Record January window for transfers despite drop in spending

Football clubs worldwide set a new winter transfer window record in terms of the number of transactions completed, according to a statement released by FIFA on Thursday, but the overall amount spent was down compared to last year's high.

The January 2026 window saw a three per cent increase in the number of transfers compared to the previous record set the year before with more than 5 900 international transactions completed.

However, with a total of over $1.9 billion spent, the cumulative amount splashed out on transfer fees is down by 18 per cent compared to the record set in January 2025 ($2.35 billion).

English clubs were by far the biggest spenders, with more than $363 million in compensation paid, a significant drop from 2025 ($623 million), but still far ahead of Italian clubs ($283 million) in second place.

Brazilian clubs made their way into the top three this year, with $180 million spent – some $49 million of which came courtesy of Flamengo's signing of Lucas Paqueta from Premier League side West Ham.

🚨💣 BREAKING: Lucas Paquetá to Flamengo, here we go! Record deal agreed for €42m fee.

West Ham accept the proposal after direct contact with director José Boto today, Paquetá travels later today.

Five year contract. Paquetá volta pra casa. ❤️🖤 pic.twitter.com/IsuGJBqIIa — Fabrizio Romano (@FabrizioRomano) January 28, 2026

Saudi clubs, heavy spenders last year (fourth, $213 million), slipped to sixth place on $101 million.

Just like last year, French clubs led the way in terms of transfer revenue, with a total of $218 million received ($373 million in January 2025), ahead of their Italian, Brazilian, English and Spanish counterparts.

In women's football, a new spending record was set, with more than $10 million spent in January, an 85 per cent jump from last year's record, despite a six per cent drop in the number of transfers (420 in January 2026).

Once again, English clubs spent the most, splashing out more than $5 million.