From Initial Talks to “Here We Go”: Breaking Down a Football Transfer
Every transfer has a story behind it. From the first scouting report and initial enquiry to rejected bids, negotiations, personal terms, medicals and deadline-day drama, a football transfer involves far more than the number that appears in the headline. In this piece, we take you behind the scenes of the transfer window and break down how a football transfer actually happens — who is involved, how the money is structured, why deals collapse and what happens before the famous “Here We Go”.
Ananth Shivram
8/16/202610 min read
Every summer, the football world is captivated by record-breaking transfers, blockbuster moves, surprise signings and the inevitable deadline-day drama. We see the headlines, the eye-watering fees and the iconic unveiling photos, but rarely stop to think about everything that happens in between. How does a club actually identify and approach a player? Who negotiates the transfer fee? When do agents get involved? What exactly goes into a €100 million transfer?
Unlike the IPL auction, where franchises and players come together for a tightly structured bidding event and a player's fate can be decided in a matter of minutes, football transfers are far more fluid. The transfer window remains open for several weeks, typically through the summer months, giving clubs time to scout targets, make enquiries, negotiate with other clubs and agree personal terms with players. And it isn't just two clubs sitting across a table — players, agents, intermediaries, lawyers and governing bodies can all play a role in getting a deal over the line.
A transfer can therefore take days, weeks or even months to complete. A club may first make an informal enquiry, followed by an official bid, negotiations over the fee and payment structure, discussions with the player's agent, a medical, contract negotiations and finally the registration that makes the move official. And at any stage, a deal can collapse.
So, before Fabrizio Romano drops his iconic “Here We Go” appears on our timelines, what really happens behind the scenes? Let's follow a football transfer from the initial talks all the way to the final announcement.
1. Scouting the Player
Before a club makes a single phone call, the work often begins much earlier. A club first identifies what it needs — perhaps a left-footed centre-back, a creative midfielder or a winger capable of playing in multiple positions. The scouting department then builds a shortlist using a combination of traditional scouting, data analytics, video analysis and recommendations from the coaching staff.
It isn't simply about asking, “Is this player good?” Clubs need to determine whether he is the right player for their system, squad and budget. Scouts may assess his technical ability, physical attributes, tactical intelligence, age, injury record, personality and potential resale value.
Once a player emerges as a serious target, the club also needs to establish something equally important: Is he actually available? His contract length, release clause, relationship with his current club and willingness to move can all determine whether the interest ever develops into a transfer.
Only after this groundwork is done does the club move towards the next step — making contact.
⚽ Real-world example: Liverpool's recruitment team reportedly considered around 20 attacking players before settling on Mohamed Salah in 2017.
2. Making First Contact
Once a club has identified its target, the next step is to find out whether a deal is actually possible. This is where the first contact is made — either directly with the player's club, through the player's agent or sometimes through an intermediary.
The initial approach is often informal. A club may simply ask whether the player is available and what it would take to sign him. This allows them to gauge the selling club's position without immediately putting a formal offer on the table. At this stage, the buying club may also speak to the player's representatives to understand whether the player would be interested in making the move.
This is where agents can become particularly important. They know the player's ambitions, contract situation and potential interest in moving, while also having relationships with clubs across the football world. But not every enquiry progresses. A selling club can make its position clear from the outset and effectively shut the door before negotiations even begin.
Only when the initial conversations suggest that a deal is possible does the buying club move towards the next stage — making an official offer.
⚽ Real-world example: Real Madrid's reported interest in French superstar winger Michael Olise in 2026 never reached the formal-offer stage. Madrid denied having contacted Olise or his representatives, while Bayern made it clear that the winger was not for sale.
3. Making the First Offer
Once the initial contact suggests that a deal could be possible, the buying club can make its first formal offer. This is where the transfer moves from “Would you sell him?” to “Here is what we're prepared to pay.” The first offer is rarely the final one. A selling club may reject it outright, ask for more money or come back with a counter-offer.
The first bid is essentially a starting point for negotiations. The buying club will have a valuation based on the player's ability, age, contract situation and market value, while the selling club will have its own figure in mind. The gap between those two valuations can be significant, and sometimes the first offer is rejected without any further discussion.
⚽ Real-world example: Liverpool's pursuit of Alexander Isak in 2025 perfectly illustrated this stage. Liverpool's opening £110m bid was rejected by Newcastle, who were holding out for a much higher valuation. After weeks of negotiations, the clubs eventually agreed a £125m fixed fee, with the deal effectively worth £130m to Newcastle when the player's loyalty payment was taken into account.
With the two clubs now closer on the overall valuation, the next question is how that transfer fee will actually be structured.
4. Structuring the Transfer Fee
Agreeing on the headline figure is only part of the negotiation. A £100m transfer does not necessarily mean the buying club immediately pays £100m to the selling club. The two sides must agree on how much is guaranteed, when the payments will be made and what additional amounts could be triggered in the future.
A deal might include a guaranteed fee, paid by the buying club regardless of the player's performance, alongside add-ons that are only paid if certain conditions are met — such as appearances, goals, trophies or Champions League qualification. The guaranteed amount can also be paid in instalments over several years rather than as one immediate payment.
Other clauses can protect the selling club's future interests. A sell-on clause gives the club a percentage of a player's future transfer fee, while a buy-back clause gives the original club the option to bring the player back for a pre-agreed amount. These terms can become particularly important when young players are involved.
So, when you see a transfer reported as “£80m”, the real deal may be considerably more complicated — and the headline number may not tell the whole story.
⚽ Real-world example: Nico Paz's move from Real Madrid to Como shows how a transfer can be about more than the immediate fee. When Paz moved to Italian side Como in 2024, Real Madrid retained a buy-back clause and a 50% share of any future sale. Two years later, when Como secured his full rights for €60m, Madrid again negotiated a buy-back option — this time worth €80m for 2027.
5. Negotiating Personal Terms
Once the two clubs are close to an agreement on the transfer fee, the focus shifts to the player. A club can agree to pay €80m, but the transfer still cannot happen unless the player agrees to join and signs a contract.
This is where the player's agent or representatives become central. They negotiate the player's salary, contract length, signing-on bonus and performance-related bonuses. They can also negotiate image rights — essentially, how the player's name, image and likeness can be used commercially by the club — as well as release clauses and other contractual conditions.
The player's current salary can be an important starting point, but it doesn't necessarily determine what he will earn at his new club. A player may accept a lower basic salary for a longer contract, demand a significant signing bonus or negotiate performance incentives that could substantially increase his overall earnings. Image rights can also become particularly important for high-profile players with significant commercial value.
Importantly, the transfer fee and the player's contract are two completely separate agreements. The transfer fee is negotiated between the clubs, while personal terms are negotiated between the buying club and the player.
⚽ Real-world example: When Kylian Mbappé joined Real Madrid in 2024, there was no transfer fee because he arrived as a free agent. But that didn't mean the move was free — Mbappé's camp negotiated significant financial terms with Madrid, including a substantial signing-on bonus and an agreement around his image rights.
Once the player and club agree on the personal terms, the deal moves closer to completion — but there is still one major hurdle: the medical.
6. The Medical
With the transfer fee agreed and personal terms settled, there is still one important hurdle before the deal can be completed: the medical. The buying club needs to be satisfied that the player is physically fit enough to meet the demands of professional football and that there are no significant underlying concerns.
The medical goes well beyond a basic fitness test. Club doctors will examine the player's heart, muscles, joints and previous injuries, while also reviewing his medical history. The club is essentially trying to understand not just whether the player is fit today, but whether there are any medical risks that could affect his availability in the future.
If an issue is discovered, it doesn't automatically mean the transfer will collapse. The buying club could ask for further tests, renegotiate the fee or contract, add certain protections to the agreement or decide that the risk is too high. This is why transfers are often announced as “subject to a medical” — until that process is complete, the deal isn't quite done.
⚽ Real-world example: Manchester United's 2026 pursuit of Éderson from Atalanta showed how a medical can change the course of a transfer. United had agreed a deal and personal terms with the midfielder, but after further medical examinations, the club decided not to proceed on the agreed terms. Atalanta maintained that the player was fully fit, but the transfer ultimately collapsed.
With the medical hurdle cleared — or, in this case, not cleared — the next step is putting the agreement into a contract.
7. Signing the Contract
Once the medical is cleared, the player can finally put pen to paper. The contract formally establishes the player's relationship with his new club and sets out everything that has been agreed during the negotiations.
The contract will cover the length of the deal, salary, bonuses, image rights, release clauses and other conditions. It also establishes the player's employment terms, while a separate transfer agreement governs the payment between the two clubs.
This is also where the paperwork becomes particularly important. Contracts need to be signed by the relevant parties, transfer documents exchanged and all the necessary information submitted to the appropriate football authorities.
⚽ Real-world example: When Jude Bellingham joined Real Madrid in 2023, the club didn't just announce the transfer — the signing was followed by an elaborate presentation at the Bernabéu, complete with the player signing his contract alongside club president Florentino Pérez.
But even a signed contract doesn't necessarily mean the player can immediately take the field. The transfer still needs to be registered.
8. Registration & The Deadline
Once the contracts are signed, the final administrative hurdle is registration. The buying club has to submit the required documents to its national football association and, where applicable, FIFA and the relevant league.
For international transfers, an International Transfer Certificate (ITC) is generally required to confirm that the player's registration has been transferred from one association to another. Work permits and visa requirements may also need to be completed, depending on the country and the player's nationality.
Timing is crucial here. Every league has a transfer deadline, and clubs need to submit the required paperwork before it closes. This is why deadline day can become so chaotic — a deal that is agreed at 10:30pm isn't useful if the necessary documents aren't submitted before the deadline.
⚽ Real-world example: David de Gea's proposed move from Manchester United to Real Madrid in 2015 became one of football's most infamous deadline-day sagas. The clubs had agreed the transfer and the goalkeeper had agreed personal terms, but the required paperwork was not completed and submitted before the Spanish deadline. The deal collapsed at the last minute, leaving De Gea at United
Once registration is complete, the player is officially eligible to represent his new club. Now comes the part fans have been waiting for — the announcement.
9. The Announcement — “Here We Go”
After weeks or sometimes months of negotiations, the transfer finally becomes public. The club releases its announcement, the player is photographed in his new colours and social media fills up with welcome messages.
But this is also where the modern transfer market has changed dramatically. Before clubs make their announcements, journalists and transfer specialists often reveal that a deal is close. The most famous example is Fabrizio Romano's “Here We Go”, which has become almost a transfer-market seal of approval for fans.
By this point, the major pieces are usually in place: clubs have agreed the fee, the player has agreed personal terms, the medical has been completed and the paperwork is ready.
⚽ Real-world example: Fabrizio Romano's “Here We Go” has become so closely associated with completed transfers that it has effectively become part of football's transfer vocabulary — turning the confirmation of a deal into an event in itself.
And with the announcement made, the transfer may look finished. But financially, the story is only beginning.
10. What Happens After the Transfer?
A transfer fee doesn't simply disappear from a club's accounts once the player signs. For the buying club, the cost of acquiring a player's registration is generally treated as an asset and amortised over the length of his contract.
For example, if a club signs a player for €60m on a five-year contract, the transfer cost is broadly recognised at €12m per year for accounting purposes, subject to the applicable accounting treatment. If the player signs a contract extension, the remaining value can be spread over the revised period.
This is one reason clubs sometimes prefer longer contracts. A €100m transfer on a five-year deal has a different annual accounting impact from the same transfer on a two-year contract.
And when the player is eventually sold, the club compares the sale proceeds with the player's remaining book value to determine the accounting gain or loss on the disposal.
⚽ Real-world example: Chelsea's spending on long-term player contracts under its new ownership brought enormous attention to transfer-fee amortisation and demonstrated how the structure and length of a contract can have a major impact on a club's finances.
So while the player may be unveiled, receive his shirt and make his debut, the financial life of the transfer continues for years.
There was a time when transfer news meant waiting for the morning newspaper, a TV bulletin or the club's official announcement. Today, the transfer market operates almost in real time. Journalists, transfer specialists and content creators can turn an enquiry into a global story within minutes.
Social media has transformed how fans consume transfers. An agent's post, a photograph at an airport or even a cryptic emoji can trigger hours of speculation. Content creators have also built entire platforms around tracking rumours, explaining deals and breaking down the stories behind the transfers.
The result is a transfer market that is no longer just about clubs buying and selling players. It is also about information, speed, speculation and attention.
Because in modern football, the journey to “Here We Go” has become a story of its own