The January transfer window closed without Real Madrid signing anybody despite allowing three players to leave the club on loan.
Luka Jovic joined Eintracht Frankfurt, Martin Odegaard departed for Arsenal and Take Kubo switched from Villarreal to Getafe.
The transfer window will reopen in the summer of 2021, by which time Los Blancos will have gone two years without making a signing as per Diario AS.
The last signing made by Madrid was Ferland Mendy, signed from Lyon for €48m in June 2019. It was a busy summer for the club, with the team in major need of reform following the disastrous 2018/19 campaign which saw three different coaches.
Los Blancos shelled out close to €300m. Eden Hazard, Jovic, Eder Militao, Mendy and Rodrygo were all brought on, five players who have yet to catch fire at the Santiago Bernabeu.
Madrid signed Reiner Jesus from Flamengo the following January, but for Castilla. For bureaucratic reasons he’s unable to represent the first team for now as the three non-EU positions are full.
Madrid closed the 2019/20 financial year with a profit of €313,000, and forecast a loss of €91.1m for 2020/21. Also to be factored in regarding the club’s economic manoeuvring is the renovation of the Bernabeu, for which the club borrowed €575m.