Football · The Window LedgerPublished · 2026-08-13
The Window Ledger
€171m in, €428m out: the EFL Championship's 2025/26 ledger across 185 moves
What the league paid, what it recouped, and the 78% of its business that carried no fee at all.
THE BACK PAGE · the money behind the move · ACTUAL SPORTS MEDIA
Across 2025/26, the EFL Championship recorded 185 incoming moves. 41 of them carried a disclosed fee; the other 144 (78%) were frees, loans or undisclosed. It is England's tier-2 competition, and it still moves this much money.
Spent
€171m
Disclosed incoming fees, 2025/26.
Banked
€428m
Disclosed fees received, 2025/26.
Net
−€258m
Spend minus receipts. Not a profit-and-loss — wages and amortisation are not in this record.
Deals with no disclosed fee
78%
Undisclosed is a real outcome, not a missing number, and is never estimated here.
| Player | From | To | Fee |
|---|---|---|---|
| Finn Azaz | Middlesbrough | Southampton | €13.9m |
| Kasey McAteer | Leicester | Ipswich | €13.9m |
| Azor Matusiwa | Stade Rennais | Ipswich | €11.5m |
| Léo Scienza | Heidenheim | Southampton | €9.0m |
| Nathan Broadhead | Ipswich | Wrexham | €8.7m |
| Marcelino Núñez | Norwich | Ipswich | €8.7m |
| Damion Downs | 1.FC Köln | Southampton | €8.0m |
| Mathias Kvistgaarden | Bröndby IF | Norwich | €8.0m |
A league ledger measures money moved, not quality bought. The share of business done without a fee is the number most often skipped, and it is usually the majority of it.
Transfer record, fees and market values: ACTUAL TRANSFER MARKET (actualtransfermarket.com). Analysis: ACTUAL SPORT INTELLIGENCE.
Confidence HighEvidence Actual Sport IntelligencePublished 2026-08-13Partial wages, amortisation withheld — the evidence didn't support it
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