Chelsea dominate on Wall Street... what about football?

Hello and welcome back to transfer grades. If you missed part 1 yesterday, that’s right here. Today we’re covering:

• Burnley

• Chelsea

• Crystal Palace

• Everton

• Fulham

The gang’s all here today, enjoy the Transfer Flow’s first ever quadruple bylined post.

Burnley — Going down, sorry

Total incomings — £121m

• Lesley Ugochukwu — £23.2m

• Armando Broja — £15m + £5m add-ons

• Bashir Humphreys — £12m + £2.7m add-ons

• Loum Tchaouna — £12m + £2.6m add-ons

• Quilindschy Hartman — £10m + £2.5m add-ons

• Marcus Edwards — £8.4m

• Jaidon Anthony — £8m

• Zian Flemming — £7m

• Max Weiß — £4.2m

• Jacob Bruun Larsen — £3.5m

• Kyle Walker — Free + £5m add-ons

• Axel Tuanzebe — Free

• Martin Dubravka — Free

• Florentino Luis — £1.7m loan fee + conditional obligation to buy

Chelsea will certainly be thrilled with Burnley for helping them deal with financial regulations. I like Lesley Ugochukwu, but his passing and dribbling numbers were understandably lacking on a bad Southampton team, and this fee is a bet on tools rather than a purchase of current production. Paying any fee at all for Broja is staggering. Humphreys is already 2nd choice to Hartman.

Most of these purchases are executions of loan options or obligations for players who were good for Burnley last season in the Championship. Those signings are generally inexpensive and fine.

Max Weiß had poor shot-stopping numbers in the 2. Bundesliga. Kyle Walker looks incredibly washed. Tchaouna didn’t play a lot in Serie A last season and hasn’t played much yet in the Prem either, he looks like a lottery ticket.

I think my colleagues have been incredibly kind with their grades. If we’re looking for the positives, Burnley have not been crazy with their spending, and have signed quite a few players that both give them a chance to stay up and will likely help them yo-yo if they do go down, much like Ipswich last year. But they’ve also had a couple overpays and signed some players who are just not good. — KM

Kim: C | Ted: B | Moe: B- | Neel: B+ | Hayden: B

Total outgoings — £30m

• James Trafford — £27m

• Han-Noah Massengo — £2.6m

• 5 senior players released

• 10 players loaned

(You can never expect a promoted club to have much in the way of sales, so can’t really judge this for systemic reasons. — TK)

While I understand Ted’s position, I don’t think you can overlook Burnley selling their best player, and losing two of their other top players on frees. CJ Egan-Riley and Josh Brownhill declining new contracts despite getting promoted was a pretty big loss. — KM

Kim: C- | Ted: N/A | Moe: C | Neel: C+ | Hayden: C

I can’t get over them donating £50m to Chelsea for so little production in return. Maybe it’s an investment that gets them the really good Cobham castoffs in the future and I just lack vision. In any event, I don’t think Burnley got a lot better this window despite spending a lot of money. — KM

Overall grade: C+

Chelsea — This is a Wall Street movie

Total incomings — £321m

• Joao Pedro — £55m + £5m

• Jamie Gittens — £48m + £3.5m add-ons

• Alejandro Garnacho — £40m

• Jorrel Hato — £35.5m + £3m add-ons

• Liam Delap — £30m

• Estevao — £29.5m + £22m add-ons

• Dario Essugo — £18.5m

• Mamadou Sarr — £11.9m

• Kendry Paez — £17.5m

• Facundo Buoananotte — £2m loan fee

What to say about a team that is only part football club, part day-trading operation?

All of the ages on Chelsea’s deals are young. It’s as if someone transplanted 2015 me to 2025 and made me work for Chelsea without price sensitivity. Weird, but it might still work?

I guess I should start with what I liked…

The Liam Delap deal is all upside, no downside from a financial perspective. No one is actually sure he’s going to be elite at the football stuff (except maybe Maresca), but as a trade, this made a ton of sense. Jorrel Hato is one of the most exciting young defenders to come out of the Eredivisie lately. I think Chelsea paid top of market for him in a league that often doesn’t work out, but I really like him and left backs are always in demand.

Dario Essugo was an age + output + price that made me say yeah, sure, why not? Assuming sticker price on that is correct as reported, they snagged a very promising young DM for way below market price this summer.

Estevao might be their best signing this window. They took a risk on a kid from Brazil and he already looks the business at age 18, which just shouldn’t happen. I hated the price when this deal was announced — for every Vini and Rodrygo, there are so many Brazilian teens that don’t become world superstars — but he seems really good.

Beyond that, it’s A LOT of risk at the top end, and I think we’re partially immune to sticker shock because of all the other toppy deals that went through this summer.

I think Chelsea overpaid for Joao Pedro given his past output. If he continues to be as good as he has been since the start of the summer, I’ll look like an idiot, but nothing in his recent professional football data suggests he’s going to be an elite, goalscoring centre forward. (He’s been very good at setting up teammates though, so there’s that.)

Garnacho was a move that seemed to be a year in the making. The price is fine, the attitude and desire to learn is complicated. If he pays off, his value will be twice what Chelsea paid, because goalscoring, high-shot-volume wide forwards are in demand and he could be really good. That said… the gap between what he is and what his stats say he could be needs to be bridged, and no one is sure that’s going to happen. tl;dr Garnacho makes sense and I didn’t hate it.

Gittens was also an overpay for potential future promise. Yes, it was a position of need, and he might have the skill set and physicality to fill in in a few years time, but I’m skeptical he improved the squad right now. Chelsea paid top of market for potential and their weaknesses suggest he might need to be good right now, when at best he’s more like 2-3 years away. — TK

Kim: B+ | Ted: B | Moe: B+ | Neel: B+ | Hayden: A

Total outgoings — £305m

• Noni Madueke — £48.5m + £3.5m add-ons

• Christopher Nkunku — £30.7m + £5.3m add-ons

• Joao Felix — £42m + £4.3m add-ons

• Kiernan Dewsbury-Hall — £25m + £4m add-ons

• Djordje Petrovic — £25m

• Lesley Ugochukwu — £23.2m

• Renato Veiga — £21.6m + £4.3m add-ons

• Armando Broja — £15m + £5m add-ons

• Mathis Amorgou — £12.5m

• Bashir Humphreys — £12m + £2.7m add-ons

• Kepa Arrizabalaga — £5m

• Marcus Bettinelli — £400k

• Alfie Gilchrist — £1.2m + £800k add-ons

• Ben Chilwell — Freeish

• Nicolas Jackson — Loan, £13m fee

• Carney Chukwumeka — Loan

This is going to be weird because I can’t retroactively penalise Chelsea for selling guys they never should have bought in the first place. As such… the sales are both pretty good and in such a volume that you rarely see in football. Credit to both the salespeople and the lawyers involved with all the paperwork.

The prices range from pretty good to miraculous (Joao Felix, Broja, maybe Nkunku). Yes, they were neutral or lost money on plenty of them (Dewsbury-Hall, omg Kepa), but plenty were small to significant profits as well. As a selling entity — and assuming these numbers are legit and don’t have weird side deals attached — this is a very good job.

I think the lone black eye here is the Jackson deal, which was bad from a football perspective, and he’s going to come back from Munich next summer because Bayern have said there is zero chance they activate the option to buy. The Germans paid handsomely not to do that though, so I guess that’s sort of a Chelsea win too? —TK

Kim: A | Ted: A- | Moe: B+ | Neel: A- | Hayden: A+

Looking at both sides of the transfer activity by themselves, you would conclude Chelsea did a rather good job this summer of buying and selling players. And strangely enough, I think they did.

The gap comes when you apply this activity to what they actually are — a football team. With all this activity, did they improve the product on the pitch? Did they take themselves from edge of the Champions League quality and move into competing for the Premier League and Champions League trophies?

They didn’t even improve the GK situation they publicly briefed about wanting to do before the Club World Cup. Jackson and Madueke were both really good Premier League players last season and possibly on the cusp of a leap to world class. Their replacements — hot Joao Pedro start aside — are almost certainly not there yet. And we don’t know if they will actually get there, that’s the danger in buying potential.

So no, they are not contenders this year, at least. And maybe not in future years either.

Trading operation good… Football team, still a bit of a basket case. —TK

Overall grade: B+

Crystal Palace — [pokes with stick] do something

Total incomings — £51m

• Yeremy Pino — £26m + £5m add-ons

• Jaydee Canvot — £17.5m

• Borna Sosa — £3m

• Walter Benitez — Free

• Christantus Uche — Loan, obligation to buy

After a historic campaign last season, Crystal Palace were quite underwhelming in the transfer window. Besides signing a couple of lower-cost backups early on, they left the bulk of their business until the very end of the summer. Yéremy Pino is the headline arrival as an Eze replacement who can play on either side, but he has some question marks that Patrick and I discussed on the podcast. Midfielder-turned-forward Christantus Uche seems a good stylistic fit and I'm intrigued to watch Jaydee Canvot, but I can't help but think that his significant fee might have better invested in a more immediately impactful signing. — NS

Kim: C | Ted: C | Moe: C | Neel: C | Hayden: C

Total outgoings — £73m

• Eberechi Eze — £60m + £7.5m

• Odsonne Edouard — £4.3m

• Malcolm Ebiowei — £1m

• 4 senior players released

• 3 players loaned

Rumours of departures dominated the discussion around Palace for most of the window. In the end, I think they have to be satisfied enough with the fee for Eberechi Eze's move to Arsenal, as well as the fact that they held on to all other key players. The reported offer for Marc Guéhi's potential transfer to Liverpool was good enough for me given the fact that he's in the final year of his contract, but they should be glad to keep him given their inability to secure a replacement. — NS

Kim: B- | Ted: B- | Moe: B | Neel: B | Hayden: B-

While Palace fans will like having Guehi around for another season and he’s earned some praise for his professionalism around his non-exit, missing out on a fee for him is bad from Palace. So is not spending more to upgrade other parts of the squad in a year following an FA Cup win, qualification for Europe, and a net profit in the market the previous summer.

Are we going to do this all over again next year when the vultures are circling Adam Wharton and they reject an £80m bid because they “can’t find a replacement?” — KM

Overall grade: C+

Everton — Hello, we’re back department?

Total incomings — £122m

• Tyler Dibling — £35m + £5m add-ons

• Thierno Barry — £27m

• Kiernan Dewsbury-Hall — £25m + £4m add-ons

• Carlos Alcaraz — £12.6m + £1.5m add-ons

• Adam Aznou — £7.8m

• Mark Travers — £4m

• Tom Kling — £200k

• Merlin Rohl — Free

• Jack Grealish — Loan, option to buy

It had been a minute since Everton splashed the cash like they did this past summer. Tyler Dibling had some bright moments on a terrible Southampton side, but they did spend a lot of money in the hopes he evolves beyond just being a fun carrier of the ball. The first few games of the season showed what Kiernan Dewsbury-Hall can bring to Moyes side as a versatile chance creator. The club is hoping he can recapture his form from 2023-24 during Leicester City’s dominant title win in the Championship. Thierno Barry is another jumbo-sized striker entering a league full of them, a solid stylistic fit but still needing some refinement. An option was triggered to sign Carlos Alcaraz on a permanent transfer, while Adam Aznou is another low-ish cost bet on a young talent.

The swing move among the bunch is Jack Grealish. The early returns have been impressive, and if he continues at this level, he becomes the best player the club has had in several years. — MM

Kim: A- | Ted: A- | Moe: B- | Neel: B | Hayden: B+

Total outgoings — £14m

• Youssef Chermiti — £10m + £2m add-ons

• Neal Maupay — £3.4m

• 7 senior players released

• 3 players loaned

There’s not much to note on Everton’s outgoings. Youssef Chermiti didn’t work out for Everton, but they at least got something back for him in his transfer to Rangers. The same can be said for Neal Maupay and Marseille, while the rest departures were on loan or for free. Two departures of note are Dominic Calvert-Lewin and Abdoulaye Doucoure. The former showed real promise during COVID-ball, but injuries and inconsistency defined the rest of his tenure in Merseyside. The latter was a solid contributor who will be remembered fondly for his volley versus Bournemouth that kept Everton in the Premier League. — MM

Kim: C+ | Ted: C+ | Moe: C | Neel: C+ | Hayden: C

Questions could be asked on the price paid for Dibling, but the other fees spent on youngsters seem sensible. The bets on mid/late-prime talents (Dewsbury-Hall, Grealish) will define this season, which has so far paid off. This summer was a step up for Everton from previous summers where they spent big in the market. — MM

Overall grade: B+

Fulham — Too busy with their wrestling company

Total incomings — £45m

• Kevin — £34.5m + £4.5m add-ons

• Benjamin Lecomte — £500k

• Jonah Kusi-Asare — £3.5m loan fee, option to buy

• Samuel Chukwueze — £2m loan fee, option to buy

Going into deadline day, Fulham had made a grand total of one signing, which was Benjamin Lecomte's arrival as a backup goalkeeper. They finally found their chequebook on the auspicious day of 1 September, when three other players came in. I like watching Samuel Chukwueze, but he's averaged under 1,000 minutes played over the last couple of seasons. Kevin is an exciting talent, but I think Shakhtar Donetsk come away as the winners from that negotiation. Jonah Kusi-Asare has very little senior action under his belt of which I have watched none, but I'm not sure if he'll be a noteworthy contributor in the near future.

In general, I do not mind a steady of approach of preserving the status quo if things are not going badly. However, Fulham were the oldest team-in the Premier League last season based on average age by minutes played, so this was high time for them to start planning for the future more seriously. — NS

Kim: D | Ted: D+ | Moe: D | Neel: F | Hayden: F

Total outgoings — £16m

• Andres Pereira — £8m + £2m add-ons

• Martial Godo — £6m

• Carlos Vinicius — Free

• Willian — Free

• 2 players loaned

Besides Willian's customary departure, Fulham's main sale was Andreas Pereira's move to Palmeiras. The fee is not ideal, but given their failed contract negotiations and pretty public willingness to move him on, they have to take it.

Ideally, this would have been a good time to move on a few of their older players for good fees, but given the fact that they could not find their chequebook for most of the window, it's probably better that they didn't. — NS

Kim: D | Ted: D+ | Moe: D | Neel: D | Hayden: D

This has the feel of an ownership group that’s fielding offers. I’m not reporting that, it’s pure speculation on my part, but I don’t see execution of a strategy here. I see doing the bare minimum to make sure your asset doesn’t go down in value while you try to offload it. Fulham simply exist, with no plan to attempt to progress, and their fans deserve better. — KM

Overall grade: D

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