While the Portuguese superstar made a surprise return to Manchester United, Neymar convinced his best mate Messi to join PSG on a free transfer. With such high-profile signings on the cards, top European sides really brought their A-game to the market this season.

Highest spending clubs of the 2021 transfer window

With three preeminent transfers and one Jack Grealish, both Manchester clubs were the source of most of the cash flow involved. But to everyone’s surprise, it was Arsenal who managed to out-spend every single club in this transfer window. The Gunners forked out a massive €165m for the likes of Ben White, Aaron Ramsdale, Takehiro Tomiyasu, Albert Lokonga, Nuno Tavares, and Martin Ødegaard.

Outside of England, RB Leipzig and AS Roma racked up the highest bill, with an expenditure of €107.62m and €97.75m respectively. In the absence of cash-strapped Real Madrid and Barcelona, PSG reigned supreme with some high-quality transfers.

While most of the elite clubs were busy splashing insane amounts of cash, Inter managed to earn a colossal profit of €161m. Predictably, Romelu Lukaku’s €115m departure was the major reason behind this vast turnover.

Contrary to common beliefs, not every big club spent profusely in this window. In fact, there are multiple sides with a notable stature who ended up expending absolutely nothing on transfers. Here, we take a look at 5 significant clubs with no transfer expenditures this summer:

#5 Newell’s Old Boys

Most notably known for being the first club in Lionel Messi’s career, Newell’s Old Boys have always been a special club for Argentinian talents. Aside from La Pulga, Newell have had several other distinctive alumni. Mauricio Pochettino, Walter Samuel, Ever Banega and Gabriel Batistuta all represented this esteemed club at various youth levels.

With such a rich history in youth development, the Primera División mainstays have always spent minimal money on transfers. This summer turned out to be no different, as Newell only partook in five incoming transfers. While four of them are loan moves, Gabriel Compagnucci’s free signing from Tigre is the only permanent deal sanctioned by the club.

This means that the total expenditure carried by Newell amounts to absolutely nothing. In a balancing act, the club did not recoup a single dime from the departures of nine players, nullifying the concept of net-spend. However, with an eighth-place finish last season, manager Fernando Gamboa will wonder whether the Argentine giants were better off splashing some cash after all.

#4 Hoffenheim

Hoffenheim have long been the go-to destination for serious loanees for a long while now, acting as a temporary haven for multiple players. Serge Gnabry, Reiss Nelson and, most recently, Ryan Sessegnon have all played for Die Kraichgauer on a temporary basis.

The German club has forked out sumptuous amounts of money from time to time, spending close to €55m in 2019. Nevertheless, Hoffenheim chose to rely on free transfers and a successive loan deal for Bayern Munich prodigy Chris Richards to prepare for the 2021-22 season. Sebastian Rudy swapped Veltins Arena for Rhein-Neckar-Arena to stay in the German top-flight.

Having finished as high as third in the 2017-18 season, Hoffenheim have experienced a significant dip in form following Julian Nagelsmann’s departure. While the young manager continues to progress in his flourishing career, his former team have been reduced to mid-table regulars.

With minimal transfer business during this window, they are well on track to replicate an underwhelming 2020-21 season that saw them slump down to 11th.

Also read: 5 biggest transfer downgrades of 2021

#3 Independiente

The second Argentinian side on this list, Independiente shared Newell’s stance in the transfer window of 2021, spending nothing. Unofficial members of Argentina’s Big Five clubs, Independiente, seemed to have hit a roadblock in recent years. They drifted away from the top of South American football.

From being regulars in the Copa Libertadores, El Rojo have slumped down to the second-tier of continental football lately. Their shoddy transfer business is partly to blame for their gradual downfall. Without the funds and the support of their glory days, Independiente have failed to revamp a middling squad, time and time again.

The 16-time Primera Division champions only made one signing during this window, capturing Joaquin Laso on a free transfer. With a €4m rated striker in the form of Braian Romero departing the Estadio Libertadores de América for the riches of River Plate, the Red Devils have a bleak future ahead of them.

#2 AS Saint-Étienne

Statistically, the most successful club in France, Saint-Étienne have had a drastic fall from grace in recent years. Their collection of ten Ligue 1 titles is by far the most by any French club. However, cash-laden PSG are hot on their trail, having won nine league titles to date.

Despite winning no major piece of silverware in the last eight years, Saint-Étienne decided to keep their purse strings tight this season. The Saints did not spend a single penny on transfers, only authorizing the loan signing of 24-year-old Ignacio Ramirez from Uruguayan outfit Liverpool FC.

Led by former Southampton boss Claude Puel, Les Verts slouched to an 11th place finish last season. Having secured fourth place in 2019 under the guidance of Jean-Louis Gasset, Saint-Étienne have failed miserably to reach similar heights under Puel. With no notable transfers to improve their squad, the Saints can expect yet another season of mid-table mediocrity.

#1 Athletic Bilbao

Athletic Bilbao have had a track record of underperforming in the transfer market ever since the club was founded in 1898. In an era where any half-decent player can command transfer fees in excess of €50m, Bilbao have only exceeded the €15m-mark on two occasions. Their record signing fee sits at a paltry €32m, when they poached Inigo Martinez from cross-town rivals Real Sociedad.

However, unlike the other teams on this list, Athletic Bilbao have a special reason behind their hesitancy to splash huge amounts of cash. Los Leones have always honored the unwritten rule of only employing players with Basque heritage. Home-grown talents have been given priority over big-money signings ever since the club’s initiation, thus explaining their minimal transfer business.

Following suit, they only signed Alex Petxa from the B-team of fellow Basque side Real Sociedad on a free transfer in this window. Despite their absence in the transfer market, the Spanish mainstays have always managed to stay competitive. Athletic Bilbao are also the only team besides Real Madrid and Barcelona to have never been relegated from La Liga, making their transfer policy all the more impressive.

Also read: 5 deadline day transfers that exceeded expectations

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