Liverpool, Everton and Newcastle were all busy in the market in January, but which club can be happiest with their work and who needs to start panicking?
Eurosport looks at each of the clubs in the Premier League and rates their business carried out in January. Survival is at the heart of Newcastle spending almost £100 million to stay afloat, while their relegation rivals have done almost nothing that suggests they are ready for a fight.
At the other end of the table, only Liverpool made a move to secure their position in the top four, while Tottenham have rewarded Antonio Conte's patience with several signings and sales.
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ARSENAL

Arsenal were linked with Arthur Melo and a host of strikers this winter, but in the end they were unable to get anyone in to bolster their squad. They did, however, see Pierre-Emerick Aubameyang switch to Barcelona on a free transfer - though the deal is yet to be announced,
Dusan Vlahovic appeared to be reluctant to move in the winter, and the same was said for his club, Fiorentina. But when Juventus stepped up with 70 million euros with another five in potential add-ons, the Serbian’s switch to a new side accelerated quickly. Arsenal do not yet have the financial heft to complete such deals in the mid-season.

Pierre-Emerick Aubameyang of Arsenal reacts during the warm up prior to the Premier League match between Everton and Arsenal at Goodison Park on December 06, 2021 in Liverpool, England. (Photo by Naomi Baker/Getty Images)

Image credit: Eurosport

On the one hand, that will save them roughly £25 million in wages, if the sums are as they appear at face value, but it also means they are looking to Alexandre Lacazette and Eddie Nketiah to lead the line for them for the rest of the season. Regardless of Aubameyang’s reported attitude problems, they finish this window weaker than they started it.
Ins: Auston Trusty (Colorado Rapids, £1.64m)
Outs: Ainsley Maitland-Niles (Roma, loan) Sead Kolasinac (Marseille, free), Calum Chambers (Aston Villa, free), Pablo Mari (Udinese, loan), Dejan Iliev (released), Pierre-Emerick Aubameyang (Barcelona, free)
Net spend: £1.19m
Ratings: B-

ASTON VILLA

Villa will be delighted with the work they have done this January. There were, and still are, reasonable concerns over whether Philippe Coutinho is too much of a gamble given his stagnant time at Barcelona, but his debut goal against Manchester United is an encouraging hint that life in the Premier League suits him.
Lucas Digne is an experienced performer that Frank Lampard would probably gladly have kept were he in charge at Everton earlier on in the season, and Calum Chambers fills out the squad well enough. There is much more to do for Steven Gerrard if he is to get the Midlanders challenging for the Champions League spots, but this is a window that moves them in the right direction.

New signing Lucas Digne of Aston Villa poses for a picture at Bodymoor Heath training ground on January 13, 2022 in Birmingham, England. (Photo by Neville Williams/Aston Villa FC via Getty Images)

Image credit: Getty Images

Sending Matt Targett to Newcastle and Anwar El Ghazi to Everton allows them to trim the wage bill of players who no are no longer needed.
Ins: Lucas Digne (Everton, £27m), Calum Chambers (Arsenal, free), Philippe Coutinho (Barcelona, loan), Robin Olsen (Roma, loan)
Outs: Keinan Davis (Nottingham Forest, loan), Wesley (Internacional, loan), Anwar El Ghazi (Everton, loan), Jaden Philogene-Bidace (Stoke City, loan), Cameron Archer (Preston, loan), Matt Targett (Newcastle, loan), Jed Steer (Luton, loan)
Net spend: £27m
Ratings: A-

BRENTFORD

Brentford have sent plenty of players away on loan as they streamline their squad, and welcome Jonas Lossl in their place with half the season still to come. However, it is another player coming from Denmark who will have all the focus.
When Christian Eriksen left Inter Milan it was not because the Italian club thought that his career was over, it was that the rules of the game in Serie A meant that after he was fitted with a pacemaker he was prevented from remaining in the sport. That led him to look for other options.
Brentford have given the 29-year-old playmaker the chance to kickstart his career after six months on the sidelines, and they have an option to extend that stay if all is going well. At Euro 2020 he was fine until disaster struck, but his time at Inter was already an unhappy one, as he struggled to recreate the form from his best years at Tottenham.
This may be too much of an obstacle for Eriksen to overcome, but if he does hit form, the Bees have themselves a bargain.
Ins: Jonas Lossl (FC Midtjylland, loan), Christian Eriksen (free)
Outs: Dominic Thompson (Ipswich, loan), Jan Zamburek (Viborg, undisclosed), Patrik Gunnarsson (Viking FK, undisclosed), Joel Valencia (Alcorcon, loan), Mads Bidstrup (Nordsjaelland, loan), Luka Racic (HB Koge, loan), Marcus Forss (Hull City, loan), Charlie Goode (Sheffield United, loan)
Net spend: £0
Ratings: C

BRIGHTON

Spending almost £10m on a Polish teenager only to then loan him back out to develop elsewhere is something Brighton can only risk doing because they sit happily in ninth midway through the season - nobody is worried about relegation this season under Graham Potter. Whether it ends up being a waste of money is another thing, but the club are clearly happy to be building for the long term.
That comfort also probably let them take a sizable offer, thought to be around £12.5m, for their experienced defender Dan Burn. At 29, it was likely the last chance for them to sell him on and raise a decent wedge, which can be put to work in the summer. Young Englishman Benicio Baker-Boiaitey arrives from Porto on loan, but he is regarded as one for the youth setup, further reinforcing the long-term outlook on the south coast.

Dan Burn signed for Newcastle from Brighton on Transfer Deadline Day

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If Brighton maintain their league position there will surely be more funds afforded to Potter in the summer to establish themselves in the top half of the league.
Ins: Kacper Kozlowski (Pogon Szczecin, £9.9m), Benicio Baker-Boaitey (Porto, loan), Denis Undav (Union SG, £6.3m)
Outs: Jurgen Locadia (VfL Bocum, free), Christian Walton (Ipswich, undisclosed), Aaron Connolly (Middlesbrough, loan), Leo Ostigard (Genoa, loan), Taylor Richards (Birmingham, loan), Kacper Kozlowski (Union SG, loan), Dan Burn (Newcastle), Ryan Longman (Hull City), Denis Undav (Union SG, loan), Kjell Scherpen (KV Oostende, loan)
Net spend: £2.7m
Ratings: B

BURNLEY

Burnley are in trouble. Newcastle cynically activated Chris Wood’s release clause to take the club’s most reliable scorer off their hands and leave them with a problem. The £27m fee for Wood is a fair amount of money at the bottom of the table, and the club’s new American owners had to decide whether they would stick or twist.
Dyche may be worried that ALK do not have the money or the willingness to make sure that they can pull away from the bottom three.

Chris Wood has become Newcastle's second signing of the January transfer window

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With relegation seeming more than possible, Dyche needed to identify quick fixes, but also players with potential resale value should they drop down to the Championship next season. But they were not able to scour the lower divisions for youthful excitement or bargains, and instead looked at two 29-year-olds: Dinamo Zagreb’s Mislav Orsic, and Wolfsburg’s Wout Weghorst. Only the latter arrived, and Burnley should be worried about how they fare in a relegation scrap.
Ins: Wout Weghorst (WfL Wolfsburg, £12.6m)
Outs: Chris Wood (Newcastle, £27m)
Net spend: £14.4m profit
Ratings: D

CHELSEA

At the start of the transfer window, with injuries to Reece James and Ben Chilwell, it appeared that there was much to be done in the transfer window for Thomas Tuchel. He needed defensive reinforcements, and Emerson Palmieri was wanted back from Lyon, only for Chelsea to find the French side unwilling to release him. Instead, they have Kenedy back from Flamengo after they failed to activate an option to buy.
In the dying days of the transfer window there was speculation that Tuchel would want his former Borussia Dortmund charge, Ousmane Dembele, from Barcelona, but given the difficulties of finding the cash so late, and structuring the right deal for a player susceptible to injury, nothing was completed. Chelsea were never likely to mount a title charge in the second part of the season, but their lack of activity has made that almost certain.
Speculation mounted this winter that attacking players were starting to grow frustrated with their manager as the Chelsea squad settled into their usual position of moaning and dissent, so perhaps the hierarchy do not want to pay up to support a manager who might soon be gone.
Ins: None
Outs: Lewis Baker (Stoke City, undisclosed)
Net spend: £0
Ratings: C

CRYSTAL PALACE

Patrick Vieira did not build on Roy Hodgson’s work at Selhurst Park, instead he quickly dismantled it to focus on playing with the approach and squad that suited his methods. It’s brave to try something like that at the bottom of the table, but so far the Frenchman’s youngsters have rewarded that bravery and their own performances as they sit 13th, nine points clear of the bottom three.
For a couple of days in the window it had appeared that Donny van de Beek was going to add some real quality to the first XI, but ultimately he decided to switch to Everton, and instead Palace shifted their focus to securing what they did have.
Jean-Philippe Mateta’s recent performances a year into an 18-month loan saw the club activate an option to make the deal permanent. The only truly new face, Luke Plange, was sent straight back to Derby.
Ins: Jean-Philippe Mateta (Mainz), Luke Plange (Derby County)
Outs: Jacob Montes (RWDM, loan), Luke Plange (Derby County, loan)
Net spend: £9.9m
Ratings: B-

EVERTON

The most important thing for Everton was nothing they did in the transfer market, but that they were able to rid themselves of Rafael Benitez, who produced some of the most ineffective and tedious football seen at the club since some of David Moyes’ underwhelming seasons at Goodison Park.
At the expense of keeping Benitez for a few more days, Lucas Digne was sacrificed and sold to Newcastle after being frozen out, a reliable and usually committed performer. As Digne departs, in comes the untried Vitaliy Mykolenko, who has much to prove, and Nathan Patterson, who only has experience of Scottish football.

Donny van de Beek poses for a photo in his new Everton kit

Image credit: Getty Images

But the arrival of Frank Lampard as manager has been accompanied by two potentially excellent signings on Deadline Day. Donny van de Beek was wanted by Real Madrid only to have his career derailed by Manchester United, and Dele Alli has undergone a similar career decline, for reasons which are less clear.
If Lampard can rehabilitate one or both of them then survival is assured, given the quality of some of the rest of the players.
Ins: Vitaliy Mykolenko (Dynamo Kyiv, £21.15m), Nathan Patterson (Rangers. £12.6m), Anwar El Ghazi (Aston Villa, loan), Donny van de Beek (Manchester United, loan), Dele Alli (Tottenham, free)
Outs: Lucas Digne (Aston Villa, £27m), Lewis Warrington (Tranmere, loan)
Net spend: £6.75m
Ratings: B+

LEEDS

Leeds sit in 15th as Marcelo Bielsa enjoys one of the longest club tenures of his career at Elland Road. Traditionally he has succeeded with a selection of hard-running youngsters who ultimately burn out and grow tired of his demands, but for now the Chilean seems to be doing just enough.
His approach, though, does demand a regular supply of new players so that specific player fatigue, and the fatigue that comes with being exposed to his methods, is minimised. Nobody arrived this winter and that could hurt Leeds’ wishes to move further up the table as the six-pointers stack up towards the end of the season.
One highlight is that Kalvin Phillips and Raphinha, reportedly subject of a bid from West Ham, have been retained at least until the summer, but bigger clubs could come back with more tempting offers this summer.
Ins: None
Outs: Cody Drameh (Cardiff, loan)
Net spend: £0
Ratings: C

LEICESTER CITY

Just as Bielsa struggles to keep his players interested after a certain point, the same can be levelled at Brendan Rodgers. After a couple of excellent seasons at Leicester his players now appear to have lost their way a little.
The demand is for Rodgers to reinvigorate his squad and make sure they can end the season refreshed and with a new commitment to his way of doing things. Nothing improves happiness at a club like winning games, of course, but Leicester are now 10th, and he has received no new players to help him out.
Youri Tielemans had been linked with a move to Arsenal as his contract talks do not appear to be going anywhere, but instead the expensive mistake Filip Benkovic was the only player sent on his way from the King Power Stadium.
Ins: None
Outs: Filip Benkovic (Udinese, free)
Net spend: £0
Ratings: C

LIVERPOOL

Liverpool were expected by some to move quickly to bring in a striker that would help them deal with the Africa Cup of Nations absences of Mo Salah and Sadio Mane, but instead waited until their hand was forced by another side to bring in a target they had prioritised for the summer.
In comes Luis Diaz from Porto for more than £40m, and the 25-year-old Colombian winger seems like he will be an excellent fit - a wide player who can score from the wings. Of course, perhaps his arrival is going to cause a bit of worry for fans at Anfield.

Luis Diaz of FC Porto looks on during the Taca de Portugal match between FC Porto and SL Benfica at Estadio do Dragao on December 23, 2021 in Porto, Portugal

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Diaz’s signing reduces the importance of Salah. While the Egyptian remains one of the very best players in the world, signing any 29-year-old on wages of £400,000 a week is a gamble. Diaz's presence means that Liverpool no longer have to be held to ransom, and also allows them to ease out one of Roberto Firmino or Sadio Mane as they begin to fade, if needed. Liverpool also missed out on a late Deadline Day move for Fulham youngster Fabio Carvalho.
Ins: Luis Diaz (Porto, £40.5m)
Outs: Nat Phillips (Bournemouth, loan), Neco Williams (Fulham, loan)
Net spend: £40.5m
Ratings: A

MANCHESTER CITY

Manchester City are such clear favourites to win the Premier League, and they did so without a striker, that they appear to have taken the chance to raise some cash in advance of next season.
Such is the quality at Pep Guardiola’s disposal that they only need to act if there is a truly exceptional player available, and such an opportunity did not come along. Instead, they have signed Julian Alvarez, the 22-year-old Argentine international. Such is Guardiola’s happiness to continue with just Gabriel Jesus as a recognised striker that the player will stay with River Plate until the summer, and the expectation is that he will then move onto one of City’s sister clubs to continue his development.

Julian Alvarez

Image credit: Getty Images

In terms of outgoings, Patrick Roberts’ hopes of a City career have been finally extinguished, and Ferran Torres will presumably get on better in Barcelona where there is less competition in a less successful side. Almost £50m helps the appearance of meeting Financial Fair Play, too.
Ins: Julian Alvarez (River Plate, £15.3m)
Outs: Ferran Torres (Barcelona, £49.5m), Patrick Roberts (Sunderland, free transfer), Luka Ilic (Troyes), Julian Alvarez (River Plate, loan)
Net spend: £34.2m profit
Ratings: B

MANCHESTER UNITED

Manchester United continue to have to clear up their own mistakes, with some taking longer than others. We can now see that Jose Mourinho was right when he wanted to sell Anthony Martial years ago. There’s no doubting his talent, and there are no stories of a lack of effort in training for the Frenchman, but he continues to underwhelm and needs to be given a fresh start. He now has that at Sevilla.

Manchester United player, French forward Anthony Martial, poses at the airport upon his arrival in Seville on January 25, 2022

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Van de Beek is another. While it appears that he has been mistreated by both Ralf Rangnick and Ole Gunnar Solskjaer, the most important thing for everyone is that he does not rot or stagnate. Giving him six months to play for Everton, with a new manager and the motivation of a World Cup spot this autumn, he should be able to turn his career around and at least let United recoup their cash.
As for incomings, United needed to improve their defensive options on the flanks, and Denis Zakaria was available at a bargain price until he joined Juventus. They have once again failed their manager and are pinning a lot on the return of Paul Pogba actually being helpful, rather than yet another disappointment.
Ins: None
Outs: Axel Tuanzebe (Napoli, loan), Anthony Martial (Sevilla, loan), Amad Diallo (Rangers, loan), Donny van de Beek (Everton, loan)
Net spend: £540k profit
Ratings: C+

NEWCASTLE UNITED

An impressive mix of cynical, experience, and desperation. Bruno Guimaraes looks to be a player of potential who joined not because Lyon wanted to sell him, but because they needed the cash. If he is worth his Brazil caps, then he could be someone to elevate the side towards the top half. The same can be said for Kieran Trippier, who should come back from Atletico with a greater experience of what is needed to win trophies and games.
The arrival of Chris Wood is, above all else, funny. By nobbling their relegation rivals Burnley they have also secured a workhorse up front who can hold the fort until Callum Wilson returns from injury, and probably will be an able partner for him when Eddie Howe plays with two up front.

Kieran Trippier

Image credit: Getty Images

As for Matt Targett and Dan Burn, there’s not a great deal that is positive or disparaging to say about the pair of them. They will find it easy to continue life in the Premier League, but they are not going to be the factors that keep Newcastle up.
Ins: Bruno Guimaraes (Lyon, £37.89m), Chris Wood (Newcastle, £27m), Kieran Trippier (Atletico Madrid, £13.5m), Matt Targett (Aston Villa, loan), Dan Burn (Brighton, £12.5m)
Outs: Jeff Hendrick (QPR, loan), Freddie Woodman (Bournemouth, loan), Matt Longstaff (Mansfield Town, loan)
Net spend: £91.89m
Ratings: B+

NORWICH CITY

Before the transfer window it looked as if Norwich were certain to be relegated, and now the window is closed with no action, it looks as if they are certain to be relegated.
While Todd Cantwell lost his place under Daniel Farke and now Dean Smith, there must be concerns that a player with such potential has lost his way so emphatically. Sending him to the south coast with Bournemouth might be a short-term solution but the player and club need to work out something more fundamentally constructive.
Ins: None
Outs: Bali Mumba (Peterborough, loan), Rocky Bushiri (Hibernian, loan), Onel Hernandez (Birmingham, loan), Josh Martin (Doncaster, loan), Sebastian Soto (Livingston, loan), Jordan Hugill (Cardiff, loan), Todd Cantwell (Bournemouth, loan)
Net spend: £0
Ratings: C

SOUTHAMPTON

Southampton’s focus was on securing the permanent presence of Armando Broja, who has shown an eye for goal since his arrival on loan from Chelsea. They made a bid of around £25m earlier in the window, which was considered but turned down.
Broja has to consider whether there is really a path to the first team at Stamford Bridge, with Romelu Lukaku and Timo Werner standing in his way, and more potential for arrivals in the summer. Chelsea, too, need to work out if they could better spend the money raised by selling the youngster.
The only arrival is goalkeeper Willy Caballero on a free, so at least one player with experience of Chelsea has been secured.
Ins: Willy Caballero (free)
Outs: Dan N’Lundulu (Cheltenham, loan), Sam McQueen (retired)
Net spend: £0
Ratings: C

TOTTENHAM

Nobody wants to share a meeting with Antonio Conte if he’s in a bad mood, and it seems as if Daniel Levy preferred to spend to avoid that situation than to have to go through yet another manager search.
Tottenham missed out on two of their targets, with Adama Traore instead moving to Barcelona and Luis Diaz understandably preferring the opportunity at Anfield, and so the club had to move down their list of targets to secure reinforcements. The club in turn went to Juventus for both bits of business.
They signed Dejan Kulusevski and Rodrigo Bentancur on a loan and permanent deal respectively, and it allowed the club to ease out the door some players who had failed to convince. The suspicion is, though, that Juventus would never let these players go if they really had a future.

Dele Alli

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Tanguy Ndombele was sent back to Lyon, Giovani Lo Celso is back in Spain, and Dele Alli has his second chance of a Premier League career with Everton. Bryan Gil is still highly rated, so the club will hope his time at Valencia helps develop his game.
Ins: Rodrigo Bentancur (Juventus, £15.86m), Dejan Kulusevski (Juventus, loan)
Outs: Jack Clarke (Sunderland, loan), Bryan Gil (Valencia, loan), Giovani Lo Celso (Villarreal, loan), Dele Alli (Everton, free), Tanguy Ndombele (Lyon, loan).
Net spend: £24.82m
Ratings: B-

WATFORD

It’s the typical Watford transfer window, where they sack another manager and bring in another one, presumably ahead of sacking him in the summer to recall another of their formerly sacked managers.
On the transfer front, it’s again hard to say. None of these players arrive with big reputations, but they appear to find enough players with their scattergun approach to keep them in the Premier League most years, and keep the Pozzo family in business.
They have maybe left the overhaul too late so far this season, but doubtless they can shuffle the pack to return soon enough.
Ins: Maduka Okoye (Sparta Rotterdam, £4.5m), Samir (Udinese, £4.5m), Edo Kayembe (KAS Eupen, £1.17m), Hassane Kamara (Nice, £3.6m), Yaser Asprilla (Envigado, £2.7m), Samuel Kalu (Bordeaux, £2.7m)
Outs: Maduka Okoye (Sparta Rotterdam, loan), Pontus Dahlberg (Gillingham, loan)
Net spend: £22.23m
Ratings: C

WEST HAM

West Ham pursued Raphinha, Jesse Lingard, Kalvin Phillips and other high-profile signings who could have improved the squad, but ended up with nothing. That is not to criticise the current owners, who are backed with the new owner, Czech billionaire Daniel Kretínsky, who owns a quarter of the club and perhaps will announce his arrival with some heft in the summer.
Until then David Moyes will make do with what he has.
Ins: None
Outs: Frederik Alves (Brondby, £900k), Conor Coventry (MK Dons, loan)
Net spend: £900k profit
Ratings: C

WOLVES

When Adama Traore was at his heights, he seemed set for a move to Liverpool or Manchester United. Here was a powerful player with exceptional pace, who had started to match that to a rapidly-improving technique and a more constructive end product. However, Covid-19 hit, and for whatever reason no move materialised.
Perhaps that disappointment led Traore to lose focus momentarily, but his sights were lowered when last summer he seemed set for a loan to Spurs, only for it to fall through. The move was then revived this winter, only for Spurs to yet again drag their heels on getting a player their manager wanted.

BRENTFORD, ENGLAND - JANUARY 22: Adama Traore of Wolverhampton Wanderers runs off the ball during the Premier League match between Brentford and Wolverhampton Wanderers at Brentford Community Stadium on January 22, 2022 in Brentford, United Kingdom. (Phot

Image credit: Getty Images

Instead Barcelona stepped in, perhaps encouraged by the fact that they could stump up for a loan now with no obligation to make the deal permanent in the summer. For Traore this is a chance to prove his worth to his boyhood club. As for Wolves, they have to hope Chiquinho is a more than adequate replacement.
Ins: Chiquinho (Estoril, £3.15m, Sang-bin Jeong (Suwon Bluewings, £1.08m), Hayao Kawabe (Grasshopper, £540k)
Outs: Leonardo Campana (Miami, loan), Hayao Kawabe (Grasshoppers, loan), Sang-bin Jeong (Grasshoppers, loan), Adama Traore (Barcelona, loan), Bruno Jordao (Grasshoppers, loan), Oskar Buur (released), Louie Moulden (Ebbsfleet, loan)
Net spend: £4.77m
Ratings: B-
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