Premier League clubs increased their spending in the January window to £370 million -- up on the £100m paid out last year -- though Manchester City are chiefly responsible after splashing out £180m of that on their own. We were nowhere near the 2023 record of £815m, but will the summer see a rise in expensive moves?
This year, for the first time, the transfer window will be split into two due to the presence of the Club World Cup. The window will open from June 1-10, then close for six days and open again on June 16.
As ever, international deals not involving clubs in the Club World Cup, and free transfers, won't go through until July 1.
Here are grades for all the major confirmed transfers in the men's game, with each listed by date and then by highest fee.
All fees are reported unless confirmed with an asterisk.
June 1
MATHEUS CUNHA
£62.5m ($84.7m)
Wolves: A
Man United: B
Wolves parted with £44m to sign Cunha in 2022. At the time, few doubted his talent, but many pointed to a lack of production in front of goal as a concern. He answered those worries with 19- and 21-goal contribution campaigns in the last two seasons, effectively carrying his side through turbulent times.
The Brazil international looks an ideal fit for Rúben Amorim's support forward role in the 3-4-3 formation, and he's clearly a player willing to take responsibility and make things happen in the final third, which Man United need more of. This is a player in his prime, ready to lead ... but his hot-headed nature can sometimes get the better of him.
DEAN HUIJSEN
€59.4m (£50m, $67m)
AFC Bournemouth: A
Real Madrid: A
Madrid moved quickly and beat off a host of competition to secure Huijsen's signature following his 2024-25 breakout campaign in the Premier League. The Spaniard's comfort with the ball at his feet, slaloming dribbles and genuine two-footedness have marked him out as one of the best young center backs in the world; his style reminds of a young Gerard Piqué.
Bournemouth got to enjoy him for only one season, but in acquiring him from Juventus and accepting a release clause of £50 million, they would have been under no illusions as to whether this was a long-term marriage. Perhaps the big move has come sooner than expected, but they've been well compensated nonetheless.
Gab Marcotti talks about Dean Huijsen's reported transfer to Real Madrid from Bournemouth.
DÁRIO ESSUGO
€25m (£21m, $28.3m)
Sporting CP: C-
Chelsea: B+
Essugo was tucked into a larger deal that also takes 18-year-old winger Geovany Quenda (€52m) to Chelsea in 2026. He's the lesser-hyped of the two, although he did make waves when he made his Champions League bow aged 16 in 2021. He's an energetic, aggressive defensive midfielder who covers ground, plugs gaps and tackles resolutely.
The loan move to Las Palmas this season has helped him get a foothold in the senior game, and his performances suggest Chelsea got the better end of this part of the deal.
TRENT ALEXANDER-ARNOLD
€12m (£10m, $13m)
Liverpool: D
Real Madrid: A
We were all set to add Alexander-Arnold's name to the list of remarkable Real Madrid free transfers -- but the FIFA Club World Cup has scuppered that. In the end, Los Blancos paid around €12 million to usher in the right-back before this summer's tournament, cementing the fact they're taking it incredibly seriously.
Time might prove this to be an excessive move from Madrid, but at the end of the day, they've still signed a stunning player for a small fee. Liverpool's grade gets bumped up from an F as they at least got something in return for their academy graduate.
Shaka Hislop reacts to the news of Liverpool signing Bayer Leverkusen's Jeremie Frimpong as Trent Alexander-Arnold's replacement.
July 1
JEREMIE FRIMPONG
€35m (£29m, $38m)
Bayer Leverkusen: C
Liverpool: A-
Replacing Alexander-Arnold at right-back in like-for-like fashion is impossible, so it's for the best that Liverpool have opted for a completely different type of player in Frimpong. The Dutch player is more of a winger who will now need to adjust and convert back to a position he hasn't called home for a good few years.
A fee of €35 million represents a clever, opportunistic deal for the Reds. But it's tough on Leverkusen, who are losing an excellent player, in the prime of his career, who was a huge personality in the squad, for below market rate.
GIORGI MAMARDASHVILI
€35m (£29m, $38m)
Valencia: B
Liverpool: A-
Liverpool have doubled down on their policy of keeping the goalkeepers room stacked with talent by bringing in the best shot stopper under 25 in Europe. Mamardashvili looks like the second coming of Gianluigi Donnarumma; his big, burly frame, incredible reflexes and aerial dominance all impress. It should be noted, though, that he shares the Italian's lack of finesse when passing the ball.
The transfer fee looks great for the Reds and bad for Valencia. Part of the reason it's cheap is because Los Che got to keep him for one extra season on loan, but history will read: Mamardashvili for €35 million. And it'll be seen as an absolute bargain.
ESTÊVÃO
€34m (£28.5m, $38.5m)
Palmeiras: A-
Chelsea: A
"I think he's going to be a genius." Neymar's verdict of Estêvão will be music to the ears of Chelsea, who committed when the player was just 17 years old to a deal that could rise to around €67 million ($76m) if add-ons are met.
He's ridiculously exciting to watch, already has tons of first-team experience under his belt and led the Brazilian top tier with 22 goal contributions in 2024. Palmeiras were never going to hang on to a player nicknamed "Messinho" for long, but they at least kept him for the Club World Cup.
JONATHAN TAH
Free
Bayer Leverkusen: C-
Bayern Munich: B-
A Leverkusen stalwart, Tah has a career trajectory that suddenly shot upwards in 2023-24, when he expertly marshalled the back line to an unbeaten Bundesliga title run. The role Xabi Alonso curated for him was very specific, at the heart of a back three, which brought out his best. It'll hurt to lose the Germany international for free.
Clearly, Bayern are convinced Tah is the plug-and-play answer to their central defensive issues, but they'll have to get more out of him, over a longer period, than Leverkusen did for that to be the case. There's reportedly a big signing-on fee (€15m) and big wages (over €200,000 per week) being committed to this deal, so don't be fooled into thinking Tah has come particularly cheap.
ERIC DIER
Free
Bayern Munich: C
AS Monaco: B+
Eyebrows were raised when Bayern signed Dier from Tottenham Hotspur in January 2024. After all, he couldn't crack Ange Postecoglou's XI, so how was he going to get game time in Munich? But 18 months and more than 45 appearances later, he departs well regarded. In fact, given the long-term injuries Die Röten are dealing with at center back, they'll probably end up missing him.
Monaco will be counting on Dier's experience to guide a team that is, by design, young and full of promise. He looks a good fit for that elder statesman role.