The Borrowers: How Loan Deals Took Over the January Transfer Window

 Clockwise from left: Daniel Sturridge; Ethan Ampadu; Jermain Defoe; Aleksandar Mitrovic; and Nathaniel Clyne. Photograph: Action Images/Reuters, AFP/Getty Images and Rex/Shutterstock
Clockwise from left: Daniel Sturridge; Ethan Ampadu; Jermain Defoe; Aleksandar Mitrovic; and Nathaniel Clyne. Photograph: Action Images/Reuters, AFP/Getty Images and Rex/Shutterstock
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The Borrowers: How Loan Deals Took Over the January Transfer Window

 Clockwise from left: Daniel Sturridge; Ethan Ampadu; Jermain Defoe; Aleksandar Mitrovic; and Nathaniel Clyne. Photograph: Action Images/Reuters, AFP/Getty Images and Rex/Shutterstock
Clockwise from left: Daniel Sturridge; Ethan Ampadu; Jermain Defoe; Aleksandar Mitrovic; and Nathaniel Clyne. Photograph: Action Images/Reuters, AFP/Getty Images and Rex/Shutterstock

It is a time of year to beg, borrow and steal in the football world, especially in England, where the January transfer window is again expected to be dominated by loan deals. Only 37 of the 178 players leaving Premier League clubs last January moved permanently and close to one in every three of the incoming signings in the top flight – a ratio that for the second successive year was twice as high as in the summer – joined on a temporary basis.

Halfway through the season is normally short-term fix territory rather than a buyer’s market, which partly explains the prevalence of loans. Yet arguably the biggest factor is the sheer number of professionals that Premier League clubs have on their books these days and the need to find regular first-team football for as many as possible while recouping a bit of money at the same time.

Some players will be high-profile and out of favour – see Jermain Defoe, who has just joined Rangers on loan from Bournemouth; Liverpool’s Nathaniel Clyne, who has signed for Eddie Howe’s side until the end of the season; and Chelsea’s Gary Cahill. The majority, though, will be younger players who are some way off the first team and are, in the eyes of senior figures at their clubs, neither developing in a competitive environment by playing under-23 football nor increasing their value. Playing in the EFL ticks both boxes, potentially.

A spotlight shines on Chelsea for good reason when it comes to this sort of story, but a trawl through last January’s loan deals reveals that Brighton, Newcastle and Watford sanctioned more departures – double figures in each case – than anyone else. Chelsea, of course, already had plenty of players farmed out from the summer but the bottom line is that more and more top-flight clubs are adopting a proactive approach when it comes to the loan market.

Yet despite loans being so commonplace now, the framework of the deal remains loose, right down to fundamental details such as exactly what “until the end of the season” means. That aspect of a loan – the finishing point – is an area of negotiation with almost every deal given that player contracts run until 30 June and the last game of the season is usually at least six weeks earlier. At the top end that could equate to another £500,000, which is a lot of money to pay somebody else’s employee to sit on the beach.

It may be surprising to learn that some players not only get their wages covered in full by the club they are joining but also receive a substantial sum on top. In fact, the complaints of one Premier League player about all the time he had spent on loan earlier in his career raised a few eyebrows within his former club, given that at one stage he was happily picking up an additional five-figure sum every week, on top of his basic wage, for playing in the Championship.

With more sought-after players the parent club will always expect wages to be paid in their entirety. In some cases there will also be a one-off loan fee – incredibly, an eight-figure sum was quoted for one out-of-favour former England international in the summer – as well as add-ons in the event of a player helping a club avoid relegation or win promotion.

That extra outlay is a price worth paying if everything comes off – Aleksandar Mitrovic’s impact at Fulham last season is a case in point. The key word in that sentence, however, is “if”. This time last year West Brom took Daniel Sturridge on loan in the hope that he would score the goals to keep them up but because of injury they got only 116 minutes of football out of the Liverpool striker in exchange for £3.8m. On that same theme Crystal Palace had some fitness concerns in relation to Dominic Solanke and pulled out of signing the forward this week because Liverpool were against the idea of linking part of the loan fee to appearances.

While a team’s playing style and the manager’s reputation are important considerations when loaning out younger players, contacts make a big difference too. Frank Lampard, Derby’s manager, has two Chelsea loanees and would take a third – four from one club is the maximum in the EFL – if Maurizio Sarri agreed to allow Ethan Ampadu out. That is understood to be unlikely as things stand.

Loan rules differ in the Premier League, where only one player from the same club is permitted at a time. Clubs are also allowed a maximum of only two domestic loans at a time. Yet there is no limit on international loans, which means a struggling Premier League club can transform its starting XI in January without making a permanent signing. Two years ago Hull brought five players in on loan and almost survived.

Business has already been brisk this time around and, as the days tick by, it will be interesting to see what becomes of players such as Everton’s Morgan Schneiderlin, Vincent Janssen at Spurs, Leicester’s Adrien Silva, Divock Origi at Liverpool and Chelsea’s Danny Drinkwater, all of whom cost a fair few quid and could do with a new home – temporary or otherwise – to revive their careers.

The Guardian Sport



Salah's Long Goodbye: Egypt Star Begins Farewell Tour with Liverpool at Man City in FA Cup

(FILES) Liverpool's Egyptian forward #11 Mohamed Salah applauds as he leaves the pitch after being substituted during the UEFA Champions League, round of 16 second leg football match between Liverpool and Galatasaray at Anfield in Liverpool, north-west England on March 18, 2026. (Photo by Paul ELLIS / AFP)
(FILES) Liverpool's Egyptian forward #11 Mohamed Salah applauds as he leaves the pitch after being substituted during the UEFA Champions League, round of 16 second leg football match between Liverpool and Galatasaray at Anfield in Liverpool, north-west England on March 18, 2026. (Photo by Paul ELLIS / AFP)
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Salah's Long Goodbye: Egypt Star Begins Farewell Tour with Liverpool at Man City in FA Cup

(FILES) Liverpool's Egyptian forward #11 Mohamed Salah applauds as he leaves the pitch after being substituted during the UEFA Champions League, round of 16 second leg football match between Liverpool and Galatasaray at Anfield in Liverpool, north-west England on March 18, 2026. (Photo by Paul ELLIS / AFP)
(FILES) Liverpool's Egyptian forward #11 Mohamed Salah applauds as he leaves the pitch after being substituted during the UEFA Champions League, round of 16 second leg football match between Liverpool and Galatasaray at Anfield in Liverpool, north-west England on March 18, 2026. (Photo by Paul ELLIS / AFP)

Mohamed Salah's long goodbye to Liverpool begins on Saturday in the quarterfinals of the FA Cup, the competition which represents his best chance of a trophy in his final year at Anfield.

The Egypt winger announced last week that he will be leaving Liverpool at the end of the season after nine years at a club where he has broken scoring records and established himself as one of the world's best players.

Salah potentially has 15 games left in the famous red shirt: Seven in the Premier League as well as three in the FA Cup and five in the Champions League, should Liverpool reach the final in both of those competitions.

That won't be easy.

In the Champions League, defending champion Paris Saint-Germain is up next in the two-leg quarterfinals and it's pretty much as tough in the FA Cup, with Liverpool handed an away match at Manchester City.

Salah, who has 255 goals in 435 appearances for Liverpool, missed the Reds' last game before the international break — a 2-1 loss at Brighton in the league — with a muscle injury but has told manager Arne Slot he should be healthy enough to return this weekend.

“He just does so much for his body for such a long time that he recovers so fast," Slot said on Wednesday. "So, he will train with the team again tomorrow and if everything works well then he’s available to be with us at City.”

The 33-year-old Salah was left out of the Liverpool team for four straight games at the end of 2025 in what appeared to be a breakdown in his relationship with Slot and the club.

Since returning from the Africa Cup of Nations, Salah virtually has been an ever-present in the lineup, seemingly winning the Dutch coach round.

“That hunger never drops,” Slot said of Salah. "It's the thing I find most special about him. So many good players around the world — he's definitely one of them in the last 10 years — and to show that hunger every three days, that professionalism, that commitment to the club and to the team, wanting to score again, always wanting to play ...

“When you take him out three minutes before the end, he's like, ‘Ah, maybe I could have scored one extra.’”

City, meanwhile, is seeking a domestic cup double after beating Arsenal in the English League Cup final on March 22. Pep Guardiola's team is also chasing Arsenal in the Premier League, which takes a break this weekend to give the FA Cup its own space in the calendar.

Key matchups

The other FA Cup quarterfinals take place across Saturday and Sunday.

After City-Liverpool in the early kickoff on Saturday, Chelsea hosts third-tier Port Vale — the lowest-ranked team left in the competition — before Arsenal visits second-tier Southampton.

On Sunday, West Ham hosts Leeds in an all-Premier League matchup.

Players to watch Manchester City midfielder Phil Foden has less than two months to persuade England coach Thomas Thomas he is worthy of a place in the World Cup squad.

Foden started both of England’s recent friendly games — a draw with Uruguay and a loss to Japan — but failed to impress either in the No. 10 role or as a “false nine," prompting Tuchel to say it's “ not a guarantee ” that Foden will be at the World Cup.

Foden was English soccer's player of the year in the 2023-24 season but has not maintained his top form and has rarely started for City in recent months.

Out of action

Arsenal's team sheet for the Southampton game will be heavily scrutinized, given 10 players missed games for their national team over the international break because of various issues.

Eberechi Eze, Jurrien Timber and Martin Odegaard already had injuries that caused them to miss the League Cup final, before Piero Hincapie, Bukayo Saka, Declan Rice, William Saliba, Gabriel Magalhaes and Leandro Trossard all pulled out of international duty.

England's Noni Madueke and Spain's Martin Zubimendi missed the second games for their respective countries after reporting injuries.

Off the field

There might be growing disharmony at Chelsea, going off recent comments by two of the team's best players.

Enzo Fernandez said after elimination in the Champions League that he couldn't guarantee being at Chelsea next season, while Marc Cucurella told The Athletic during this international break that the team was “more stable” under coach Enzo Maresca, who was fired in January, and, "If you asked me, I would not have made this decision.”

Liam Rosenior, the current Chelsea coach, is under big pressure after four straight defeats.


Chelsea Announces Premier League-record Losses of $350M

Chelsea players react disappointed after the English Premier League soccer match between Everton and Chelsea in Liverpool, England, Saturday, March 21, 2026. (AP Photo/Jon Super)
Chelsea players react disappointed after the English Premier League soccer match between Everton and Chelsea in Liverpool, England, Saturday, March 21, 2026. (AP Photo/Jon Super)
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Chelsea Announces Premier League-record Losses of $350M

Chelsea players react disappointed after the English Premier League soccer match between Everton and Chelsea in Liverpool, England, Saturday, March 21, 2026. (AP Photo/Jon Super)
Chelsea players react disappointed after the English Premier League soccer match between Everton and Chelsea in Liverpool, England, Saturday, March 21, 2026. (AP Photo/Jon Super)

Chelsea made pre-tax losses of 262.4 million pounds ($350 million) in its latest financial results, the club announced Wednesday, a record high in the Premier League era.

Chelsea, whose owners are from US private equity, attributed the losses in part to “increased operating costs” in 2024-25 compared to the previous year.

The previous highest recorded pre-tax loss in the Premier League was the 197.5 million pounds (now $263 million) posted by Manchester City for the 2010-11 season, Britain’s Press Association reported, The AP news reported.

Revenue for the year ending June 30, 2025, was 490.9 million pounds ($650 million), Chelsea said — the second-highest on record for the London club. That included some of the money earned from its title-winning run at the Club World Cup.

Chelsea was deemed to be compliant with the Premier League’s financial rules for the three-year period ending 2024-25, which allows for maximum losses of 105 million pounds ($140 million) over that block. Spending on things like infrastructure, youth development and women’s football, for example, isn’t included when the league assesses clubs’ losses.


Ailing Italy at New Low After Missing Out on Yet Another World Cup

 Italy players react during a penalty shootout during the World Cup qualifying play-off final soccer match between Bosnia and Italy in Zenica, Bosnia, Tuesday, March 31, 2026. (AP)
Italy players react during a penalty shootout during the World Cup qualifying play-off final soccer match between Bosnia and Italy in Zenica, Bosnia, Tuesday, March 31, 2026. (AP)
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Ailing Italy at New Low After Missing Out on Yet Another World Cup

 Italy players react during a penalty shootout during the World Cup qualifying play-off final soccer match between Bosnia and Italy in Zenica, Bosnia, Tuesday, March 31, 2026. (AP)
Italy players react during a penalty shootout during the World Cup qualifying play-off final soccer match between Bosnia and Italy in Zenica, Bosnia, Tuesday, March 31, 2026. (AP)

Italians will once again be forced to watch a World Cup from the sidelines after another play-off disaster highlighted just how far one of the great footballing nations has fallen.

Four-time world champions, the football-mad country finds itself at its lowest ebb and without a clear path to a brighter future after missing out again through the play-offs, this time following a penalty shoot-out defeat to Bosnia and Hercegovina.

Gattuso the scapegoat?

Gennaro Gattuso knew he had a tough job on his hands when he was appointed in June, asked to replace Luciano Spalletti and take Italy to the World Cup with automatic qualification looking near-impossible after a 3-0 hammering at the hands of Erling Haaland's Norway.

One of the heroes of Italy's 2006 World Cup triumph, Gattuso remained vague on his future as coach even as Gabriele Gravina, the head of Italy's football federation (FIGC), asked him to stay beyond the end of his current contract which expires this summer.

Gattuso was a curious appointment given his spotty coaching career but Italy did not perform all that badly under him, with six wins from eight matches and 22 goals scored.

He has created a strong team spirit which was lacking under the volatile Spalletti, but another humbling defeat to Norway in November, 4-1 at the San Siro of all places, laid bare the limits of a team sorely missing the star power of years gone by.

And Gattuso could yet pay the price for his team's failure, which came after being outplayed almost from the first minute by the exuberant Bosnians, as Gravina's position at the head of the FIGC is not completely safe.

A board meeting next week will decide on whether Gravina, who was elected FIGC chief in 2018 after Carlo Tavecchio stepped down following Italy's first World Cup play-off defeat to Sweden the previous year, will stay in place.

Twenty years of hurt

The 20th anniversary of Italy's last World Cup win falls on July 9, during this summer's finals in the United States, Canada and Mexico.

But, if anything, that dramatic win on penalties over France feels even further away than that.

Faced with an empty summer, even Italy's victory at Euro 2020 has been devalued as the country fails to produce world class talent and its clubs, once the European elite, slip further behind their rivals, and above all the moneybags Premier League.

Italy, whose European title defense ended at the last 16 in 2024 with a footballing lesson by Switzerland, have not played a knockout match at a World Cup since 2006: for context, the iPhone was introduced to the market one year later.

"Today's results are the consequence of our attitude from 20 years ago, when we clung onto our best players like (Fabio) Cannavaro and (Francesco) Totti, thinking they would last forever," said Gianluigi Buffon, another World Cup winner from 2006 involved with the national team.

"Right then we should have been rethinking our tactical and technical models."

Grassroots reform

Too late to have any effect on the current senior team, the FIGC announced earlier this month a new project for youth football, led by long-term coach Maurizio Viscidi, who has had success with Italy's national youth teams.

Cesare Prandelli, Italy coach for the dismal display at the 2014 World Cup, is now involved in the FIGC's efforts to reform youth football after having criticized the way clubs coach the spontaneity out of young players.

"If 10 years ago we'd have had the good fortune to have a talent like Lamine Yamal, we would have let him get away," Prandelli said last year.

"Our coaches would have taken away his joy of playing."

The new project announced on March 18 centers on offering training for coaches at a vast number of youth football clubs who train some 700,000 children.

Simone Perrotta, who reports to Viscidi, told AFP on Monday that the aim is "to get the federation inside the clubs" and harmonize training methods in such a way as to encourage the development of individual skills and encourage invention.

Just 33 percent of Serie A players are eligible for national team selection.

That number is higher than the 29.2 percent of English players in the Premier League, while Germany (41.5 percent) and France (37.5 percent) both have a higher proportion of locals in top division squads.