Tottenham have broken their own transfer record twice in the same window. £85 million for Mateus Fernandes, then £100 million for Sandro Tonali. In a single summer, Spurs have spent more on two players than most clubs spend in a decade.
It's a jarring contrast to the Ange Postecoglou era, when the manager was routinely forced to patch a leaking ship with bargain buys while watching rivals splash freely. Whatever the board's reasoning was back then, they've clearly abandoned it.
Tonali heads to London, Newcastle count the cash
The Tonali deal is the headline. The 26-year-old Italian midfielder confirmed his departure from Newcastle on Instagram — thanking the city, the club, the people. Three years on Tyneside included a 2025 EFL Cup triumph, the first major domestic trophy in 70 years for the Toons. He earned that send-off.
Newcastle, for their part, are cashing in at the right time. They already knocked back a £60 million verbal offer from Arsenal for Bruno Guimaraes, and by all accounts want closer to £100 million — exactly what Spurs just paid for Tonali. They're pricing from strength. Whether Arsenal blink is the subplot that will define the Gunners' midfield for seasons to come.
Mark the 29th of August in your calendar. That's when Tonali faces Newcastle for the first time in Spurs colours. Ex-teammate Joelinton already has.
Balogun's World Cup controversy didn't hurt his market value one bit
Folarin Balogun enters the summer as one of the most sought-after strikers on the continent, which is either a triumph of talent over noise or a sign that clubs have very short memories. His red card against Bosnia — and the subsequent political circus when Donald Trump lobbied FIFA to freeze the suspension — dominated World Cup headlines. Then he went quiet in a 4-1 hammering by Belgium.
But 19 goals for Monaco last season, including strikes in eight straight league games, and a World Cup double against Paraguay is a compelling CV regardless. Spurs, Chelsea and PSG are all in the running. Spurs are reportedly ahead, and given they just signed Tonali to fix the midfield, addressing a striker drought makes tactical sense.
Balogun is 25, Arsenal academy-trained, and now Monaco's Player of the Season. The irony of him potentially ending up at Spurs after coming through Arsenal won't be lost on anyone in north London.
Salah, Andrey Santos and Rashford's complicated situation
Mo Salah leaving Liverpool was always going to generate noise. The surprise is who's loudest: Atletico Madrid have emerged as frontrunners, ahead of Juventus, Roma, and Al-Ittihad — who offered £150 million back in 2023 and are still keen. At 34, Salah still has options that most players half his age don't.
The MLS angle is newer. Several clubs have registered interest after Salah's high-profile World Cup run with Egypt — a penalty shootout win over Australia and a controversial exit against Argentina. LA Galaxy and New York City FC make the most financial sense. But the possibility of Inter Miami puts him in the same dressing room as Lionel Messi, which is either the perfect ending or a distraction neither player needs.
Elsewhere, Manchester United have essentially done a deal with Chelsea for Andrey Santos — £50 million, £2 million in add-ons, medical being arranged. The 22-year-old Brazilian wanted consistent minutes; Chelsea weren't providing them. Straightforward enough.
The thornier situation is Marcus Rashford. Barcelona declined to keep him after his loan spell, United won't send him out on loan again, and Rashford himself wants Champions League football. Chelsea and Spurs are interested, but neither is currently in Europe's top competition. That math doesn't work for him — yet.
