Barring any free-agent additions from an admittedly shallow pool, Premier League rosters are now set until the end of the 2024-25 season.

The winter transfer window was perhaps a little livelier than in recent years, with Manchester City, in particular, throwing money around like they were having their worst season in over a decade.

But not all money is spent wisely—ask anyone who bought a mini-disc player or invested in NFTs. Meanwhile, rattlesnakes and honey badgers guarded the wallets of some club owners.

So who ended up as winners and losers from the last transfer window of the season? Read on for a few picks for teams or individuals who fall into those categories.

Winner: Marcus Rashford

A smile on Marcus Rashford's face in 2025 has almost been as rare as his appearances on the pitch.

The relationship with the only club he has ever played for had become frayed to the point of no repair. But Aston Villa saw an opportunity to sign a forward who has, let's not forget, scored 87 Premier League goals in his career and is only 27 years old.

It's only a temporary move, but an inviting buy-option exists for the Villans should he return to the kind of form that earned him 60 England caps while with Manchester United.

A change of scenery could be just what Rashford needs.

Losers: The Premier League's Top 3

None of the Premier League's top three teams made a major signing in the winter transfer window.

There are definitely arguments for why this is a good thing, but it's also easy to accuse them all of lacking ambition or taking a big risk when there are still a lot of games left in the season.

Liverpool are six points clear at the top with a game in hand, but the Reds are also always on the brink of a defensive injury crisis and could use reinforcements at centre-back and left-back, while a quality midfield addition to give Ryan Gravenberch a rest would be welcome, too.

With league title No. 20 within reach, a couple of extra bodies could have lightened the load and eased any fear of a potentially disastrous collapse.

Meanwhile, Arsenal are simply crying out for a new striker. The gap to Liverpool is wide but not insurmountable. However, without a proven goalscorer to lead the line, it looks less likely that the Gunners can cross that chasm.

Then there's Nottingham Forest, the Premier League's surprise package who could book themselves a spot in the European Cup competition for the first time in 40 years.

The 5-0 defeat to Bournemouth was a warning about complacency, although they rallied spectacularly to smash seven past Brighton & Hove Albion the following week.

The Tricky Trees just keep finding ways to win, but some fresh blood would have helped to secure an ambition that could be life-changing for the east Midlands outfit.

Winner: Unai Emery

Could Unai Emery have realistically asked for a much better window?

Aston Villa's president of football operations Monchi has long been revered for his mastery of transfer deals, but signing Marco Asensio, Marcus Rashford, Axel Disasi and Donyell Malen in January to boost the club on their UEFA Champions League journey is outrageous—even if Asensio and Rashford aren't quite at their previously high levels.

That he did so for very little outlay and also got around $88 million for Jhon Duran—a player who was in MLS two years ago—is pretty remarkable.

Villa haven't been in the best domestic form, but they are still only six points off fourth spot, and the Premier League could yet get five Champions League berths for next season. These ambitious moves could also help them return to Europe's top club competition for the second year running.

It's been a big transfer season for Villa, Emery and Monchi, earning them all a well-deserved spot in the winner's circle.

Losers: Manchester United

If you've seen a Premier League "winners and losers" article from Bleacher Report over the last 12 months or so, you've probably seen Manchester United land in the "losers" section.

In case you needed a reminder, one of the most successful clubs in English football history is sitting in 13th place in the league table, have scored the joint-fifth least goals in the division and the prospect of European football next season is a distant dream.

The new ownership group headed by INEOS and Jim Ratcliffe seemed to herald a change in fortunes. However, cost-cutting measures are being applied across the club, even affecting club employees and fans.

With that, United's only incoming in the winter window was Patrick Dorgu, who arrived for a reasonably hefty sum (around $37 million) but has done little to set pulses racing. United need a whole lot more than a player who is predominantly a left-back to make significant progress.

They need reinforcements all over the pitch, notably up front. Center-back Lisandro Martinez's season-ending injury has only heightened the need for better quality depth, too. They are also relying heavily on Amad Diallo, a 22-year-old with only 34 career appearances in the English top flight.

So far, manager Ruben Amorim has been through hell with the Red Devils, and it doesn't look like there's an escape from the fiery depths in sight.

Winner: Ange Postecoglou

At several points this season, it looked like Ange Postecoglou's spell as Tottenham Hotspur manager was about to be cut short. However, the Australian is clinging on, and he's been backed in the winter transfer market.

Not all of the club's moves paid off, with failures to land Axel Disasi and Marc Guehi, but the north Londoners did manage to snag a much-needed backup goalkeeper in Antonin Kinský, a defensive reinforcement in Kevin Danso, and a young striker in Mathys Tel who could make a huge impact.

Spurs are one game away from the Carabao Cup final and have reached the last 16 of the Europa League. While things are pretty ropey in the Premier League, they have a realistic chance of grabbing silverware for the first time in almost 20 years, and Postecoglou is confident about that happening.

Getting the club's support is vital as he aims to make that ambition a reality, and it looks like his job is safe for the time being.

Loser: Ruud van Nistelrooy

Ruud van Nistelrooy was hired by Leicester City to save them from a return to the Championship, but he's not been given a whole lot of support from the club.

The 48-year-old has scraped together three wins from 13 Premier League games, and the Foxes are two points off Wolverhampton Wanderers, the closest team outside the drop zone.

Leicester brought in just one player in the winter window, only splashing nearly $4 million (£3 million) on right-back Woyo Coulibaly from Parma. Van Nistelrooy needed a lot more backing than that to try and steer the club to safety.

Perhaps Leicester's board has accepted the club's fate and will regroup next season. Whether the Dutchman will be around for that is another question entirely.