Transfer window check-in: GOAL grades Europe's 10 richest clubs on their summer business so far as pre-season begins

Arsenal haven't been inactive. Piero Hincapie's loan move from Bayer Leverkusen has been made permanent - and for a bargain £34.5m - while Illan Meslier has joined on a free transfer to add depth to the goalkeeping department. There have also been a number of exits, the most notable of which is Leandro Trossard, who has joined Besiktas for £17m, with Club Brugge's Christos Tzolis expected to arrive and fill the Belgian's role in the squad.

However, Arsenal supporters are nonetheless getting a little antsy. They expected a big-money arrival by this stage, but they're still waiting for a significant signing, after seeing their side refuse to meet Aston Villa's extortionate asking price for Rogers, while it's also been reported that the Gunners thought Bruno Guimaraes would be available for a lot less than the nine-figure fee Newcastle are demanding.

What's more, even though Julian Alvarez, a player that Mikel Arteta greatly admires, has gone public with his desire to leave Atletico Madrid, the Argentine reportedly has his heart set on a move to Barcelona. And even if the Rojiblancos would probably be much more willing to let him move to north London, they're still going to demand a gargantuan fee for the forward.

Arsenal, then, are in a very delicate situation. They want to build from a position of strength, having just been crowned champions of England for the first time in 22 years, but they're unwilling to pay over the odds for their transfer targets.

What happens next is unclear, but what we do know is that Arsenal could really do with a dominant, ball-playing midfielder, a top-class left winger and more quality cover in the centre of defence after losing William Saliba to injury.

Grade: D-

Just like Thomas Tuchel, Barcelona effectively had to choose between Marcus Rashford and Gordon this summer, and, just like the England boss, they ended up going with the latter. Whether that was the right call for the Blaugrana is open to debate.

Gordon is younger than Rashford, but he was more than twice as expensive, even though he's not really a superior player. Still, Gordon showed enough at the World Cup to suggest that he has the kind of pace and versatility required to make a similar impact at Barca to Rashford, who contributed 14 goals and as many assists to the Catalans' cause last season.

Barca do still, however, have a gaping hole to fill up front, with Robert Lewandowski having brought the curtain down on his goal-laden spell in Spain.Deco's dream replacement is Alvarez, but it's going to take something close to a world-record fee to even get Atletico Madrid to the negotiating table.

Consequently, cheaper options are being explored, even if someone like Eli Junior Kroupi (also a reported Tottenham target) would still probably cost around £100m all-in. Do not be surprised then, if Barca, have a rummage around in the bargain basement, especially as Spain's World Cup hero Ferran Torres might also move on soon, given he has just one year left on a contract he seems highly unlikely to extend.

Looking elsewhere, Barca are well-stocked in midfield and may even look to generate some pure profit by cashing in on Marc Casado, and any money raised would likely go towards a dominant centre-back to play alongside the prodigiously gifted Pau Cubarsi - or perhaps even a new full-back.

Grade: D

It's already been a pretty positive window for Bayern Munich, who confirmed deals for both Ismael Saibari and Nathaniel Brown while the World Cup was still going on.

The Saibari deal had effectively been done before the tournament began, which is just as well really. The versatile Morocco attacker had a terrific tournament, and €50m looks like a terrific bit of business by the Bavarians. Of course, Brown's arrival means that Vincent Kompany won't have any concerns at left-back this season, even if Alphonso Davies decides to depart.

There's still talk that Bayern will look to bring in further reinforcements in centre midfield and right-back, but their main concerns at the moment are convincing Harry Kane to sign a new contract, and fending off interest from Real Madrid in Michael Olise, who is rumoured to be keen on linking up with France team-mate Kylian Mbappe at the Bernabeu.

How those two situations resolve themselves will define Bayern's window. For now, though, it's a case of so far, so good...

Grade: B

Yet another new era is beginning at Chelsea, with Xabi Alonso having been appointed as the club's new coach to try to finally restore some order at Stamford Bridge after a 2025-26 campaign in which both Enzo Maresca and Liam Rosenior lost their jobs. The Spaniard is acutely aware of the size of the task ahead of him, but despite seeing Marc Cucurella depart for Real Madrid, Alonso's tenure has got off to a reasonably encouraging start.

It's believed that he played a pivotal role in convincing Rogers to move to Chelsea, while both Geovany Quenda and Marco Palestra are exciting additions to his squad.

More arrivals are essential, though. Liam Delap clearly isn't good enough for the highest level, while Alejandro Garnacho needs to be sold as soon as possible, meaning another attacker is essential. However, Chelsea's top priority has to be addressing the lack of experience, discipline and defensive solidity that was brutally exposed during a disastrous 2025-26 season which ended without qualification for any form of European football.

Consequently, recruiting elite-level players will not be easy, but the Blues have done reasonably well so far - signing Rogers really is quite the coup even if they overpaid for the England international - and the Londoners are reportedly confident of acquiring France centre-back Maxence Lacroix from Crystal Palace as they look to invest more money in proven Premier League performers.

Much could hinge, though, on Enzo Fernandez. The Argentine clearly wants out of the Bridge, but Chelsea appear reluctant to let him leave. If they do, though, it could free up even more funds for Alonso, who has previously proven at Bayer Leverkusen that he can create an exciting and successful side if given the players he needs to play his preferred 3-4-2-1 formation.

Grade: B

That Liverpool are going into the 2026-27 with a new Spanish coach is unsurprising. It was clear long before the end of last season that Arne Slot's time at Anfield was up. The big surprise, though, is that Liverpool hired Andoni Iraola to replace the Dutchman, rather than former midfielder Alonso, who has instead ended up at Chelsea, much to the frustration of many Reds.

Nonetheless, the supporters are quite excited by thoughts of what Iraola might achieve on Merseyside, given he got Bournemouth into Europe for the first time in the club's history - and by playing fantastic, front-foot football.

There's certainly a feeling that Iraola will make better use of the players at his disposal than Slot - and particularly Florian Wirtz and Alexander Isak. However, the common consensus around Anfield right now is that Liverpool will need more than Jeremy Jacquet and Victor Munoz to reclaim the title they lost in such feeble fashion last season.

The Reds require a proper replacement for Mohamed Salah, but appear to have lost top target Yan Diomande to Paris Saint-Germain, who have yet to show any inclination to sell them Bradley Barcola to significantly soften the blow of missing out on the Ivorian.

There are also question marks over Liverpool's lack of physicality and depth in midfield, as well as the right-back berth, given Jeremie Frimpong and Conor Bradley's incessant injury issues. Another centre-half looks essential, too, after Ibrahima Konate surprisingly left on a free transfer for Real Madrid.

All things considered, then, Iraola's squad looks a little threadbare at the moment, even if he might be capable of reviving the careers of Curtis Jones, Federico Chiesa and the returning Harvey Elliott.

Grade: D+

Only one major deal done at the Etihad so far this summer, but it was a whopper, with City signing Anderson from Nottingham Forest for £116m. According to reports, last season's Premier League runners-up are also keen on bringing in Ayyoub Bouaddi to further strengthen the midfield.

It's clear that City are preparing for life without their most important player, Rodri, who has just one year left on his contract and has been continually linked with a move to Real Madrid. However, if the World Cup winner were to leave this summer, it would still be a major problem for Pep Guardiola's successor, Enzo Maresca, as neither Anderson nor Bouaddi are anywhere near as good as Rodri - not yet, at least.

City also have issues elsewhere. Versatile defender John Stones may have been plagued by injuries in recent seasons but he'll also need replacing after leaving on a free - just like Bernardo Silva, who will be a big miss in terms of creativity and leadership. It also seems highly likely that Maresca will want an orthodox right-back, with Guardiola having relied on midfielder Matheus Nunes to fulfil the role last season.

So, while City did some great business during the winter window, they still need a strong summer to get them back challenging for Champions League glory.

Grade: C-

Manchester United have moved as quickly as possible to solve their problem position: midfield. After seeing Casemiro leave at the end of last season, losing Manuel Ugarte to a serious injury while trying to find a buyer for the Uruguayan, and pulling out of an agreed deal with Atalanta for Ederson due to injury concerns, the Red Devils made two surprising signings in the space of two days.

First, Andrey Santos arrived from Chelsea for an eye-watering £50m, then United met the £36m buyout clause in Youri Tielemans' contract to prise the Belgian away from Aston Villa.

Both men could prove useful additions but it's clear that Michael Carrick needs a lot more quality at his disposal if a pretty small and weak United squad is to cope with the rigours of playing Champions League football this season. Indeed, even the midfield could do with another body, which makes the reported interest in Manu Kone utterly unsurprising, while one could easily argue that the entire back four needs strengthening.

Then, there's the forward line. United have some versatile attackers but no reliable goal-scorer or truly devastating dribbler. It will, thus, be fascinating to see what happens with Marcus Rashford, who is returning to Old Trafford after an encouraging season at Barcelona but probably still needs to be sold to raise funds for more attractive alternatives in attack.

Grade: C-

It's all very quiet at Parc des Princes right now - but don't expect that to last too much longer. PSG coach Luis Enrique made it clear immediately after winning back-to-back Champions Leagues in May that his attention had already turned to strengthening his squad in pursuit of a third title, so some significant signings are anticipated in the coming days and weeks.

Diomande could well be one of them. All signs pointed to Liverpool landing one of the most talented teenagers in the game today, but it now seems as if the Ivorian only wants to play for PSG. However, despite PSG's positive relationship with RB Leipzig, getting a deal over the line this summer is far from a given due to the Germans' intention to hold onto him for another season - not to mention the uncertainty surrounding Diomande and his representatives.

Of course, PSG hardly need another winger right now, but Luis Enrique loves widemen, and Maghnes Akliouche is expected to imminently arrive from Monaco. As a result, the speculation around the future of Barcola continues to intensify, and selling the in-demand France international would generate a huge amount of a money for a club that has already pocketed a barely-believable €75m for reserve striker Goncalo Ramos, whose understudy role could well be filled by Barcelona's Ferran Torres.

Elsewhere, PSG have reportedly pulled out of the race to sign Lille teenager Bouaddi, which makes sense given Luis Enrique is hardly short on options in midfield. The European champions have also picked up some quality cover at left-back by signing France's Lucas Digne from Aston Villa.

Grade: C+

In a wholly unsurprising development, Florentino Perez panicked at the end of a second consecutive season without a major trophy and, after several years of flirting with the idea of bringing Jose Mourinho back to the Bernabeu, he finally followed through. It is, of course, an utterly nonsensical move, akin to lobbing a stick of dynamite into a dumpster fire, but Perez is inevitably going all out to give the no-longer Special One everything he needs to create another team capable of upsetting Barcelona - in every sense.

As has become custom, Madrid have made excellent use of the free agency market by picking up former Manchester City captain Bernardo and ex-Liverpool centre-back Konate for nothing, although the latter could still prove a complete waste of wages, as underlined by his dismal World Cup campaign for France. Picking up Denzel Dumfries for just €20m also represents a shrewd signing, given the ongoing doubts over Trent Alexander-Arnold at right-back, and £50m for Spain star Cucurella should prove money very well spent indeed.

Still, while Mourinho's revamped defence is coming together nicely, we're still not entirely sure how his Madrid will look in midfield, or up front. Proper replacements are still required for both Toni Kroos and Luka Modric, but if Rodri and Michael Olise were to arrive in the coming weeks, all of a sudden Madrid would look like a serious proposition again.

Grade: B+

Well, who saw this coming?! Tottenham clearly had to act after finishing 17th in each of the past two seasons, but nobody anticipated a famously frugal club embarking upon a spending spree this summer.

Spurs, though, have already splashed an astonishing £227m on Sandro Tonali, Mateus Fernandes and Jan Paul van Hecke, while at the same time snapping up Andy Robertson and Marcos Senesi on free transfers.

The fees paid for Tonali (£100m) and Fernandes (£85m) are obviously well above market value, but the fans likely don't care. They've wanted ENIC to go big in the transfer market for many years now, and now they finally have.

By all accounts, they’re not done yet either, as Roberto De Zerbi rightly believes that Spurs are short on quality up front. Of course, it's fair to question the wisdom of investing so much money in a side coached by a notoriously combustible character who never stays anywhere too long, but we cannot fault Tottenham for ambition at this stage of the window.

It should also be remembered that Spurs have every intention of covering some of their losses by getting rid of reasonably value assets deemed surplus to requirements by De Zerbi, such as Luka Vuskovic, who has already joined Brighton for £50m - and Lucas Bergvall might yet command an equally insane fee if he secures the transfer he's demanding.

Grade: B+