Sometimes you just can’t figure out if there’s a winner or a loser in the transfer window. You have to sit tight, let the pot simmer for a bit, then go back and check-in. That’s how I feel about these three clubs.

Arsenal

Arsenal

Total Spend: $357.7M (7 players)
Total Sold: $15.8M (15 total: 3 sold, 5 loaned out, 7 released or left on free)
Net: -$341.9M
Hooligan Grade: tbd

This isn’t a diss on the Gunners’ acquisitions, all of which seem perfectly fine. Okay, maybe “perfectly fine” is a bit of a diss. In reality, Eberechi Eze, Viktor Gyökeres, Noni Madueke and Martín Zubimendi are all excellent players, but to date I haven’t seen them be molded into the system. Zubimendi has had the most time, and he seems disjointed. His only major contribution seems to be fouling the opposition with regularity.

My reluctance to judge stands because Arsenal didn’t sell, well, anybody of consequence (or value). Their spend was eye-wateringly huge, and if Arsenal do not lift the trophy there will be plenty of fingers pointed and people to blame. I might not have to wait that long to know whether this new class is hero, or zero.

Nottingham Forest

Nottingham Forest

Total Spend: $273M (10 players)
Total Sold: $143.3M (24 total: 7 sold, 8 loaned out, 4 released or left on free, 3 undisclosed, 2 retired)
Net: -$129.7M
Hooligan Grade: tbd

Rumor has it dissatisfaction with the transfer window is one of myriad issues between owner Evangelos Marinakis and gaffer Nuno Spirítu Santos. It’s hard to see why, with 10 new players coming in. Perhaps Nuno was left out of the decision making? In any event, speculation on the origins of their rift is beyond the scope of this article.

I like Forest’s choices. I think their players are good investments that will pay dividends if they’re given time to grow, and a solid system to slot them in. All that is threatened by this spat between owner and manager. Until that is resolved, any judgement call on the window is paused.

West Ham United

West Ham

Total Spend: $170.1M (15 players)
Total Sold: $75.3M (17 total: 2 sold, 8 loaned out, 6 released or left on free, 1 undisclosed)
Net: -$94.7M
Hooligan Grade: tbd

I have to separate West Ham’s somewhat dire start to the season from the summer transfers they transacted. On paper, it looks like good business. Keeping Jean-Clair Todibo should give them continuity in center-back. Mads Hermansen is a decent keeper they didn’t overspend on. They signed Premier League veterans for zero dollars with Callum Wilson, Kyle Walker-Peters and Igor Julio.

Sadly, losing Mohammed Kudus was inevitable, but his replacement El Hadji Malick Diouf has been one of the rare bright sparks for the Hammers. He already has two assists, one from drawing a penalty. My concern is that West Ham should have been more ruthless in recouping more of their spend. Fifteen players out the door with no cash to show will ding the balance books quite a bit.

More Transfer Analysis

Summer Transfer Winners
Summer Transfer Losers
Who Made Money on Summer Transfers
How the Promoted Sides Transferred

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