The transfer window might have closed on Monday night, but the question marks remain.

As you sit here on Tuesday morning, you might be left wondering about the business your team did — or in a lot of cases, didn’t do. Why have they not brought in that extra player? Why did they let one of their key men go? And is the squad in a stronger place than it was?

Here, The Athletic has assembled its club experts to run through the key questions — and answers — after deadline day.

Why didn’t Arsenal sign a striker?

Ultimately, Arsenal couldn’t find the right player at the right price in this window.

Long-term targets such as Alexander Isak and Benjamin Sesko were unavailable this month. The club did look to capitalise on a PSR situation at Aston Villa with a move for Ollie Watkins, but Villa chose to sell Jhon Duran to Al Nassr instead.

Manager Mikel Arteta and the club were aligned in the view that they didn’t want to simply bring in a “body”. They wanted a No 9 who could make an immediate impact in the remainder of the season.

Watkins fit the bill. When that deal died, there was no obvious alternative that didn’t compromise Arsenal’s summer plans in some way. Even in the case of Watkins, Arsenal showed they were not simply prepared to pay Villa’s £60million ($74.4m) asking price.

It leaves Arsenal looking very light up front, with Kai Havertz the only fit recognised centre-forward in the squad. Arsenal have taken a calculated gamble that Havertz can carry them through to the end of the season when they will return to pursuing their primary attacking targets.

James McNicholas

What were Manchester United thinking?

United’s decision to step back from signing a replacement for Marcus Rashford, who remains the team’s third-highest scorer in the Premier League on four goals, ahead of Joshua Zirkzee and Rasmus Hojlund, has been met with severe concerns among the fanbase. United have lost 11 times in the Premier League to sit 13th and have failed to score in a third of their 24 games so far.

From United’s perspective, the January plan was to lose players deemed at odds with the culture, add a left wing-back, and stay financially restrained ahead of the summer, when a long-term centre-forward can be recruited. The £5m loan fee demanded by Bayern Munich for Mathys Tel, with no buy option, was deemed too expensive by United.

Tel’s loan fee was deemed too much for Manchester United (Sebastian Widmann/Getty Images)

Critics argue United would have had more budgetary flexibility had the multi-million-pound cost of sacking Erik ten Hag, hiring Amorim, and dismissing Dan Ashworth not gone on this season’s accounts.

Though Amorim said United were “trying everything to improve the team” during a press conference after the Crystal Palace match, he also showed he understood the financial picture by adding: “Without doing mistakes of the past, trying to balance the urgency of the moment.” United’s consistent loss-making is the result of decisions made by the previous regime.

Instead, United chose to primarily invest in Patrick Dorgu, the 20-year-old wing-back who arrived in a deal judged fair value, potentially worth €35million, and in a position needing strengthening.

Laurie Whitwell

Chelsea are usually so active in windows — why was it different this time?

Before the window opened, Chelsea fans were hoping to see a lot of recruitment in some key positions, but the club never intended to spend lavishly.

The window shut with not much business done to show for all the noise surrounding the club. Chelsea bought defender Mamadou Sarr from sister club Strasbourg with the summer in mind. A deal for 19-year-old midfielder Mathis Amougou was finalised on deadline day and Trevoh Chalobah was recalled from a season-long loan at Crystal Palace. Amougou has arrived more for his potential than as an immediate starter.

This is not the kind of activity that will get many pulses raised in the stands. However, like 12 months ago when no one arrived apart from Cesare Casadei coming back from a loan at Leicester City, Chelsea did not expect to be that active.

A deal was agreed for Amougou on deadline day (Euan Cherry/Getty Images)

Chelsea’s thinking about where they were looking to strengthen solidified the longer the window went on, but it always had to be the right deal for the right price.

A left-sided winger, due to Mykhailo Mudryk’s suspension for failing a drugs test, striker and midfielder were on the agenda.

The complication of getting players off the books also played a role in what took place. For example, despite interest from Bayern Munich and Manchester United, Christopher Nkunku has stayed at Stamford Bridge because neither club were prepared to meet their £65million asking price.

Joao Felix, Renato Veiga, Carney Chukwuemeka, Ben Chilwell and Axel Disasi all leaving on loan deals ended up summarising more about where Chelsea’s main priorities lay. However, all of these negotiations were not concluded until the end of the month.

Simon Johnson

Did Spurs do enough to fix their season?

The arrival of Antonin Kinsky from Slavia Prague solved Tottenham’s biggest problem at the start of the window. Guglielmo Vicario suffered a fractured ankle in November and Fraser Forster was deputising for him. However, Forster is clumsy in possession. This makes him an awkward fit for Ange Postecoglou, who likes his goalkeepers to be brave on the ball. Kinsky made an instant impression with his performance in the Carabao Cup semi-final first-leg victory over Liverpool and has played every game in the Premier League since.

The other areas Spurs desperately needed to reinforce were defence and upfront. Austrian centre-back Kevin Danso has arrived on loan with an obligation to buy from French side Lens. It is not enough, though, as Radu Dragusin has suffered an anterior cruciate ligament injury that will keep him out for the rest of the season, while Cristian Romero’s recovery from a quad issue has been described as a “slow burner” by Postecoglou.

Spurs made an offer for Guehi (Shaun Botterill/Getty Images)

Acquiring Crystal Palace’s captain Marc Guehi would have been a statement signing, but they failed to pull it off — which leaves them still short of options in defence.

The most eye-catching deal was Mathys Tel, who joined on deadline day from Bayern Munich on loan with a €55million (£45.7m; $56.9m) option to buy. The 19-year-old forward is talented but raw. Ideally, they would have signed an older and more experienced player.

The new additions should help Spurs progress deep in the Europa League and FA Cup, while all three of them might have important roles to play against Liverpool at Anfield on Thursday in Tottenham’s biggest game of the season — the Carabao Cup semi-final second-leg.

Jay Harris

Is Liverpool buying no one a sign they might keep Van Dijk, Salah and/or Alexander-Arnold?

Liverpool’s inactivity in the January window is more a reflection of their satisfaction with the current depth of Arne Slot’s squad. The Dutch head coach had made it clear that he was happy with the options available to him for the rest of the season as they continue to challenge on four fronts.

Federico Chiesa and Joe Gomez didn’t even make the bench for Saturday’s hard-fought 2-0 win at Bournemouth that kept them on course for Premier League title glory. As for the futures of Van Dijk, Salah and Alexander-Arnold, who are all out of contract this summer, the trio have been made contract offers in recent months, with Liverpool keen to retain their services.

Liverpool want to keep Van Dijk (Mike Hewitt/Getty Images)

Talks remain ongoing and until there is clarity, the club won’t know the extent of the business that needs to be done this summer in terms of recruiting replacements. That process was never going to start in January.

Real Madrid wanted to buy Alexander-Arnold during the winter window, but their approach was instantly rebuffed by Liverpool, who made it clear he was going nowhere midway through the season. The Spanish giants are now hoping to convince the England right-back to join them on a free transfer this summer.

The uncertainty over key personnel hasn’t proved a distraction for Slot’s side, who find themselves six points clear at the top of the Premier League with a game in hand.

James Pearce

Have City got the players they need?

Only time will tell!

It appears obvious with young centre-backs Abdukodir Khusanov and Vitor Reis that City are happy to give them time to get to grips with life in England and Premier League football so they can fulfil their potential and contribute to Pep Guardiola’s first team later down the line.

They hope that Omar Marmoush will inject more quality straight away and at the age of 25 and with his recent record in the Bundesliga, that appears a fair ask for a player with obvious quality. In his two outings so far, he has added more energy than much substance in possession, but it is early days and he has hardly been dropped into the most stable of teams.

The especially interesting one is Nico Gonzalez given City did not intend to pay the release clause before the weekend but did agree a deal that will total €60million. This figure is the same as his release clause, but the deal is structured differently. It suggests a degree of panic after the defeat at Arsenal and the glaringly obvious need to strengthen the centre of midfield. As long as they have the right man, then they will not mind too much about overpaying — they normally walk away in these scenarios. But after trying and failing with Kalvin Phillips and Matheus Nunes, they really need to get a midfield signing right.

Sam Lee

Are Villa stronger after selling Duran and signing Rashford and Asensio?

Aston Villa’s window was frenetic and fast-paced and best-laid plans routinely changed. They missed out on several targets but ultimately ended with a flourish after the high-profile signings of Marcus Rashford from Manchester United, Marco Asensio from Paris Saint-Germain and Axel Disasi from Chelsea.

In total, Villa signed five players with eight departing. They were linked to far more. They failed to sign Loic Bade (Sevilla), Oscar Mingueza (Celta Vigo) and Joao Felix (Chelsea) — there were more — and made good money on Jaden Philogene joining Ipswich Town and Jhon Duran heading for Saudi Arabia, receiving around £85m in fees overall.

Rashford has joined Aston Villa on loan (Ben Roberts Photo/Getty Images)

They spent carefully on incomings, with Donyell Malen being negotiated for two weeks before striking a €18m (£14.9m, $18.6m) deal with Borussia Dortmund. Villa recruited young right-back Andres Garcia from Levante for €7m. As for two of the other signings, Rashford and Asensio, they are on significant salaries and Villa are paying for most of it.

Villa also did manage to bring Disasi in late on deadline day, dealing with a serious gap in defence.

Jacob Tanswell

Why did Newcastle let Lloyd Kelly join Juventus (and not sign anyone)?

Put simply because, from a financial outlook, the deal just became appealing.

Heading into the window, unlike Miguel Almiron, Kelly was not necessarily viewed as a likely candidate to leave. The 26-year-old only joined from Bournemouth in July and with Newcastle keen to reduce the age profile of their defence and Kelly able to play both centre-half and left-back, he was viewed as a long-term addition.

Even early underwhelming performances did not change Eddie Howe’s view that Kelly could be a success, even if that turned out to be as a squad player who could cover two positions.

But when Sven Botman immediately usurped Kelly in the pecking order upon returning last month and with the former Bournemouth player last starting a Premier League match in November, once interest was shown, Newcastle’s hierarchy felt they had to at least explore deals for PSR reasons.

Kelly last started a Premier League game in November (Stu Forster/Getty Images)

Although Fenerbahce were not capable of tempting Newcastle to sell, and despite Juventus’ initial loan and low-ball enquiries falling short of the club’s valuation, eventually Paul Mitchell, the sporting director, negotiated an initial loan with an obligation to buy, potentially worth £20million.

For a player who has started only four league games and played just 302 top-flight minutes this season, the fee is borderline remarkable. Newcastle can bank it for the 2025-26 accounts, too, so it bolsters their PSR position heading into the summer, while Kelly’s wages are also off the books and he can potentially be replaced in the summer by a player on a lower salary.

Ideally, from a footballing outlook, Howe would not have lost a squad member of Kelly’s age and Premier League experience who can cover two positions. But from a purely business standpoint, it makes sense.

Newcastle have been adamant that they did not have the PSR capacity to recruit first-team signings this month and that Kelly’s sale is part of their financial housekeeping ahead of what is expected to be a busy summer.

Chris Waugh

Why haven’t Napoli spent any of the Kvaratskhelia money?

Napoli haven’t sat on their hands since the sale of Khvicha Kvaratskhelia.

The club’s sporting director, Giovanni Manna, has worked a number of angles to further reinforce a position covered ably by summer signings David Neres and Leonardo Spinazzola. Napoli flew out to Barcelona to talk to Alejandro Garnacho’s agents, however, their valuation of the young Argentine differed from the one held by Manchester United.

Karim Adeyemi, the rapid Borussia Dortmund forward, was another option Manna explored without success. While coach Antonio Conte hammered home what a loss Kvaratskhelia represented on the pitch, attention turned to more feasible alternatives than Garnacho and Adeyemi.

Napoli spent the last days of the window pursuing Allan Saint-Maximin, the ex-Newcastle entertainer now of Fenerbache. Even that was, to use Manna’s phrase, “a bit complicated”. On deadline day, they did add Noah Okafor on loan from Milan and they will have an option to buy the 24-year-old.

James Horncastle

Why did Brighton let Evan Ferguson join West Ham?

Evan Ferguson’s goals and appearances have fallen off a cliff since a hat-trick for Brighton against Newcastle in a 3-1 home win in September last season and another goal in a 3-2 victory at Nottingham Forest two months later. That took his tally to six goals in the opening 12 league games of the 2023-24 campaign under former head coach Roberto De Zerbi.

The talk at that stage was that the Republic of Ireland’s golden boy was a £90m No 9 in the making. A succession of injuries and irregular appearances since then have sapped Ferguson’s form and confidence. He went 33 appearances in all competitions without scoring over a period of 11 months before finding the net as a substitute in a 2-2 home draw against Wolves in October under De Zerbi’s successor Fabian Hurzeler.

Ferguson has struggled for goalscoring form (Mike Hewitt/Getty Images)

Ferguson has dropped behind Danny Welbeck, Joao Pedro and Georginio Rutter in the pecking order for the centre of Hurzeler’s attack. Widespread interest in loaning or buying him from top-flight clubs at home and abroad illustrated sustained faith in his potential.

West Ham were always the frontrunners once Graham Potter became head coach. Potter gave Ferguson his debut as a 16-year-old at Brighton before leaving for Chelsea in September 2022. Also, given both clubs are off the pace in the fight for European qualification, there is little prospect of West Ham achieving that goal at Brighton’s embarrassing expense.

Indeed, returning to goalscoring form under Potter, with the prospect of regular game time lacking at Brighton for the rest of the season, is what his parent club want to enhance his development and restore value before a fresh look at the situation in the summer.

Andy Naylor

Why did Al Nassr start bidding big at the end of their window?

Al Nassr were one of the four clubs taken over by Saudi Arabia’s Public Investment Fund (PIF) in June 2023, which puts them in a position of having the means to splash the cash in a way many other clubs are unable to.

Their winter transfer window began with the appointment of a new chief executive, Majed Al-Jamaan, one of their former players, to replace Guido Fienga. It ended with a £64.5m plus add-ons deal to sign Jhon Duran from Aston Villa and two failed bids, with the second one worth £61m, for Brighton & Hove Albion’s Kaoru Mitoma.

Ronaldo’s side Al Nassr spent big on Duran (Abdullah Ahmed/Getty Images)

Sources close to Al Nassr, speaking on the condition of anonymity to protect relationships, noted the arrival of Al-Jamaan as one of the factors for making a splash in January, while also pointing out that midfielder Seko Fofana and Cristiano Ronaldo’s strike partner, Anderson Talisca, both left the club in January, which meant replacements were needed.

Supporters have become frustrated at their side’s inability to compete for the Saudi Pro League title — Al Nassr are third, eight points behind joint leaders Al Hilal and Al Ittihad (also owned by PIF). There is a sense of Al-Jamaan wanting to inject some energy back into the stadium with attendances falling and give themselves a better chance of winning the AFC Champions League.

Dan Sheldon

Madrid wanted a defender — can they cope without one?

As always at Real Madrid since Carlo Ancelotti returned in 2021, it depends on who you ask.

For the board, there is no doubt they can. They share a belief with Ancelotti that the ideal scenario would be to have some reinforcements. But for them, it is more important to take maximum care of their accounts and they traditionally do not believe in the options available in this winter window. They also believe that there are solutions within the squad to deal with the numerous injuries and highlight the role that academy players can have.

Ancelotti’s side have not added a defender this window (Damien Meyer/AFP via Getty Images)

Ancelotti thinks differently, as happened in the past. In the summer of 2023, he asked for the signing of Harry Kane to cover the departure to Saudi Arabia of Karim Benzema and the club only made superficial moves for the Englishman, who joined Bayern Munich. In January 2024, after serious knee injuries to Eder Militao and David Alaba, Ancelotti asked for a centre-back, which never arrived. The same happened after they failed to sign Leny Yoro in the summer.

A training ground source told The Athletic weeks ago that: “Without a right-back, it is impossible to win the Champions League.” Dani Carvajal picked up a serious knee injury in October, so the only right-back available since then has been Lucas Vazquez. Real Madrid tried to bring forward the signing of Trent Alexander-Arnold to this window, but Liverpool rejected their attempt in December.

Mario Cortegana

Barcelona did not make any signings, but was this a successful window for them?

Yes, it was a successful one.

The name most commonly mentioned at Barcelona’s senior offices as a potential reinforcement was Manchester United’s Marcus Rashford, but he was seen as a non-priority player given how prolific Flick’s front line with Raphinha, Robert Lewandowski and Lamine Yamal has been this season.

But Deco’s biggest success has been, by far, securing key pieces in the squad for the foreseeable future.

Barcelona’s priority was to solve the contract situation of every player with 18 months left in their current contract. Pedri and Gavi were the two stand-out names in that department and both signed five-year extensions up until 2030.

Araujo has signed a new contract (David Ramos/Getty Images)

Captain Ronald Araujo also signed a new deal, despite having his future in doubt amid interest from Juventus this month. The centre-back’s long-term future at the club is not assured, though.

Barcelona and the player’s camp agreed to sign a new contract up until 2031, but with a low release clause to allow Araujo to find a way out in the summer if his situation at the club is not what he expects. Meanwhile, the club have shielded themselves from a rushed sale.

There is still more work to be done in that regard, as Frenkie de Jong, Andreas Christensen and Eric Garcia all have contracts expiring in the summer of 2026.

If, on top of that, you add the sell-on clause that Barcelona are going to cash in for Porto’s sale of Nico Gonzalez, a La Masia product, to Manchester City — expected to be worth around €20million — this was a decent window for the club.

Pol Ballus

Who moved on deadline day?

• Mathis Amougou (St-Etienne to Chelsea)*
• Marco Asensio (Paris Saint-Germain to Aston Villa, loan)
• Tyler Bindon (Reading to Nottingham Forest)
• Lewis Carrol (Aberdeen to Nottingham Forest)
• Ben Chilwell (Chelsea to Crystal Palace, loan)
• Carney Chukwuemeka (Chelsea to Borussia Dortmund, loan)
• Axel Disasi (Chelsea to Aston Villa, loan)*
• Marcus Edwards (Sporting CP to Burnley)
• Joao Felix (Chelsea to AC Milan, loan)*
• Evan Ferguson (Brighton to West Ham, loan)
• Santiago Gimenez (Feyenoord to AC Milan)
• Nico Gonzalez (Porto to Manchester City)
• Lloyd Kelly (Newcastle to Juventus, loan with £20m obligation to buy)
• Alvaro Morata (AC Milan to Galatasaray, loan)
• Mathys Tel (Bayern Munich to Tottenham Hotspur, loan)

*not confirmed as of 12am on February 4

(Top photos: Getty Images)