Was this window a success or a failure for Real Madrid?
A success！
After a season in which they did not win any of the three major titles (La Liga, the Copa del Rey or the Champions League), Real Madrid managed to carry out a major and much-needed rebuild.
That started with Xabi Alonso replacing Carlo Ancelotti — and Alonso had a significant say in signings, unlike his predecessor. The club invested around €180million on four new players: Trent Alexander-Arnold from Liverpool (€10m), Dean Huijsen from Bournemouth (€58m), Alvaro Carreras from Benfica (€50m), and Franco Mastantuono from Argentine side River Plate (€63.2m).
The first three have helped shape a new-look defence, which had been identified as a necessary area of improvement since last summer. And the 18-year-old Mastantuono has already brought fresh ideas to Madrid’s attack.
While Alexander-Arnold’s signing had been pursued by the club since last year, Alonso’s conviction and insistence were key in landing Huijsen, Carreras and Mastantuono.
Will Alonso be happy?
He is, although ideally Alonso would have liked more reinforcements.
Sources close to Alonso suggested to The Athletic that two more signings were necessary, although one of those was if Rodrygo had left.
The difficulty in getting rid of players other than those whose contracts expired this summer (Luka Modric, Lucas Vazquez and Jesus Vallejo) was a significant obstacle. And with the 25-player limit on La Liga squads — even though Mastantuono was registered with the Real Madrid Castilla reserve team in case of a new arrival — Madrid’s room for more incoming players was minimal.
In the final weeks of the window, Alonso said, “We have to be ready in case there are changes”, but these did not happen. Dani Ceballos could have left last week, but he did not reach an agreement on personal terms with Marseille.
What will be the priority for January?
There won’t be one.
Madrid do not tend to use that January transfer window, and their last first-team signing in that month was Brahim Diaz in 2019. They made that move because Brahim’s contract with Manchester City was ending that June, so they wanted to act to secure the talented forward, with the concern being he might move elsewhere or renew at City if they did not act fast.
At the start of 2025, they were prepared to make an exception for Alexander-Arnold, but they were met with a strong refusal from Liverpool to sell.
But it is worth paying attention to any departures in January. While the board are not keen on losing players during the season, several members of the first team could review their situation to see if they can find a club where they will get more playing time. One example is Endrick, the young Brazilian striker who sees the 2026 World Cup as one of his major goals.
Will there be money to spend in that window?
Yes. Real Madrid have healthy finances, posting positive results even during the pandemic, and could afford to sign players. But, as mentioned above, it is unlikely given their stance on the window.