Marcus Rashford’s arrival encapsulated Aston Villa’s transfer window.
It was unexpected and a product of a volatile market, stretching several targets, setbacks and late frenzy.
Rashford was Villa’s marquee signing. They had signed one of Britain’s most talked about footballers, known for his inherent talent but equally increasing concerns. Unai Emery was enamoured with Rashford and encouraged by him being out of favour at Manchester United.
At his best, Emery regards Rashford among the most threatening attackers in the world and backs himself to rejuvenate the 27-year-old. When it became evident there were diminishing alternatives for Rashford and Villa could make the finances work — largely owing to what had gone before in the window — senior figures quickly pressed ahead.
Villa will contribute a minimum of three-quarters of Rashford’s wages, which stands at more than £325,000 (€390,000, $403,500) per week and up to 90 per cent depending on performance-based bonuses.
Sources at Villa and close to players, speaking on the condition of anonymity to protect relationships, expressed their excitement at the signing, believing Emery, who thinks Rashford can operate on both flanks, as a No 10 and lone striker, will tap into a different side of the player’s personality and provide a platform to perform at his best. Villa possess an option to buy for £40million (€48.17m, $49.67m)
The swift nature of Rashford’s signing — with The Athletic reporting talks had started on Friday afternoon and the deal wrapped up Sunday night — underlined how the landscape changed almost daily at Villa.
Villa swivelled from one player to another, often shifting strategy on the future of their players and, throughout, being mindful of balancing the books. Overall, six players joined, with 11 leaving permanently or on loan.
Emery made it clear he wanted Asensio (Franck Fife/AFP via Getty Images)
Profit and sustainability rules (PSR) remain a thorny issue and will undoubtedly be revisited this summer. It is why Villa reluctantly sanctioned outgoings this winter as well as, privately, accepted the departures of others, such as Jhon Duran.
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Figures from the Deloitte Football Money League 2025 stated a remarkable 96 per cent of Villa’s wage-to-revenue ratio was spent on player salaries in the 2023-24 campaign. For comparison, the next highest of the clubs in the world’s top 20 for generating revenue was Chelsea, standing at 72 per cent.
This season, Villa have accrued £75m in Champions League prize money and exceeded £90m in sales during the window, discounting possible add-ons. Still, incoming funds did not soften PSR fears, even when it became evident the club were short of depth in certain positions and with little time remaining in the window. Senior figures insisted they would not rush into signings and/or take financial risks.
At this stage, Villa had one fit centre-back and, as The Athletic reported following the collapsed move of Axel Disasi due to Chelsea’s loan demands, were prepared to wait until the summer to get the defensive target Emery wanted.
The final week of the window was frenetic and best-laid plans changed. The saga encompassing Disasi was indicative of the turbulence. He wanted to join Villa, but even towards the evening of the final day, Tottenham Hotspur were stepping up talks. Yet, three hours before the deadline, Villa restarted negotiations and ultimately struck.
Players were given a few days off as the deadline approached, but Villa’s training ground remained a hive of activity.
This is how the window unfolded…
Villa’s business was led by Monchi, president of football operations, relying on close contacts and players known to him and Emery. This, to a certain extent, was a product of an unpredictable market.
The power between the two is geared on Monchi facilitating Emery’s desires while offering suggestions for the manager to accept or reject. Having trusted contacts meant alternative targets could be sourced and sounded out swiftly.
As Villa hosted West Ham United in the FA Cup on January 10, Monchi was at Rayo Vallecano’s fixture against Celta Vigo, watching the right-backs of both teams. Villa had an interest in Rayo’s Andrei Ratiu and Celta Vigo’s Oscar Mingueza.
Villa prioritised signing a right-back and a versatile forward. Quickly, Borussia Dortmund’s Donyell Malen was Villa’s preference for the latter position, having been of interest in the previous two windows. Malen changed representation last September and was keen on the Midlands, with those close to the Dutch international noting how forwards like him have peaked under Emery.
An opening proposal worth around €18m (£14.9m, $18.6m) plus add-ons fell short of the German club’s valuation. Villa eventually paid €23m (£19.4m, $23.5m) plus €3m in add-ons.
Malen believes Emery can get the best out of him (Darren Staples/AFP via Getty Images)
Extra financial manoeuvering was permitted by the sale of Jaden Philogene to Ipswich Town, worth £20m plus £3m in add-ons. The intention had been to loan Philogene, who was keen for further game-time to regain momentum in his career, but a permanent transfer was eventually authorised.
Villa had to work their way through a right-back list. Flamengo’s Wesley Franca, Mingueza and Ratiu were among the options. Mingueza was the standout candidate, contributing two goals and five assists in La Liga this term and his ability to operate in central defence and left-back appealed. The exception was that he was expensive and around three times the amount Andres Garcia, the 21-year-old from Levante, would be.
Garcia, who signed for €7m (£5.91m; $7.2m), was regarded as a market opportunity and shares the same representatives as Pau Torres, who have a good relationship with Monchi and Emery. Having impressed in his first week of training, Emery was confident enough to start Garcia at Molineux at the weekend.
Garcia’s arrival meant another young right-back in Kosta Nedeljkovic could leave. He had interest from Valencia and Saint-Etienne, among other options, but signed for RB Leipzig until the end of the season. The German club state they have an option to buy Nedeljkovic in the summer.
Caen’s Tidiam Gomis was regarded in a similar bracket to Garcia. Midway through January, Villa felt they had made a breakthrough in signing the 18-year-old and an agreement was close, despite Leipzig’s interest.
Other Premier League sides were significant backers, with one scout at a lofty Premier League club telling The Athletic that his signing would be a significant coup. The France youth international was out of contract this summer and Villa were only required to pay a small fee. Unfortunately, finances and the complexities of an agreement — wrangling over clauses and payments — were arduous and Gomis joined RB Leipzig on deadline day.
Intentions to sign a central defender grew through January.
Villa were open to selling Diego Carlos over the past year, but a move away this winter felt unlikely given he was a regular in Emery’s side.
What could not be accounted for was Diego Carlos’ desire to leave. He had found Fenerbahce as a buyer and made it known he wanted to go. A week before a €10m (£8.4m/$10.5m) agreement was finalised, he said his goodbyes to staff and team-mates despite Villa rejecting the Turkish club’s opening proposal.
Although Villa received external criticism for allowing Diego Carlos to depart without sourcing a replacement, senior figures felt they could do little to keep him. Those frustrations were crystallised in the 2-0 away defeat at Wolverhampton Wanderers, with Boubacar Kamara, a key midfielder, moonlighting in central defence.
Difficulties with Diego Carlos were exacerbated by the pursuit of Loic Bade. He was a target of Monchi’s, having signed him at Sevilla in 2023. Villa made a series of offers, with the final bid worth €23m plus €3m in add-ons, which was thought to be around Sevilla’s asking price.
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Bade, however, had doubts concerning game time and the presence of Ezri Konsa in the right centre-back position. Paris Saint-Germain’s Milan Skriniar was looked at briefly until his prohibitive salary became apparent.
Relying on a network of contacts was demonstrated in Villa’s interest in Juan Foyth. Emery worked with Foyth at Villarreal and has wanted to be reunited, citing his tactical intelligence and versatility. Foyth became aware of Villa’s advances, though no agreement was close. The defender’s injury record — missing 42 games across the previous two seasons — gave concern and by the final week of the window, there was no chance of his signing.
With time running out, Disasi came into view. The situation appeared pressing, with Tyrone Mings’ injury leaving Konsa as the only available centre-back. Villa offered to loan Disasi until the end of the season, having been given assurances that he was available and the 26-year-old was willing to join.
On February 2, discussions began to break down. Villa viewed Chelsea’s loan conditions as too expensive, with the loan fee plus coverage of a percentage of his salary dismissed. Villa felt being rivals for a Champions League spot with Chelsea made an arrangement harder to find.
Following the apparent failure to sign Disasi, Villa figures were open to the possibility of waiting until the summer to sign a centre-back, despite the lack of depth in the position. The club were adamant that a defensive recruit would only be signed if they could provide value to Emery.
Emery is highly specific in his targets and if Disasi went to Tottenham, he was prepared to be without a centre-back. He saw Disasi as an ideal fit as the right centre-back, with Konsa the middle defender in Villa’s build-up shape of a back three. With the France international remaining keen to move to the Midlands, Villa restarted talks late in the evening despite Tottenham being the favourites. There was a breakthrough; a £5m straight loan was agreed.
Disasi’s move was protracted (Darren Walsh/Chelsea FC via Getty Images)
More broadly, Villa had been working on longer-term defensive targets. Yasin Ozcan, 18, has signed a four-and-a-half-year deal from Turkish side Kasimpasa, worth €7m upfront with a further €1m in possible add-ons. The Athletic understands a deal is completed, but Ozcan will stay at Kasimpasa until the end of the season.
Yeimar Mosquera was recalled from Spanish third-tier side Real Union, cutting short an initial season-long loan. The defender hopes to be part of the first team in pre-season, when he will be given an opportunity to impress.
Goalkeeper Robin Olsen had interest from Copenhagen, who were keen to bring him back after his first spell between 2016 and 2018. Villa, however, made it clear they would not countenance his departure, with Joe Gauci allowed to leave on loan for League One Barnsley.
Emery has been a long-term admirer of Joao Felix and believes — similarly to Rashford — that he can unlock his potential. With talks for Disasi based on a loan, it meant Villa would be required to sign Joao Felix permanently.
The Rashford pursuit progressed and Villa were closing on signing PSG’s Marco Asensio, lessening the need for the Portugal international. Villa still wanted him and did not stop trying until the penultimate day of the window, citing concerns over the fee.
Like Joao Felix, Asensio was a client of Jorge Mendes, the high-profile agent, who has worked with Monchi several times. Emery was again the overarching factor and he wanted Asensio, 29, should he become available. Villa agreed to cover Asensio’s full salary, signing him on loan until the end of the season.
Emery is a long-term admirer of Joao Felix (Alex Grimm/Getty Images)
Moves for the attacking trio were precipitated by Duran’s sale to Al Nassr. Duran had long-term admirers in Borussia Dortmund, Barcelona, PSG and West Ham United and although a summer exit was preferred, uncertainty endured.
For the right price, he was available and interested parties knew. After rejecting West Ham’s £57m offer, the stance lessened with Al Nassr’s €77m (£64.3m, $79.9m) bid the following week.
When Emery was preparing for the Champions League match against Celtic, Al Nassr were deciding whether to sign Victor Boniface from Bayer Leverkusen or Duran. Just as Morgan Rogers scored his and Villa’s second goal, The Athletic revealed Duran was set to undergo a medical the next day.
The substantial fee received for Duran will ease pressure on needing to sell key players, such as Kamara, in the summer.
While Villa would beat Celtic, senior figures were worried preparation would be affected by speculation. Emiliano Buendia confirmed his loan to Bayer Leverkusen three hours before kick-off and reports of an offer being turned down from Arsenal for Ollie Watkins gathered pace.
Senior sources, speaking to The Athletic, again on condition of anonymity to protect relationships, were deeply angered by the timing of the leak, believing it could have had an unsettling impact on the forward, who started that match, especially as they had rebuffed Arsenal’s interest, of around £40m, two days earlier. With less than a week left of the window, Watkins’ departure was unlikely, even though Emery refused to rule out the prospect initially.
Emery later spoke with Watkins, ensuring the striker was able to concentrate on staying at least until the summer.
Other possible and surprising exits failed to materialise. Manchester United had discussed Leon Bailey as an attacking option. Preliminary talks were held, which did not advance. Nonetheless, a departure to another club remained a remote possibility until the final day. Unless Bailey’s form improves, his future will be revisited at the end of the season.
Buendia had wanted to stay, but game time was an issue. Emery thought he would be better to leave, which would aid his recovery from a long-term injury and allow Villa to sign another attacker. Buendia signed a new contract before departing, giving Villa power to reintegrate him into the squad or maintain his value after a loan. Leverkusen have a €20m (£16.8m) option to buy this summer.
Buendia has joined Leverkusen on loan (Shaun Botterill/Getty Images)
In the background, meanwhile, Villa were amenable to signing a striker of a similar age profile to Duran. Stefanos Tzimas, the 19-year-old that Brighton & Hove Albion eventually signed from Nuremberg, and Nice’s Evann Guessand, 23, were referenced by multiple close observers.
Barry signed a new contract before departing. Hull’s loan fee is favourable — thought to be in the high hundreds of thousands — with the relationship between the two sides strong after Philogene’s stay last season. Barry had enquiries from several Championship sides and in Scotland.
Bogarde’s importance was illuminated in January when Villa were lacking depth, owing to injuries and transfers. The 21-year-old had received interest from the top end of the Championship, but midfield injuries meant he was required to stay. Kadan Young, the 19-year-old forward who has made two senior appearances this season in the Carabao Cup, has moved to Belgium to join Antwerp for the rest of the season.
In the end, Villa settled on Asensio as the final acquisition. They wanted more and, at the start of the window, identified other targets. Regardless, they did not want to buy players who would not be an immediate upgrade to Emery, while moving on those who were not part of immediate plans. It drew the curtain on a turbulent, helter-skelter window that ended with high-profile arrivals and notable exits.
(Top photo: Rashford has signed to fill the gap left by Duran; by Getty Images)
