The January transfer window isn't as hectic nor does it tend to see as many big money deals like what transpires during the summer. However, over the past decade there are key instances where big clubs have elected to jump at the opportunity of signing players during the winter, no matter the hefty price tag.
There's a variety of reasons why the January window doesn't see as many blockbuster moves. A major one is player price tags go up given squads would be disrupted midseason and with the shortened window, there's not a lot of time to maneuver and find replacements.
Loan moves or lower value signings to fill immediate needs halfway through the season tend to be more associated with the winter window. Nevertheless, there are still a healthy amount of examples of clubs breaking the bank for a player in January, with some of the biggest transfers in the sport taking place during the first month of the year.
With the 2025 January transfer window open, we look back at the five most expensive January transfers of all time, with perhaps more to come during the remainder of the month.
5. Mykhailo Mudryk: $75 Million
Shakhtar Donetsk to Chelsea (2023)
The first January transfer window of the Clearlake Capital–Todd Bohely era at Stamford Bridge saw Chelsea splash cash all around—more on that later.
Ukrainian winger Mykhailo Mudrik appeared set to join Arsenal before the Blues stepped in and offered up €70 million ($75M) plus add-ons—which haven't been met yet—to secure the then 22-year-old talent from Shakhtar Donetsk in Jan. 2023.
Mudryk has yet to live up to the expectations that were placed on him at Chelsea. He failed to score in his first half season with the club after he joined. Now, approaching his two year anniversary with the Blues, Mudryk has played 73 games scoring 10 goals and bagging 9 assists.
Presently, the Ukraine international is immersed in controversy, facing a potential long-term ban after testing positive in a doping test a little over a month ago. Mudryk's promise and potential were undeniable, but it can't be said that he's come close to living up to the fee that was payed for him.
4. Dusan Vlahovic: $85 Million
Fiorentina to Juventus (2022)
As a 21-year-old, Dušan Vlahović became one of the most wanted center forwards in Europe thanks to his performances for Fiorentina in Serie A. As it happened with other Fiorentina greats, Roberto Baggio and Federico Chiesa, Italian giants, Juventus, swooped in to acquire Vlahović in Jan. 2022.
The Serbian has been productive for the Old Lady, with 53 goals in 124 games. However, Juventus haven't come close to winning Serie A since his arrival and more was expected from Vlahovic, who's been hampered by the team's somewhat conservative tactics since his arrival, as well as the squad overhaul that's occurred in Turin in recent seasons.
3. Virgil van Dijk: $100 Million
Southampton to Liverpool (2018)
Liverpool took a massive leap in Jürgen Klopp's third season with the club in 2017-18. Mohamed Salah's transfer prior to the start of the season turned the Reds into an attacking juggernaut, but it was Virgil van Dijk's arrival in Jan. 2018 that turned the team into a UEFA Champions League finalist.
The Dutch defender has since played a crucial role in Liverpool's recent success which includes the first Premier League title in club history and their sixth Champions League trophy. van Dijk matured into one of the best center backs of his generation, becoming a Liverpool legend with 295 games for the club, whilst also earning the captain's armband following the departure of Jordan Henderson. One of, if not the most successful signing of January transfer windows.
Although it does happen, it's not common to see Liverpool spend massive sums in transfers. However, the Reds were swimming in cash in 2018 and van Dijk's move was funded by a transfer still to come.
2. Enzo Fernandez: $131 Million
Benfica to Chelsea (2023)
Enzo Fernández became one of the most sought after players in Europe following a Young Player of the Tournament performance in the 2022 FIFA World Cup that saw him lift the trophy with Argentina as a 21-year-old.
Only six months after his arrival to Europe with Benfica, Chelsea triggered his $131 million release clause on transfer deadline day in Jan. 2023, making him both Chelsea's and the Premier League's record signing. It was the Blues eighth signing of that transfer window.
Fernández was very inconsistent during his first 18 months at Stamford Bridge, struggling through all the turmoil the club went through in the aftermath of his signing. For a while it looked like his future with the club could become uncertain, but he's found his form in recent months under Enzo Maresca. Still, he's still got a ways to go to become the all-world midfielder Chelsea envisioned him to be.
1. Philippe Coutinho: $180 Million
Liverpool to Barcelona (2018)
Philippe Coutinho became Barcelona's club record signing in what turned out to be one of the most scrutinized and ultimately failed moves the sport has ever seen.
In the aftermath of Neymar Jr.'s departure to PSG, Barcelona were desperate to replace him and tempted Liverpool for months until finally, on Jan. 6, 2018, the Catalan's acquired the Brazilian playmaker.
After a promising start to his Blaugrana career, Coutinho then regressed mightily, unable to cope with the burden of his price tag on a team that went on a downward spiral following his arrival. Only a year and a half into his Barcelona tenure, he was loaned to Bayern Munich were he scored twice against the Catalans in one of the darkest nights in Barcelona's history, a 2-8 defeat in the 2020 UEFA Champions League quarterfinals.
Bayern and Coutinho went on to win the tournament which triggered another variable that forced Barcelona to pay an extra $7 million to Liverpool. The Reds utilized the money from Coutinho's sale to sign the aforementioned van Dijk and goalkeeper, Allison Becker, both key players in Liverpool's recent success.
Coutinho's transfer remains the third most expensive in soccer history, only behind PSG's deals to sign Neymar Jr. and Kylian Mbappé.
This article was originally published on www.si.com as Five Most Expensive January Transfers of All Time.