Tottenham have just spent £185 million in the space of a week. Let that land for a moment. Ange Postecoglou spent years fighting for scraps at the same club — now his successor is breaking the transfer record twice before the season even starts.
Sandro Tonali is the headline act, arriving from Newcastle for £100 million — the biggest deal in Spurs history — just days after Mateus Fernandes came through the door for £85 million. Tonali, 26, spent three years on Tyneside and was part of the Newcastle side that ended a 70-year domestic trophy drought with the 2025 EFL Cup. He cited family reasons for wanting London, and posted a heartfelt goodbye on Instagram that drew a reply from Joelinton: "All the best for the future fratello mio... see you on 29th August." That's when Tonali faces his old club for the first time in Spurs colours — and you can be sure that one's already circled on every Newcastle fan's calendar.
Newcastle are losing more than just Tonali
While Spurs are buying, Newcastle are watching their squad dismantle itself in real time. Bruno Guimaraes has formally requested a transfer to Arsenal, and the Toons are digging in. A verbal £60 million offer from the Gunners was knocked back, with Newcastle holding out for up to £100 million — conveniently the same fee they just banked for Tonali. The 28-year old is contracted for two more years, but a player who's made up his mind is rarely one you want in your dressing room.
Guimaraes had a rough World Cup — his Brazil side went out in the round of 16 to Norway, and he missed a crucial first-half penalty, the country's first outside a shootout since 1986. Whether that affects his market value is a fair question. Arsenal will likely test Newcastle's resolve with a formal bid. The gap between £60 million and £100 million is wide, but these negotiations rarely end where they start.
Salah, Balogun, and the summer's most interesting decisions
Mo Salah is leaving Liverpool after a decade, and the destination is suddenly wide open. Atletico Madrid appear to be leading the race, with Juventus and Roma also in the mix. Al-Ittihad have been keen since tabling a £150 million offer in 2023 that Liverpool rejected. But the new angle? MLS. Multiple American clubs have registered interest, with Salah having just spent significant time in North America during Egypt's World Cup campaign — including a shootout win over Australia before a controversial loss to Argentina.
LA Galaxy and New York City FC are the likeliest stateside options, though Inter Miami and a partnership with Lionel Messi would be the kind of move that sells shirts on every continent. Salah at 34 still has enough in the tank to be a serious player in any of those leagues. The question is whether he wants legacy or competition — and Atletico, with Champions League football, is the answer if it's the latter.
Meanwhile, Folarin Balogun is the summer's most talked-about striker not named Salah. The 25-year-old Monaco forward — whose tournament made headlines for all the wrong reasons when Donald Trump lobbied FIFA to overturn his red card suspension — still managed 19 goals across all competitions this season, including goals in eight straight league games. Tottenham, Chelsea and PSG are all circling. Spurs are seen as frontrunners, which makes sense given they've just proven they're willing to spend. Balogun grew up in Arsenal's academy. Signing him for Spurs would be exactly the kind of transfer that ends friendships.
Manchester United, meanwhile, have agreed a £50 million deal for Chelsea's Andrey Santos — a 22-year-old Brazilian who couldn't get consistent minutes at Stamford Bridge. Smart buy for United if the game time follows. Their next piece of business is sorting out Marcus Rashford permanently; Barcelona declined to keep him, he won't be loaned out again, and he wants Champions League football — which rules out Chelsea and Spurs as realistic destinations.
