Yesterday at 7pm saw the close of the January transfer window, and with it an all too familiar feeling for Leeds fans; a weary frustration seemed to take hold amongst the fan base as the club missed yet another opportunity to strengthen in what is becoming a close battle to avoid relegation. How much should we really be worried, though?
No deal sheets, deadline day done for Leeds United.
— Graham Smyth (@GrahamSmyth) February 2, 2026
What poll results say, 'one death you have to die' and questions for 49ers Enterprises and Daniel Farke after the January window.#lufchttps://t.co/amxFuFAjfJ
There were signs of intent from Leeds, however. With Wolves destined for the Championship next season, they decided to cash on Jorgen Strand Larsen - a player who they rejected a £65 million bid for in the summer - before his value decreased even further. Leeds quickly signalled their interest, placing bids that went all the way up to £40 million including add-ons. Surprisingly, though, Leeds weren't the only club willing to part with a ludicrous amount of cash for a striker with 1 Premier League, as Crystal Palace, desperate to arrest their slide, blew them out the water with a final fee that could exceed £48 million. Madness.
BREAKING: Crystal Palace have signed Jorgen Strand Larsen from Wolves for £48m ✍️ pic.twitter.com/Ku6WmaJPrB
— Sky Sports Premier League (@SkySportsPL) February 2, 2026
As you can probably tell from the above, I wasn't exactly enamoured with the idea of signing Strand Larsen for that kind of money. But, what it did show was that there was money available, and not an insignificant amount, either. The problem with that, is the money spent now would've come out of next season's budget, thanks to regulations surrounding PSR. That isn't to say it'd necessarily be a bad idea to spend that money now; getting the 'right' player through the door to help stave off the relegation threat would obviously be good business. Is Strand Larsen for £40+ million really the 'right' player for Leeds?
What I can't understand is why Underwood et al didn't move onto other targets when it became clear they were missing out on Strand Larsen? Possibly a lack of alternatives. But a striker isn't the only position we need to strengthen; we're light and left back, and goalkeeper remains an ongoing issue. Surely the shortlist of targets was longer than a single name?
I do understand that it's easier said than done to get players through the door in January, without being ripped off. We've already seen expensive January duds, such as Jean-Kevin Augustin and Kiko Casilla, become a financial milestone around the club's neck, so it's very much damned if you do, damned if you don't. However, that won't garner them much sympathy for the owners should all our worst fears come true.
The window wasn't a completely devoid of activity, though; Leeds managed to offload Jack Harrison to Fiorentina (albeit only on loan), and finally acquired the services of Facundo Buonanotte after missing out in the summer. Harrison has been a very good servant for Leeds in the past, but that has become a distant memory. While he remains an industrious player, his end product is woefully lacking, and the time for him to move on came a long time ago. Buonanotte, on the other hand, should provide that extra bit of creative spark, and hopefully act as a better link between midfield and attack.
✍️ #LUFC is delighted to announce the arrival of Facundo Buonanotte on a loan deal until the end of the 2025/26 campaign
— Leeds United (@LUFC) January 15, 2026
All said and done, I do think Leeds are in a slightly stronger position squad-wise than they were pre-window. But, it's only slightly. Like in the summer, the 49ers have chosen not to strengthen in the final days of the window. Maybe the way in which Daniel Farke and the players turned around their form post-Man City, the board felt vindicated in their decision not to have spent more in the summer. We're now entering a critical stage of the season, and the 49ers have staked their reputation, and the club's future, on what they already have. It's a gamble - a big one.