Real Madrid had an extremely rocky January, but things were much quieter on the transfer front.
The Spanish giants did not make a signing in the winter window, despite an injury crisis at the back and damaging defeats that brought their squad depth into focus.
Xabi Alonso was sacked as manager on January 12, but there has been little sign of an improvement under his replacement, Alvaro Arbeloa.
Meanwhile, instability behind the scenes continued with the late decision to block Fran Garcia’s potential loan to Bournemouth. Endrick’s temporary switch to Lyon was the only movement of the winter window.
Here, our Real Madrid correspondent Mario Cortegana recaps the club’s transfer business.
The information found within this article has been gathered according to The Athletic’s sourcing guidelines. Sources with knowledge of transfer dealings, who asked to be kept anonymous to protect relationships, have been spoken to before offering the clubs involved the opportunity to comment.
Was this window a success or a failure?
A failure. Real Madrid’s board refused to strengthen the team, despite it clearly needing reinforcements.
In January, Madrid lost the Supercopa de Espana final to Barcelona, which led to Alonso’s dismissal. In Arbeloa’s first game in charge, they were knocked out of the Copa del Rey by Albacete, a team in the relegation spots in Spain’s second division at the time.
Last week, they lost 4-2 at Benfica, dropping Madrid out of the Champions League top eight and into the play-offs. They face the Portuguese side again over two legs before the end of the month — extra games for an already tired squad.
How much did they spend and how much did they bring in?
There was zero investment. No players arriving and in some ways, it was not a surprise.
The last first-team signing Real Madrid made in a winter transfer window was Brahim Diaz from Manchester City in January 2019. The club argues that the market is inflated at this time of year, and that the few good options available are too expensive.
Madrid’s senior figures also believe that the squad is good and complete enough to compete for all titles — even though only La Liga and the Champions League remain as possibilities.
Arbeloa and the Madrid team in training before last week’s Benfica defeat (Filipe Amorim/AFP via Getty Images)
Were there any deals they wanted to do that they didn’t get over the line?
Despite continuous offers of players from different agents, Madrid rejected them all. The club did not work on any deal.
Back in the summer, Alonso also wanted the club to bring in more reinforcements, further to the €180million (£155m; $212m) spent on Alvaro Carreras, Dean Huijsen, Franco Mastantuono and Trent Alexander-Arnold.
Are there still any obvious gaps in the team?
There is a consensus that Madrid need at least a centre-back and an organising midfielder.
In central defence, Antonio Rudiger and Eder Militao have suffered recurrent injuries, a situation surely influenced by Madrid’s intense schedule. Summer signing Huijsen has suffered two muscle injuries and academy product Raul Asencio has been playing for weeks while not fully fit.
In midfield, the team is lacking creativity. There has not been a successful transition from the generational midfield of Luka Modric, who was not offered a renewal last season, and Toni Kroos, who retired in 2024.
A source present at Valdebebas on a daily basis last season told The Athletic in January that Madrid need “a right-back, a centre-back, a right winger and, above all, a central midfielder”.
Alonso asked for a central midfielder last summer. When he was sacked, one of the complaints from those close to him was that the club had not given him the necessary tools to fully develop his vision for the team.
Do they have the squad to achieve their goals for the season?
Madrid’s senior management believes so, and Arbeloa has agreed on several occasions at press conferences.
However, the opposite is felt among several other figures around the club, including part of the dressing room, and those closest to the many players. Most fans and media commentators feel the same.
Fans at the Bernabeu have called on Florentino Perez, centre, to resign (Alberto Gardin/NurPhoto via Getty Images)
Will the manager/head coach be happy?
Arbeloa has stated in several press conferences that he is delighted with his squad, suggesting that he was not actively seeking new signings.
As a manager promoted from Real Madrid Castilla, the club’s reserve team in Spain’s third tier, it is accepted that he has even less influence than Carlo Ancelotti or Alonso had in transfer matters. Neither of those former coaches was entirely satisfied with their squads.
What will their priority be in the summer?
Madrid are looking at the market for centre-backs and midfielders.
In midfield, there is great admiration for Paris Saint-Germain’s Vitinha and Chelsea’s Enzo Fernandez, but those players are considered almost impossible to sign from a financial point of view.
Portugal international Vitinha renewed his contract last year until 2029 and is a key player for the French club, with whom Madrid do not have good relations. Argentina’s Fernandez might like the idea of playing for Madrid one day, but he is under contract until 2032 and Chelsea don’t want to sell him.
Ancelotti asked for Alexis Mac Allister, now at Liverpool, when he was in charge. Although no deal was ever fully explored, Madrid received positive feedback from those around him. The 27-year-old is well-liked at the club, and his contract at Anfield until 2028 might make a deal more feasible, if Madrid were to make a move.
One name that stands out is Como’s Nico Paz, who has a strong chance of returning in the summer. That is the view of the club and the general expectation in the football world, with potential rival suitors parking their interest because of Madrid’s strong position.
Madrid have an option to buy back their academy product in June for around €9million.
Other profiles with very positive reports are AZ’s Kees Smit and Crystal Palace’s Adam Wharton. The Dutch club wants around €60million for Smit and have given agent Jorge Mendes a mandate to negotiate on their behalf. Both players were mentioned in conversations at Madrid last summer — although now Smit seems the more favoured of the two.
Madrid are also aware that a final decision will have to be made soon over Dani Carvajal’s future. The captain’s contract expires in June and there are doubts about his renewal. If the 34-year-old left, the right-back position would need reinforcing.
Carvajal has played fewer than 30 minutes since returning from injury in early January, and he feels ready to have more time on the pitch.
Who has left and who could leave in the summer?
Endrick left on loan to French side Lyon, with no obligation or option to buy included in the deal. Madrid are counting on him and did not understand why he played so little under Alonso. The striker’s priority is to succeed at the Bernabeu, but he wants to have a real chance to show his qualities, so his agents will review the case in the summer.
Left-back Fran Garcia, who is under contract until 2027 but now fourth-choice in his position, could also leave. The 26-year-old wanted to join Bournemouth on loan in January but Madrid blocked the move.
His situation is similar to that of 29-year-old Dani Ceballos, who was open to a departure in January if his former club Real Betis had made an offer.
The midfielder has asked to leave in each of the past two summers and the situation is expected to be repeated. Betis is his preferred destination, but no club has been able to afford Madrid’s asking price and the player’s salary (around €4.5million a year).
David Alaba is expected to leave when his contract expires at the end of June, as the club is not planning to offer him a renewal.
Will they have money to spend?
In theory, yes. Real Madrid’s financial picture looks healthy. According to a recent deep dive by our football finance writer, Chris Weatherspoon, there would be margin to invest in the squad.
However, except last summer, Madrid have been reluctant to do so in recent years. Departures could help financially, but the club is pessimistic, arguing that nobody wants to leave.
What is their strongest XI now the window is shut?
It is difficult to say, given how badly Madrid are hit by injuries. Perhaps it would look something like this:
(4-4-2): Thibaut Courtois; Federico Valverde, Raul Asencio, Antonio Rudiger, Alvaro Carreras; Jude Bellingham, Arda Guler, Aurelien Tchouameni, Vinicius Junior; Kylian Mbappe, Gonzalo Garcia.
The full list of ins and outs
In: None.
Out: Endrick (Lyon, loan).
