The January transfer window is ogoing, with Liverpool and Everton among the Premier League clubs weighing up deals
Premier League clubs are actively seeking out deals as the January transfer window gathers pace. Liverpool and Everton are among those who will aim to improve their squads, just months after a record-breaking summer saw the league splurge an astonishing £3billion on new players.
While major signings are typically reserved for the summer, January offers an opportunity to kick-start the rebuilding process earlier. Manchester City were responsible for nearly half of the Premier League’s £370m expenditure last winter as Pep Guardiola set about rejuvenating his squad.
A club’s transfer budget is not solely based on the wealth of their owners but also hinges on adhering to profit and sustainability rules (PSR). Furthermore, teams with aspirations of qualifying for European competition must take into account UEFA’s squad cost ratio (SCR).
READ MORE: Oliver Glasner changes tune about Marc Guehi transfer as Man City could force Liverpool’s hand
PSR restricts losses to £105million over a three-year period, which is reduced by £22m for each year a club is outside the Premier League. On the other hand, the SCR permits clubs to allocate up to 70 per cent of their revenue towards squad-related expenses. Despite having to navigate these financial regulations, the January window presents teams with a chance to fortify both short-term and long-term prospects.
Manchester City are reportedly nearing a deal for Bournemouth’s Antoine Semenyo, who has a £65m release clause, as Guardiola’s side strive to close the gap on league leaders Arsenal. However, Liverpool and Everton have their own respective reasons for wanting to bring in new recruits.
The Reds emerged as the biggest spenders during the previous transfer window, shelling out over £100m apiece for Florian Wirtz and Alexander Isak during an eye-catching window. Despite underwhelming performances so far this term, Liverpool could yet dip back into the market in a bid to improve their season and secure a top four place, despite Arne Slot recently playing down talk of new signings.
“Liverpool have got the benefit of, yes, they had a spectacular summer of 2025, but if you take a look at their losses in the two previous years, they were never in danger of breaching PSR,” football finance expert Kieran Maguire recently told the Mirror.
However, the defending Premier League champions face the additional complication of sorting out Mohamed Salah’s future. The Egyptian star has 18 months left on his deal but was vocal about his frustration at being dropped, just prior to competing at the Africa Cup of Nations.
Regarding Salah, Maguire continued: “Well, his wages are probably going to be something like £15m a year. So, if he left he would free up the wage budget. On top of that, because he’s been there so long, effectively any money that they get is pure profit. And that goes into your top line.”
Meanwhile, Everton manager David Moyes has outlined that, while he would welcome reinforcements, the club will not be spending huge sums in the current window. Speaking last month, Moyes said: “If we find some players, we’ll be delighted to do it, and the CEO will be as well, and the owners if we can do it.”
At the top of the table, Arsenal splashed out significantly in the summer to equip Mikel Arteta with a squad depth that could potentially propel the club to title glory. The Gunners shelled out approximately £250m on fresh faces in the last window and, according to football finance expert Kieran Maguire, they could still fork out an additional £100m if necessary this month.
“We haven’t seen their financial results for this year yet, but they will have a lot of headroom from a PSR point of view,” Maguire told the Mirror. “Arsenal have got plenty of wiggle room in January. Yes, they signed players in the summer, but even so, compared to some of the other clubs, it wasn’t excessive.”
Sky Sports discounted Premier League and EFL package
Sky has slashed the price of its Essential TV and Sky Sports bundle for the 2025/26 season, saving members £336 and offering more than 1,400 live matches across the Premier League, EFL and more.
Sky will show at least 215 live Premier League games this season, an increase of up to 100 more.
He added: “So if Arsenal wanted to spend, they could spend far in excess of £100million. I think the issue is whether players are available who are not cup-tied from a Champions League point of view. Arsenal are very strong financially. Their losses in the last couple of years were £70m and under the Premier League rules you are allowed to lose £105m. So again, they have got plenty of headroom. A very smart club.”
Not every club will have the financial firepower to rival Arsenal’s January war chest. Aston Villa, currently third in the league, have previously made shrewd January acquisitions under Unai Emery – including Morgan Rogers, Jhon Duran and Marcus Rashford – and have recently brought in young winger Alysson from Gremio. Yet, as their summer activity showed, Villa will be mindful of staying within financial regulations.
Manchester United may not be experiencing much success on the pitch but the Old Trafford outfit still possess the means to strengthen their squad this month. Despite parting ways with manager Ruben Amorim earlier this week and lacking European competition, United could feasibly invest £100m in fresh talent.
“Again, from an SCR point of view, which is the new rules which are kicking in, (United are) spending around half their revenue on wages. So they’ve got huge capacity,” Maguire said. “It’s then a case of, can they spend the money? Well, yes, they’ve got a lot of debt but they’re still well within their overdraft limit. What Manchester United tend to do is to buy players on credit. So they owe £466m in outstanding transfer fees for players that they’ve signed in the past.
“I think that’s more of an issue for the summer of 2026 rather than January. If they spend £100m in January, they’ll be spreading that over three or four years. So from a cash point of view, it’s not really going to make a difference. If that’s the difference between Champions League and not Champions League, they’ve got to go for it if it’s going to improve the squad.”
Chelsea seem unlikely to bring in any significant signings after appointing new manager Liam Rosenior this week. However, both Newcastle and Tottenham reportedly have substantial transfer funds this month, while Bournemouth and Brighton are also on the hunt for new recruits.
At the opposite end of the table, Burnley will be aiming to bolster their squad to aid their battle against relegation. Meanwhile, Nottingham Forest and West Ham will be on the lookout for fresh faces as they strive to distance themselves from the relegation zone, with the Hammers having already bought a new striker.
Estimated transfer budgets
- Arsenal – £100m – Despite huge summer spending, the Gunners still have a hefty transfer budget, as noted by Kieran Maguire.
- Aston Villa – £30m – Having already signed Alysson, Unai Emery’s side are unlikely to make any expensive signings this month.
- Bournemouth – £65m – The Cherries will want to replace Antoine Semenyo and may reinvest some of that money in a centre-back this month.
- Brentford – £35m – The Bees are reportedly targeting a midfielder to build on their impressive campaign.
- Brighton – £35m – Known for their savvy transfer business, Brighton may seek a replacement for midfielder Carlos Baleba, who has previously garnered significant interest.
- Burnley – £20m – Scott Parker will want to bolster his squad as the Clarets aim to avoid relegation.
- Chelsea – £90m – The Blues reportedly still have substantial funds available, even if their focus has been on finding a new manager.
- Crystal Palace – £40m – Oliver Glasner has expressed a desire to strengthen his squad, with Brennan Johnson already signed from Spurs.
- Everton – £25m – While David Moyes would want new signings, the Everton boss has been clear about the club’s financial position.
- Fulham – £25m – The west London side may turn to the transfer market, with Marco Silva’s team being dark horses for a European spot.
- Leeds United – £20m – Leeds will aim to reinforce their squad after moving away from the bottom three but will be aware of the financial rules.
- Liverpool – £100m – According to finance expert Maguire, the Reds are in a strong position to spend in the transfer window.
- Manchester City – £100m – Pep Guardiola’s team are close to signing Antoine Semenyo and will consider moves for other targets.
- Manchester United – £100m – The impact of the club’s managerial search on United’s transfer plans remains to be seen.
- Newcastle United – £100m – ChronicleLive reported last month that Newcastle would receive a substantial transfer budget as they aim to secure European football.
- Nottingham Forest – £20m – Sean Dyche will be looking to bring in new players as he attempts to guide Forest away from the relegation zone.
- Sunderland – £20m – The Black Cats invested heavily in the summer and are expected to have a quieter month after effectively overhauling their squad.
- Tottenham Hotspur £150m – It has previously been claimed that Spurs will be given a huge budget to help save their season under Thomas Frank.
- West Ham United – £45m – The Hammers have already signed Lazio striker Valentin Castellanos in their efforts to avoid relegation.
- Wolves – £20m – Wolves are unlikely to spend big given their chances of survival but there have been positive signs under new boss Rob Edwards.
