look at the striker high among the options left on the market, a possible deal for an Arsenal midfielder, and the latest on Benjamin Sesko.

This article is long but detailed, so enjoy it all — or search for the club or player you want to read about.

David Ornstein’s One To Watch

As the striker jigsaw continues to form, the football world is watching closely to discover how the various pieces will eventually fall into place.

The likes of Liam Delap and Viktor Gyokeres have made their moves, but the futures of players such as Alexander Isak and Benjamin Sesko are yet to be resolved.

On Monday night, The Athletic revealed that Newcastle United have increased their offer for Sesko as they battle Manchester United to secure the 22-year-old.

Whoever misses out will need to find an alternative recruit — unless they stick with existing personnel — and there is not a huge array of candidates on the market.

Whether it is for those two clubs or others also looking to strengthen up front, that will naturally increase the consideration given to the market’s remaining options.

High among them is Chelsea forward Nicolas Jackson, owing to his suitability and availability.

Jackson playing for Chelsea at the Club World Cup (Luke Hales/Getty Images)

The Stamford Bridge side are not desperate to trade the 24-year-old, especially given they require depth ahead of contesting Champions League football next season.

But the arrival of Delap and Joao Pedro provides competition and puts Jackson at risk of not being the primary forward, and after scoring 30 goals across 81 games in west London, he will want to be the main man somewhere.

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That explains why Chelsea are open to sanctioning the Senegal international’s departure if an acceptable proposal arrives.

Interest stems from suitors in both the Premier League and Europe. Some of them want Jackson only if their key target cannot be obtained, or someone leaves; others in addition to what they already have.

Either way, there is a growing expectation that he will exit, and developments on that case are anticipated in the coming days.

It would continue a remarkable sequence of sales completed or agreed by Chelsea, which means they will have accumulated more than £200million ($265m) in the current transfer window. They are forecasting another £100m to £150m before the deadline.

Why top clubs would benefit from signing Jackson

In an increasingly transitional league, Nicolas Jackson’s devastating ability on the break is a highly sought-after resource. Last season saw a seven-year high of 112 Premier League goals scored from counter-attacks, and few players were as central to those moves as Jackson.

His ability to collect the ball in deep areas and surge up the pitch sets him apart. According to advanced data provider Footovision, he led the division for counter-attacking involvements via ball carries.

Jackson is electric in transition, but his finishing and final-third choices remain raw. Yet few strikers possess the relentless desire and movement to reach those advanced areas in the first place: Jackson made 60 sprints in behind the defence — defined by SkillCorner as off-ball runs of at least 25km/h — nine more than any other Premier League player.

Jackson specialises in specific traits that make him an appealing profile for a host of Premier League clubs. And for all the noise around his performances, it’s easy to forget that Jackson has hit double figures for league goals in both of his two seasons at Stamford Bridge.

Conor O’Neill

What else we’re hearing

RB Leipzig have received an improved offer from Newcastle United to sign Benjamin Sesko . An opening bid worth €75million (£65m; $87m) plus €5million in add-ons was deemed insufficient by Leipzig, leading Newcastle to raise that to at least €80m. Sesko is also wanted by Manchester United, but a proposal has yet to arrive from Old Trafford and the figures they have indicated a willingness to pay are lower than those of Newcastle at present. That leaves the St James’ Park side in a strong position as things stand, after a day of positive talks held by their co-owner Jamie Reuben with Leipzig and the 22-year-old striker. Nothing is agreed yet and there is currently no guarantee of the outcome, which could still be Sesko staying if Leipzig do not accept a deal. David Ornstein

. An opening bid worth €75million (£65m; $87m) plus €5million in add-ons was deemed insufficient by Leipzig, leading Newcastle to raise that to at least €80m. Sesko is also wanted by Manchester United, but a proposal has yet to arrive from Old Trafford and the figures they have indicated a willingness to pay are lower than those of Newcastle at present. That leaves the St James’ Park side in a strong position as things stand, after a day of positive talks held by their co-owner Jamie Reuben with Leipzig and the 22-year-old striker. Nothing is agreed yet and there is currently no guarantee of the outcome, which could still be Sesko staying if Leipzig do not accept a deal. David Ornstein Burnley are set to strengthen in midfield ahead of their return to the Premier League after reaching an agreement with Chelsea to sign Lesley Ugochukwu . The France youth international, 21, has been granted permission to travel for medical tests and complete a permanent move to Turf Moor. If all goes to plan, Ugochukwu will put pen to paper on a five-year contract — significantly boosting head coach Scott Parker’s options in the No 6 and No 8 roles. David Ornstein

. The France youth international, 21, has been granted permission to travel for medical tests and complete a permanent move to Turf Moor. If all goes to plan, Ugochukwu will put pen to paper on a five-year contract — significantly boosting head coach Scott Parker’s options in the No 6 and No 8 roles. David Ornstein Manchester City have reached an agreement in principle with Ruben Dias to sign a new contract. The 28-year-old’s existing deal expires in 2027. Dias has been a major part of City’s success since he joined from Benfica for an initial £62m in 2020. David Ornstein

to sign a new contract. The 28-year-old’s existing deal expires in 2027. Dias has been a major part of City’s success since he joined from Benfica for an initial £62m in 2020. David Ornstein Stuttgart are working on a deal to sign attacking midfielder Fabio Vieira from Arsenal. The German club have approached their Premier League counterparts about Vieira. The 25-year-old was loaned to Porto last season, but Stuttgart’s interest is in a permanent move. An agreement has yet to be reached, but talks are ongoing, with Arsenal likely to seek a respectable price for a player they recruited for up to €40m in the summer of 2022. David Ornstein

Stuttgart are working on a deal for Vieira (Warren Little/Getty Images)

Borussia Dortmund remain interested in securing the permanent transfer of Chelsea’s Carney Chukwuemeka , who spent last season on loan at the Westfalenstadion. Chelsea have no interest in loaning Chukwuemeka out again and would only consider a permanent deal for the 21-year-old. Sebastian Stafford-Bloor and Simon Johnson

, who spent last season on loan at the Westfalenstadion. Chelsea have no interest in loaning Chukwuemeka out again and would only consider a permanent deal for the 21-year-old. Sebastian Stafford-Bloor and Simon Johnson Botafogo have reached an agreement with Bournemouth to sign Neto . The 36-year-old Brazilian goalkeeper was scheduled to fly to Rio de Janeiro on Monday night and undergo a medical before completing the proposed move. It will not involve a transfer fee, but as one of Bournemouth’s highest earners, the Premier League club will make significant salary savings. Neto’s contract was due to end next June, and he is set to join Botafogo on a deal until the summer of 2027, with an option to extend by six months. Bournemouth have already signed Djordje Petrovic from Chelsea as their new No 1, while Neto spent last season on loan with Arsenal. David Ornstein

. The 36-year-old Brazilian goalkeeper was scheduled to fly to Rio de Janeiro on Monday night and undergo a medical before completing the proposed move. It will not involve a transfer fee, but as one of Bournemouth’s highest earners, the Premier League club will make significant salary savings. Neto’s contract was due to end next June, and he is set to join Botafogo on a deal until the summer of 2027, with an option to extend by six months. Bournemouth have already signed Djordje Petrovic from Chelsea as their new No 1, while Neto spent last season on loan with Arsenal. David Ornstein Everton are in talks with Chelsea over the permanent transfer of Kiernan Dewsbury-Hall for an initial fee of £25m. As reported by The Athletic last week, Chelsea will only consider a permanent sale and placed a valuation of £30m — the fee they paid Leicester City last year — on the midfielder, while other Premier League clubs have also made enquiries. Patrick Boyland and Simon Johnson

Who has spent the most in the Premier League so far this window?

A look at Premier League spending by club so far this summer throws up few surprises at the top end. Using figures sourced from Transfermarkt, Liverpool’s big summer puts them top of the tree with over £250m spent on new players; add in £25m on Giorgi Mamardashvili (deal agreed last summer, but only joined Liverpool officially this season) and expectations of agent fees and the four per cent transfer levy payable by clubs on incoming transfers and you land beyond £300m.

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Behind Liverpool sit Chelsea, again offering little surprise. Indeed, of the seven clubs to have spent over £100m to date, all but one form part of England’s ‘Big Six’. The exception, Sunderland, have spent heavily as a result of past prudence and out of necessity as a newly promoted club. They are expected to spend even more before the season commences.

Of greater note are those clubs that haven’t spent much yet. Between Aston Villa, Crystal Palace and Fulham, less than £10m has been laid out on new players, which looks pretty stark when set against the backdrop of the rest of the division’s spending.

Premier League clubs have spent over £1.8billion on players so far this summer, though plenty of that has been among themselves, with the division’s net spend standing at around £865m.

Even so, Premier League spending continues to dominate the world transfer market. That net spend figure is far and away the most in football this summer, with only the Saudi Pro League also reaching nine figures (£185m). The Saudi league’s gross spend is just £280m so far, though there are expectations that will soon rise.

Chris Weatherspoon

Arsenal

What happened this week?

After a flurry of activity, it has been a quieter week at Arsenal.

Arsenal’s recruitment drive continues at academy level, although the club missed out on 17-year-old Salford City striker Will Wright. Despite agreeing on a fee of £200,000 plus add-ons with Salford, Arsenal never reached an agreement on personal terms with the player. Wright preferred to remain in the north west, and that allowed Liverpool to steal in and secure a deal.

The club are still looking for a striker to complement Andre Harriman-Annous, who toured with the first team in Asia, at under-21 level. Arsenal have had a second bid rejected for 17-year-old Blackburn Rovers striker Igor Tyjon.

They have managed to secure the signing of 16-year-old goalkeeper Remi Lupinski from MK Dons. Lupinski, who will be part of Arsenal’s under-17s next season, has signed a two-year scholarship deal.

Arsenal had a second bid rejected for Tyjon (Christof Koepsel/Getty Images for DFB)

Which youngsters impressing in pre-season could fill gaps in the squad?

Last summer, the performances of Myles Lewis-Skelly and Ethan Nwaneri in pre-season forced them into first-team contention. Arsenal adapted their transfer plans accordingly, loaning out Vieira to provide Nwaneri with opportunities to develop.

This year, it’s 15-year-old Max Dowman who has captured the imagination with a series of impressive cameos. It is unclear how regularly he will be involved with the first team once the competitive season starts.

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Thus far, left-footed Dowman has featured on the right wing. That’s a position where Arsenal have more experienced alternatives. Bukayo Saka is one of the first names on the team sheet and Arsenal have also welcomed Noni Madeueke to Colney in recent days. Madueke cut short his holiday to start training with Arsenal ahead of schedule.

The 2025-26 season is the first campaign in which Dowman will be eligible for either the Arsenal first-team or their under-21s. It is expected he will feature for both teams across the course of the campaign.

What positions/players are they still looking at?

If Arsenal are to make a significant addition to the first-team squad, it is most likely to be on the left wing. Any acquisition may be connected to the futures of Gabriel Martinelli and Leandro Trossard.

Arsenal hold a long-term interest in 19-year-old Rennes defender Jeremy Jacquet. The France Under-21 international was discussed as a potential signing before Arsenal moved ahead with a deal for Cristhian Mosquera.

Departures of defenders such as Oleksandr Zinchenko or Jakub Kiwior could lead Arsenal to revisit their interest, but Jacquet signed a new deal with Rennes as recently as May, tying him to the Ligue 1 club until 2029.

Arsenal hold an interest in Jacquet (Olivier Chassignole/AFP via Getty Images)

Which players could be leaving?

Kiwior has been the subject of interest from Porto.

The Polish international defender enjoys life at Arsenal, but at 25, he is interested in exploring opportunities to join clubs where he would be regarded as a first-choice player.

Arsenal are not in a hurry to move Kiwior on, but as with most players, there is a number at which a deal would make sense for all parties.

A number of other players on the fringes of the first-team squad could be allowed to leave before the transfer deadline. There is interest from Fulham in Reiss Nelson.

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Arsenal also hope to find buyers for Zinchenko, Albert Sambi Lokonga, and Karl Hein. Vieira is being targeted by Stuttgart. The 25-year-old was loaned to Porto last season, but Stuttgart’s interest is in a permanent move. An agreement has yet to be reached, but talks are ongoing.

A number of academy players may also be permitted to leave permanently if a suitable opportunity arises.

James McNicholas

Chelsea

What happened this week?

It has been a busy one. As far as incomings go, Chelsea completed the purchase of Netherlands international defender Jorrel Hato for a fee in excess of €40m. They also won the race to sign highly rated England Under-19 midfielder Jesse Derry, who chose to run his contract down at Crystal Palace.

More work has been done on the departures front. Joao Felix joined Al Nassr as expected for an initial €30m, with add-ons potentially taking it to €50m.

Burnley have beaten off competition from teams across Europe to buy midfielder Ugochukwu. They also agreed a fee with Chelsea for striker Armando Broja. As reported in the transfer DealSheet last week, Chelsea’s asking price was £25m. The final sum is unlikely to be made public.

Everton are in talks over the signing of midfielder Kiernan Dewsbury-Hall for an initial fee of £25m, and discussions are ongoing. There is also interest from other Premier League clubs. The transfer DealSheet revealed last week that several Premier League teams had made an enquiry and that Chelsea’s asking price is around £30m.

Sunderland are close to finalising a season-long loan for striker Marc Guiu. The negotiation has included inserting a clause akin to Broja’s loan to Fulham last year, where a penalty fee will have to be paid if the forward does not play a certain number of games. Sunderland sources are comfortable with the situation and do not see such a clause being problematic.

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There has been a lot of activity with sister club Strasbourg, too. Midfielder Kendry Paez and goalkeeper Mike Penders joined them on a season-long loan, while under-21 defender Ishe Samuels-Smith moved permanently for an undisclosed fee.

Meanwhile, under-21 midfielder Leo Castledine left on loan for Huddersfield Town and another talented member of the development squad, Alex Matos, is nearing a permanent departure.

Chelsea have confirmed the arrival of Hato (Alex Bierens de Haan/Getty Images)

Do Chelsea have what they need to compete on four fronts?

Chelsea believe they have improved the squad from the one that finished fourth in the Premier League and won the Conference League.

The two wingers that have left — Jadon Sancho and Noni Madueke — have already been replaced by Jamie Gittens and Estevao Willian. The attack has been strengthened, too, with the arrivals of Liam Delap (Ipswich Town) and Joao Pedro (Brighton & Hove Albion), plus extra midfield cover has been provided with the additions of Dario Essugo (Sporting CP) and Andrey Santos, who has returned from Strasbourg on loan.

Hato’s purchase has also filled in a major gap in the group, as Marc Cucurella finally has cover from someone who actually naturally plays in the position rather than switching right-backs Malo Gusto or Reece James across.

More departures are expected, particularly higher up the pitch, and that will leave space for more arrivals to come.

The only area they will not add to, which will come under scrutiny from the fan base, is in goal. They have no intention to buy another goalkeeper now, despite pursuing Mike Maignan earlier in the window. Chelsea are happy with Robert Sanchez and Filip Jorgensen as their two main choices. Indeed, they turned down an offer from a Champions League club for the latter.

In terms of the overall picture, head coach Enzo Maresca will have the opportunity to rotate due to the amount of options at his disposal.

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What positions/players are they still looking at?

The primary areas are another winger and a creative player, which is why the names Alejandro Garnacho and Xavi Simons will not go away. Both players depend on exits. Chelsea are in informal discussions with Manchester United over Garnacho, but that is as far as it has gone.

The same can be said for Simons. No formal bid has been made to RB Leipzig yet. Chelsea do have other players on their wishlist for these roles, including Aston Villa’s Morgan Rogers.

Chelsea want another winger and creative player such as Garnacho (Ben Roberts Photo/Getty Images)

Which players could be leaving?

As my colleague David Ornstein reports, Chelsea are not desperate to sell Nicolas Jackson but would be open to sanctioning his departure if the right proposal arrives.

The transfer DealSheet revealed last month that Chelsea are open to loaning out winger Tyrique George, but the situation has developed since then.

Chelsea are talking with George’s representatives to figure out the best option going forward. A straight loan is still a possibility, but Chelsea will not consider any proposals including an option to buy. Like Guiu, the club want some kind of conditions in place regarding playing time if there is a loan.

A permanent sale is being discussed, too, but Chelsea would like to include a buy-back clause and a sell-on fee. A number of teams in England and Europe have registered their interest in both scenarios.

Christopher Nkunku, who is valued at €50m, has been given permission to miss the start of pre-season training. He is the subject of enquiries from a number of clubs in England, Italy and Germany. Two teams that looked like possible candidates to sign him earlier in the window — Manchester United and RB Leipzig — are now deemed unlikely.

Jackson is the subject of approaches from multiple clubs in England and Europe, too. Chelsea do not see him as untouchable, but will demand a high fee similar to what other starting centre-forwards have cost when transferred to other clubs this summer.

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Chelsea are still working on the sales of Raheem Sterling, Ben Chilwell, Renato Veiga, Carney Chukwuemeka, who is of interest to Borussia Dortmund, and Axel Disasi. They want to get their situations resolved before entering the final week.

Alfie Gilchrist is still hopeful of joining a Championship side, but he may have to wait until the end of the month. Defender Aaron Anselmino is highly rated at Chelsea after integrating into the camp during the second half of last season and will be sent on loan. Teams in Europe have made an enquiry.

Simon Johnson

Liverpool

What happened this week?

Liverpool’s pursuit of Alexander Isak continued, but there were no signs of a breakthrough.

A £110m bid for the Sweden striker was rejected by Newcastle United, who value their prized asset close to £150m and will not consider selling unless an offer is too good to turn down and they source a suitable replacement.

Meanwhile, after Luis Diaz completed his move to Bayern Munich, another Liverpool forward edged closer towards an exit as Saudi Pro League side Al Hilal identified Darwin Nunez as their priority target. Milan have also shown an interest in the Uruguayan, although it’s unlikely they will be able to afford him as the cost of the total package is deemed too expensive.

On the pitch, Arne Slot’s side wrapped up their pre-season friendly schedule with a double-header against Athletic Club on Monday night at Anfield.

Al Hilal have identified Nunez as their priority target (Kenta Harada/Getty Images)

Is it Isak or bust up front?

Slot has consistently reiterated that he is only looking for players who can immediately improve the squad, and clearly Isak fits the bill.

Landing the 25-year-old striker would supercharge an attack that won the title last season and also boost the options ahead of further expected outgoings.

Yet there’s no intention to stockpile players for the sake of it should a move for Isak not progress. Liverpool have new signings Hugo Ekitike and Florian Wirtz alongside Cody Gakpo and Mohamed Salah already in the attacking department, while Jeremie Frimpong is an attack-minded right-sided player. There’s no intention to block Rio Ngumoha’s pathway, either, so it would take a standout market opportunity for Liverpool to consider a different attacking option.

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What positions/players are they still looking at?

Centre-back is an area that remains a little light following Jarell Quansah’s exit to Bayer Leverkusen.

Ideally, Slot would like another defender so he has strong competition for places, and a number of young players have been considered.

The alternative is turning to either Ryan Gravenberch or Wataru Endo to fill in if Virgil van Dijk, Ibrahima Konate, or Joe Gomez are not available.

Quansah’s exit has left Liverpool light at the back (Carl Recine/Getty Images)

Which players could be leaving?

Tyler Morton is on the verge of moving to Lyon for a fee of £15m, inclusive of add-ons.

Federico Chiesa is still weighing up his options ahead of a likely exit this month, while Kostas Tsimikas debates his future with two years remaining on his contract.

A number of clubs have shown interest in Ben Doak, but Liverpool are waiting for any offers to sign the winger on a permanent deal before deciding what happens next. James McConnell and Luca Stephenson are expected to go out on loan, but there is growing interest in both players from clubs who are considering a permanent move.

Gregg Evans

Manchester City

What happened this week?

Goalkeeper James Trafford officially rejoined from Burnley, two years after leaving. City sold him for £14m and bought him back for £27m, which means the value of the deal in book value is £13m.

Leaving the club on loan was 19-year-old winger Joel Ndala, who joined Hull City. He spent a year at PSV Jong (their second-tier side) and the last four months of last season at Nottingham Forest, which he mainly spent with their Premier League 2 side. They did not take up the option to sign him permanently.

Trafford has returned to City (Molly Darlington/Getty Images)

Are we getting to the stage where City might cut any of their unwanted players loose?

Numbers certainly have to come down now, with less than a month remaining of the window. They have yet to make headway on that, though, with Jack Grealish, Kalvin Phillips and James McAtee all still City players.

Other possible departures are being narrowed down as players commit to staying. John Stones is not leaving in the final year of his deal, while the plan is for Abdukodir Khusanov to stay.

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The Uzbek defender’s first six months have been seen as a period to adjust to a new culture, league and language. The fact he can operate at right-back as well as centre-back is also useful.

There could be several players heading out on loan, though.

What positions/players are they still looking at?

Trafford represented the final bit of proactive business in terms of incomings.

The priority is now sorting the futures of the players who are surplus to requirements, unless an opportunity arises in a position that improves the team and adds value.

Echeverri’s future is yet to be decided (Alex Grimm/Getty Images)

Which players could be leaving?

Claudio Echeverri’s future is still to be decided as he is highly thought of internally, but a spot in Argentina’s World Cup squad next summer is on his mind.

He has yet to be capped by the senior team, but sources close to the player believe that a loan move is needed to ensure he plays enough. A move to fellow City Football Group club Girona is not on the cards, with the preference being a loan to a Premier League side, if he does leave.

Brazilian defender Vitor Reis is also in discussions about leaving on loan for the season, potentially to Girona, with his international ambitions also playing a part.

Elsewhere, many European clubs have registered interest in acquiring Sverre Nypan on loan. Bundesliga clubs are in the race, but conversations are ongoing to identify the best destination for his development.

At the top end of the academy, Watford and Swansea City are battling for the signature of defender Max Alleyne, who is in talks to extend his contract before heading out on his first loan. Several European clubs have also shown interest.

Jordan Campbell

Manchester United

What happened this week?

United’s summer-long striker search narrowed to a single, priority target: RB Leipzig’s Benjamin Sesko.

Informal club-to-club talks have taken place with Leipzig, as have discussions with Sesko’s representatives over prospective personal terms. Competition from Newcastle United is fierce — they made an improved offer for the striker on Monday night. An opening bid worth €75m plus €5million in add-ons was deemed insufficient by Leipzig, leading Newcastle to raise that to at least €80m.

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Christopher Vivell, United’s director of recruitment, served in the same role at Red Bull Salzburg when Sesko joined from Slovenian club Domzale in 2019 and has been a driving force behind United’s pursuit. But a proposal has yet to arrive from Old Trafford and as The Athletic’s David Ornstein reports, the figures they have indicated a willingness to pay are presently lower than those of Newcastle.

Omar Berrada, United’s chief executive, told MUTV before Sunday’s 2-2 draw with Everton in the United States that a recruitment team, including Vivell, is “working around the clock” back in Manchester to further strengthen the squad.

“We have to do a lot of multitasking,” he said. “There has been lots of late calls and early morning meetings to make sure we stay on top of it.”

Elsewhere, academy players Ethan Wheatley and Jack Moorhouse both secured loans to League One clubs, joining Northampton Town and Leyton Orient respectively until the end of the season.

United have narrowed their search to a single priority striker: Sesko (Maja Hitij/Getty Images)

Why did Man Utd decide on Sesko as their first choice?

United had previously whittled their striker shortlist down to Sesko and Aston Villa’s Ollie Watkins, who would offer valuable Premier League experience, such as new arrivals Bryan Mbeumo and Matheus Cunha.

Sesko is a rawer and riskier alternative to Watkins, but also far from an unknown quantity in the corridors of Carrington and Old Trafford. United previously explored a move for him when he was just 16 years old, before he had left his native Slovenia.

United revived their interest during Erik ten Hag’s first summer in charge, but Sesko committed to swapping Red Bull Salzburg for their stablemates in Leipzig. He was a target early last summer, too, before attention turned to Joshua Zirkzee.

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Sesko’s record in the Bundesliga of 27 goals in 64 appearances over the past two seasons is solid without being spectacular and raises questions over whether he is capable of making an immediate impact.

But at 22, he is significantly younger than the 29-year-old Watkins, and his rare blend of speed and stature with a powerful strike has made him one of the most highly rated young centre-forwards in Europe.

Spending north of €80m on Sesko’s potential would represent a gamble, but should he realise that potential, United would have a striker capable of leading the line for years to come.

What positions/players are they still looking at?

Other than up front, United have been assessing their options in midfield. Amorim is keen to add more dynamism in the middle of the park.

A goalkeeper signing has also been considered, although with Andre Onana expected to stay, any further addition will likely depend on whether understudy Altay Bayindir departs in search of regular minutes.

Any goalkeeper arrival will likely depend on Bayindir’s future (Julian Finney/Getty Images)

Which players could be leaving?

The Sesko pursuit brings Rasmus Hojlund’s future into question, despite him making no secret of his desire to stay and fight for his place.

While there is interest in the 22-year-old, United will almost certainly need to swallow a loss on his book value of around £40m to let him go. Offers of £30m will be considered.

Garnacho is the subject of interest from Chelsea, and Real Betis hope to sign Antony on a permanent basis after his successful loan spell in La Liga last season, but neither move is advanced.

United are also eager to offload Sancho, are open to offers for Tyrell Malacia, and could allow Toby Collyer to leave on loan.

Mark Critchley

Newcastle United

What happened this week?

Blimey, where to begin?

They finally received — and rebuffed — an offer for Isak, with Liverpool’s formal bid of £110m some £10m less than their unofficial expression of interest last month and a great deal less than Newcastle’s £150m valuation. Isak, who has not been on the club’s pre-season tour to East Asia, instead trained alone at Real Sociedad, his former club, before returning to Newcastle’s training ground on Monday.

After suffering a series of high-profile rejections this summer, Newcastle identified Sesko as their leading target to replace Isak or, “in an ideal world”, play alongside him.

They followed that up with a bid worth €80m to RB Leipzig, but that fell short of the German club’s demands. Newcastle are working flat-out on Sesko, with Jamie Reuben, one of the club’s co-owners, taking a personal interest and being heavily involved, but they are aware they are competing for Sesko with Manchester United.

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On Monday, Newcastle made an improved offer. This leaves them in a strong position as things stand, following a day of positive talks held by Reuben with Leipzig and the striker.

Their pursuit of Brentford’s Yoane Wissa is ongoing.

They completed their second senior signing of the window with goalkeeper Aaron Ramsdale joining from Southampton on a season-long loan with an option to buy at the end of the season.

The 18-year-old winger, Antonio Cordero, newly arrived from Malaga, left for Westerlo in Belgium on a season-long loan, while midfielder Isaac Hayden was released from his contract.

Ramsdale signed from Southampton on loan (Dan Istitene/Getty Images)

Is the slow-moving nature of Newcastle’s business becoming a problem?

The slow-moving nature of everything Newcastle do (or don’t do) is a concern. Almost 11 months after Darren Eales announced he would be stepping down as chief executive after a diagnosis of blood cancer, the club have still not confirmed his replacement, with Eales now on medical leave. Nor do they have a sporting director after Paul Mitchell saw out his notice and left at the end of June.

Both of these things, to put it mildly, are sub-optimal. It means, for the second summer in succession, there is a huge flux at the top of the club.

In terms of the bigger picture, there has been no tangible movement on a new stadium or training ground; while these are huge, complex projects, it has become difficult for Howe to point to progress in other areas of the club.

Rewind to the end of last season, when Newcastle sealed qualification for the Champions League and Howe said: “We have to be ready to conclude things very quickly because good players don’t hang around for long.”

That, clearly, did not happen. Was this a failure of preparation, which should have taken place on Mitchell’s watch? Was it because Howe wanted, where possible, oven-ready Premier League players? Was it a combination of both, plus less-than-perfect circumstances?

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Whatever the case, the likes of Bryan Mbeumo, Liam Delap, Joao Pedro, James Trafford, and Hugo Ekitike have all ended up moving to traditional ‘Big Six’ clubs.

What positions/players are they still looking at?

For obvious reasons, centre-forward towers above everything else. With Callum Wilson leaving Newcastle at the end of last season and subsequently joining West Ham United, some form of backup for Isak was already required.

There has been a glimpse of what life without Isak would look like during pre-season fixtures. William Osula, the only established centre-forward available to Howe, started three matches in succession; the Denmark Under-21 International is yet to start once in the Premier League. Against Tottenham Hotspur, Anthony Gordon began up front. Neither is a long-term solution.

Right-sided centre-half is another longstanding requirement. Mitchell spent weeks attempting to sign Crystal Palace’s Marc Guehi a year ago, and he remains of interest, but is Newcastle still of interest to the England defender? Atalanta’s Giorgio Scalvini and Marseille’s Leonardo Balerdi have featured during transfer discussions, but other European-based players are under active consideration.

Having sold Sean Longstaff to Leeds United, Howe’s options in midfield are thinner, particularly with Joe Willock now out for between four and six weeks with a calf injury. Ideally, there would be reinforcements here, too, although little has been ideal about this summer.

Which players could be leaving?

All roads lead back to Isak.

Newcastle have been careful to leave escape routes open for their most important player. There has been no criticism of him in public, although there were some pointed general remarks from Howe on Sunday when he told reporters: “No player can expect to act poorly and train with the group as normal.” They still believe he can be reintegrated, but this will, in part, be determined by the player’s attitude, as well as Liverpool, whose interest remains.

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As Isak’s situation shows, Newcastle cannot take anything for granted, but they are determined to hold on to their other prize assets, Sandro Tonali, Bruno Guimaraes, Gordon and Tino Livramento.

Beyond that, Burnley are talking to the club about signing Martin Dubravka, the goalkeeper, while Odysseas Vlachodimos, another goalkeeper, is also available, most likely for a loan.

Newcastle would not stand in the way of full-backs Matt Targett or Harrison Ashby leaving.

Which Premier League clubs could do with selling players this window?

There are four weeks remaining in this summer’s transfer window and, though eyes will inevitably be drawn to incomings, it’s a natural byproduct of modern football — profit and sustainability rules (PSR), cash flow, and squad sizes — that some clubs will be in greater need of selling than others.

Chelsea provide perhaps the most obvious example, their settlement agreement with UEFA last month dictating that to register new players to their Champions League squad list, they need to ensure a ‘positive transfer balance’. In other words, outgoings need to outweigh the cost of those newly registered players.

In truth, Chelsea’s business model has long relied on player trading and they’ve been effective sellers for years. Their need to sell is not a sign of desperation, more a fact of Stamford Bridge life.

As reported by David Ornstein, Jackson’s exit could represent another big sale for Chelsea.

Manchester United might not be desperate, but their desire to sell players this summer is heightened, not least because they’ve been such poor sellers in the past. Already this window, they have benefited from significant sell-on fees via moves involving Alvaro Carreras, Anthony Elanga and Maxi Oyedele.

Chelsea reached a Settlement Agreement with UEFA (Alex Grimm/Getty Images)

United haven’t sold anyone themselves yet, though the savings on Marcus Rashford’s wages for a year are sizeable. United’s financial concerns are more cash-focused than based on any ongoing PSR worries, as they owed significant transfer instalments even before the signings of Cunha and Mbeumo. Outgoings, with Garnacho and Antony the prime candidates, might not be financial necessities, but United need to get better at selling, and there’s no time better than the present.

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Elsewhere, several clubs have already been active sellers of talent. Bournemouth, Brighton and Nottingham Forest have each banked over £100m in sales this summer. Wolves and Brentford aren’t far behind. West Ham’s sale of Mohammed Kudus pretty much offsets their spending on new faces.

Arsenal are the Premier League’s highest spenders on a net basis currently, committing around £200m in fees while only recouping small sums on Nuno Tavares and Marquinhos. They had a lean year in terms of transfer spending last season, giving them scope to splurge this time around, but it wouldn’t be a surprise if they sought some sales this month.

Likewise Liverpool. The Athletic has detailed how they can afford their big spending, but the desire to land Isak looks a stretch without a departure, if only because of Fenway Sports Group’s continued desire to run the club sustainably. Nunez leaving would have the benefit of freeing up a striker spot and, most likely, generating a decent fee.

Chris Weatherspoon

Tottenham Hotspur

What happened this week?

The biggest story was Son Heung-min playing his last game for Tottenham Hotspur after 10 glorious years. Negotiations are currently ongoing for a move to LAFC, and Son played 66 minutes of the friendly against Newcastle before he was taken off to huge applause.

It remains to be seen when Son’s move to LA will be confirmed, and whether Spurs will be straight into the market for a replacement. But the other major development from Sunday was James Maddison being taken off on a stretcher with a worrying-looking knee injury. If it was as serious as it looked, then Spurs may have an issue with creativity in the middle of the pitch.

They did make another midfield addition on Sunday, though, with Portugal international Joao Palhinha joining from Bayern Munich on loan. Meanwhile, Mikey Moore joined Rangers on a season’s loan.

Son is leaving Spurs after ten years at the club (Chung Sung-Jun/Getty Images)

Does Palhinha solve an issue in the middle?

Most definitely. Tottenham have lacked a solid defensive midfielder for years. Last season they had to make do with Rodrigo Bentancur and Yves Bissouma in that position, with a few occasional contributions from Archie Gray. And they never looked secure.

The decision to allow Pierre-Emile Hojbjerg to go to Marseille last summer, while understandable, left Tottenham short in that role. Too many times last year, opponents just counter-attacked through the middle of the pitch, or easily got a shot off from the edge of the box.

It is no surprise that Thomas Frank wanted to change that. The former Brentford head coach wanted to bring Christian Norgaard in from his former club, but he chose Arsenal. Frank will hope Palhinha will do the job. He had two good years at Fulham where he comfortably led the Premier League in tackles, proving that he was one of the best players around at stealing the ball and breaking up opposition attacks. And even though he struggled to make much of an impact at Bayern, he should be perfectly equipped to deliver some much-needed defensive stability at the base of Spurs’ midfield.

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What positions/players are they still looking at?

The big question for Spurs is whether Maddison’s knee injury forces them back into the market to add some creative quality before the end of the window. They pushed hard to sign Morgan Gibbs-White from Nottingham Forest earlier in the window for £60m. But with Gibbs-White staying at Forest, and Maddison and Dejan Kulusevski both down with knee injuries, Spurs have a serious lack of midfield to start the season.

Fans will be expecting the club to be bold in the market and try to sign some established quality, and would love Tottenham to re-enter the race to sign Eberechi Eze from Crystal Palace.

Spurs need midfielder reinforcement – could they go back in for Eze? (Julian Finney/Getty Images)

Beyond that, there are some areas that could do with strengthening, such as another left-sided defender, or possibly another centre forward.

Spurs have five senior centre-backs. Micky van de Ven and Cristian Romero are first-choice. Kevin Danso appears to have become the best backup option while Radu Dragusin recovers from an anterior cruciate ligament (ACL) injury he suffered in January. Kota Takai joined Spurs from J League side Kawasaki Frontale earlier this summer but has not featured in any pre-season games because he is suffering from a foot injury. Luka Vuskovic looks promising, but is more likely to head out on loan for regular game time to help his development.

They are interested in signing another centre-back before the window closes. Van de Ven and Romero both missed large chunks of last season through injury. Dragusin will not be available any time soon, and Takai will need time to acclimatise to a new country and environment. Spurs need more depth and quality to enable them to compete in the Premier League and the Champions League, and to avoid the injury crisis they suffered under Postecoglou last season.

But midfield remains the big story for the rest of August.

Which players could be leaving?

Son’s move to MLS is likely to be tied up soon, with Spurs hoping to get a fee of close to £20m, which would mean they had almost made back the whole £22m they paid Bayer Leverkusen for him 10 years ago.

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Even after Son’s departure, there will be questions about a few other senior players, just in case offers come in that are worth Tottenham thinking about, such as Richarlison or Bissouma. But Cristian Romero, about whom there was so much speculation earlier in the window, looks set to stay.

Atletico Madrid have given up on signing him and have already signed Slovakian international centre-back David Hancko from Feyenoord.

Ben Davies admitted there is uncertainty over his long-term future in an interview with The Athletic. However, Frank has been impressed by the Wales international, who has featured regularly in pre-season at left-back. He values the 32-year-old’s experience and mentality. Frank believes he is a positive influence within the dressing room and is considering him for a role in the leadership group.

Bentancur has entered the final year of his contract, and Frank has been full of praise for him, too. He thinks the Uruguay international can be a key player long-term. If so, Spurs need to start discussions over a new deal if they haven’t already.

Elsewhere, there is the possibility of younger players leaving Spurs, with Alfie Devine and Dane Scarlett still waiting for loan deals.

Jack Pitt-Brooke and Jay Harris

Barcelona

What happened this week?

Barcelona came to the end of their pre-season tour on Monday with a convincing 5-0 win against Daegu FC, with Marcus Rashford scoring his first goal in a Barcelona shirt.

Last week, they beat Seoul FC 7-3 with Lamine Yamal and Ferran Torres scoring two goals each. The Catalans ended their trip to Japan and South Korea with 15 goals scored across three games.

Now they return to Barcelona to finalise their work before the start of La Liga. They will face Como at home next Sunday in the traditional Joan Gamper pre-season trophy.

Meanwhile, Marc-Andre ter Stegen underwent surgery on his back injury successfully last week. Now it will be up to La Liga to determine if the goalkeeper’s injury can be considered long-term, and therefore free up salary space to register a new Barca player.

Ter Stegen has had surgery (Alex Caparros/Getty Images)

Who are Barcelona at risk of not being able to register?

The list is not short. All new signings from this summer need to be included: Joan Garcia, Marcus Rashford and Roony Bardghji. There’s Wojciech Szczesny, too. Finally, Barcelona have to register Gerard Martin. The left-back played last season while being registered as an academy player, but after a significant number of appearances under Hansi Flick, La Liga will now force Barcelona to include him in their first team.

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The number one priority in that department is Garcia. Barcelona want to get his registration resolved as soon as possible, and club president Joan Laporta said during the pre-season tour last week that they are working on it.

“All the registrations are progressing adequately. It is better to work in silence and not speak too much about it in public,” said Laporta on Saturday.

An element that could have an impact on registrations is Ter Stegen’s injury. The German goalkeeper underwent surgery on his back last week in France. Now, Barcelona are expected to submit medical reports to La Liga, who will assess them. La Liga’s independent medical panel will evaluate the injury and decide whether it can be deemed as a long-term injury. This would mean an expected recovery time of at least four months. If they do, Barcelona would be in a position to use 80 per cent of Ter Stegen’s salary to register a new player.

“Joan Garcia’s registration does not depend on Ter Stegen,” Laporta said on the weekend. “But his absence, given it is an important injury, could provide a more straightforward way to register him”.

With Rashford and Szczesny, the club maintain they will eventually be registered without any major sale completed. In the case of Bardghji, Barcelona are aware they could potentially register the Swedish winger as a Barcelona Atletic player if there’s no room for him as a first-team one.

What positions/players are they still looking at?

According to well-placed sources within the club, Barcelona are done with signings in this transfer window.

After the arrivals of Garcia, Szczesny, Rashford and Bardghji, Laporta and Deco do not expect any other major arrivals this summer, and they are now focused on registrations.

Barcelona do not expect any further signings (David S Bustamante/Soccrates/Getty Images)

Which players could be leaving?

Hector Fort is the only first-team player with a big chance of leaving. The 19-year-old right-back has lost his place in Flick’s priority list in his position to Eric Garcia, who was fantastic last season when he was required in the role.

There is practically no game time in sight for Fort, which pushed Barca and Flick to tell the player it would be best for him to find a new club. Although Fort did not intend to leave initially, Barcelona’s clarity over his role has made him reconsider. The club are searching for a permanent sale, while aiming to keep close tabs on the defender with a buy-back clause.

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On other names, there have been plenty of rumours in local media. The likes of Fermin Lopez and Marc Casado have been named as players who could raise interest abroad, and ones that Barcelona would be very willing to listen to offers for.

However, the reality is that none of those players intend to leave — even knowing they are not close to having a starting role — and Flick is very happy to keep them. Barca won’t actively push for a sale, and at this point club sources acknowledge that there is no major sale contemplated.

Flick is going to have a deep squad to handle, which is certainly a luxury to have, but at the same time, can be a man-management challenge for the German.

Pol Ballus

Real Madrid

What happened this week?

There was no major movement in terms of signings, and this is not expected to change unless space is freed up in the squad. For now, no further departures are expected after the exits of academy players Chema Andres (Stuttgart), Jacobo Ramon (Como) and Mario Martin (Getafe) were confirmed.

Argentina midfielder Franco Mastantuono arrived in Madrid on Sunday, although the 17-year-old is not expected to be officially presented until he turns 18 on August 14.

Does Xabi Alonso have the right squad for his style of play?

Although in his last press conference in the United States — after the 4-0 Club World Cup semi-final defeat to Paris Saint-Germain — Alonso left the door open to further improving the squad, the signings that have been made are in line with his project.

Upon his arrival at Madrid, the Basque coach played an active role in the signings of Alvaro Carreras, Dean Huijsen and Mastantuono, all of whom he called to convince them to join. My colleague Mario Cortegana understands from sources close to the coaching setup that Alonso feels there is still room for improvement. One source suggests Alonso and his staff would like two signings, possibly one to replace Rodrygo in case the Brazilian leaves. The club’s view is that the team has been built with Alonso in mind.

(Robbie Jay Barratt – AMA/Getty Images)

What positions/players are they still looking at?

Although Madrid are always keeping an eye on the market and evaluating players, it is not clear if they have anyone specific in mind for the rest of the transfer window.

Sources who have recently been in contact with the club tell The Athletic they have been looking at options for midfield, but none of them have been fully convincing. In contrast, club sources insist the squad is closed to any more arrivals and that Alonso will have to adapt to what is available.

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Which players could be leaving?

Although both the club and Alonso are open to Rodrygo leaving, there have been no developments in his case and, according to sources close to the player, the Brazilian has indicated he wants to stay. My colleague Mario Cortegana has been told by sources close to the coaching staff that Alonso and his team are not entirely happy with Rodrygo. The player is working with intermediary Pini Zahavi this summer, which could indicate he is not so clear about his position at the club.

Both Endrick and Gonzalo Garcia are keen to stay. According to a source close to Gonzalo, the striker’s agent, Oscar Ribot, is working on an extension and an improvement to his contract after his impressive performances at the Club World Cup.

The club has not yet announced who will wear the No 9 shirt, which is telling. Club sources say the decision is yet to be made.

French left-back Ferland Mendy intends to stay at Madrid and compete with Carreras and Fran Garcia, but his camp is surprised the club has not yet announced his contract renewal (which, as The Athletic reported at the time, was finalised last year).

Madrid retain a 50 per cent sell-on clause for the 20-year-old midfielder Nico Paz after his sale to Como last year. This year, Madrid have decided to waive their buy-back clause — they can re-sign him for €9m next year or €10m in 2027. Como have intended to buy out Madrid’s sell-on rights for months after seeing a lot of potential in Paz last season.

According to various sources involved in negotiations, there is no clause in the current agreement as to how Como could do that. When the idea was first raised a few months ago, sources at Madrid rejected the idea of losing control over a player they see as a potential star.

Reinier Jesus is set to join Atletico Mineiro in his native Brazil. The Athletic reported last week that they were the best-placed suitors for the 23-year-old. Reinier, who joined for €30m from Flamengo in 2020 and has never played for Madrid’s first team, is expected to sign until December 2029 for the Brazilian side. Madrid will not receive any money but will retain a 50 per cent sell-on clause.

Guillermo Rai

(Top photos: Maryam Majd/Getty Images, David Klein/AP Photo; design: Dan Goldfarb)

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