If the best things in life are free, nobody told the 20 Premier League clubs. They spent a staggering £3.1bn this summer alone. The English top flight occupies a unique position. Premier League clubs earn far more than their European counterparts as the league’s popularity and revenues soar. Yet, Real Madrid showed again that money cannot buy everything.
Real Madrid’s unmatched skill in free transfers
The Spanish giants excel at acquiring world-class talent for little or no cost. When Los Blancos signed Trent Alexander-Arnold from Liverpool for €10m (£8.4m) in June, the fee merely accelerated his registration to play in the Club World Cup. This marked the fourth time in five years that Real Madrid landed a top player on a free transfer. David Alaba joined in 2021, Antonio Rudiger in 2022, Kylian Mbappe in 2024, and now Alexander-Arnold in 2025, who could have joined for free if the club waited.
Even more impressive, these players came from Europe’s biggest rivals, including Bayern Munich, Chelsea, Paris Saint-Germain, and Liverpool. La Liga commentator Phil Kitromilides explained that when Real Madrid makes an offer, few players can resist.
“It doesn’t matter who you played for before or where you grew up,” he said. “Joining Madrid is the biggest step in any career. Take Trent – he loved Liverpool, but he wouldn’t move for any club other than Real. It’s the allure, the grandeur.”
The allure of running down a contract
What surprises most is not the free transfers themselves but the players’ willingness to wait. Often, they know the club cannot—or will not—pay the market price. Still, they run down the final year of their deals to join Madrid. The club’s history of trophies makes the risk worthwhile. This tradition stretches back to 1988, when Bernd Schuster famously left Barcelona for the Bernabeu. Other names include Steve McManaman, Michael Laudrup, and Fernando Morientes.
Kitromilides added, “Second is nothing at Madrid. The club wants to win every trophy, every season. This philosophy creates an aura of mystique that convinces top players to risk running down their contracts.”
Free agents shake up European football
Transfer deadline day often brings high-profile free transfers. This summer, prolific scorer Jonathan David left Lille to join Juventus after interest from multiple European clubs. His agent, Nick Mavromaras, described the period as both exciting and tense. “You have ongoing conversations with clubs, negotiating wage expectations and terms. We eventually found exactly what we wanted with Juventus,” he said.
Even players leaving on good terms can face challenges. Teammates like Angel Gomes sometimes get sidelined after announcing their departure. Agents warn that running down contracts carries risk. Changes in management, ownership, or competition qualification can disrupt plans. Every move is a gamble, especially for highly talented players.
Liverpool spent £125m to sign striker Alexander Isak from Newcastle on deadline day, ending a saga that lasted all summer. Modern transfers rarely surprise fans, lamented agent Sky Andrew, who brokered Sol Campbell’s famous move from Tottenham to Arsenal in 2001. He said players honor their contracts before considering better offers. Campbell’s switch remains one of the Premier League’s most sensational transfers, with only a handful of insiders aware before the public announcement.
Andrew explained that footballers often lack control over their careers. Players face criticism whether they honor a contract or seek early departure. “The narrative has to change,” he said.
Free agents still influence transfer windows
Some notable free agents remain unsigned. Dele Alli left Serie A club Como after a contract termination. Christian Eriksen and Cesar Azpilicueta also remain without clubs. While these names might not dominate headlines, next summer could bring bigger moves. Free agents in 2026 include Manchester City duo Bernardo Silva and John Stones, Arsenal’s Leandro Trossard, Bayern Munich’s Dayot Upamecano, and Barcelona’s Frenkie de Jong.
In the Premier League, Liverpool’s Ibrahim Kanoute and Crystal Palace captain Marc Guehi—whose move to Liverpool collapsed on deadline day—remain players to watch. Many expect Real Madrid to target them next. Few would be surprised if either followed Alexander-Arnold’s path to the Spanish capital.
