Illustrator @gab
AS Monaco and the Deadline Day Chaos
A chaotic chain reaction involving Lamine Camara and Folarin Balogun left Monaco, Chelsea and Everton counting the cost of a disastrous deadline day.
They may hail from a microstate, but AS Monaco have emerged as a major player on the European football scene over the past few decades. Founded in 1924, Monaco first enjoyed domestic success in the early '60s before returning to the fore two decades later and eventually culminating in a trip to the UEFA Champions League Final in 2004. Seven years later, Monaco were relegated to Ligue 2, ending a 34-year spell in France's top-flight.
Monaco, however, would land on their feet after being purchased by Russian oligarch Dmitry Rybolovlev, giving them the financial support to achieve promotion in 2013 and sign world-renowned stars like Radamel Falcao and James Rodríguez. Monaco would reach the zenith in 2017 after claiming their eighth Ligue 1 title (first in 17 years) and putting an end to Paris Saint-Germain's dominance, and they have since emerged as one of the top teams in the top division and a regular participant in UEFA competitions.
Above all, Monaco have developed a reputation for selling their best talents for mammoth profits. In 2015, they sold various prospects like Anthony Martial and Layvin Kurzawa for a total of €175.4 million, and after they won the title, they banked nearly €600 million across the next two seasons thanks to lucrative sales including Kylian Mbappé and Bernardo Silva. The principality side have made at least €100 million in transfer revenue in three of the last five seasons, with the €50m sale of Maghnes Akliouche to Paris Saint-Germain being their marquee sale this summer.
It has been a busy summer for Monaco, who have appointed their third permanent head coach (Filipe Luís) in less than a year, and who have also sold Aladji Bamba to Newcastle and Kassoum Ouattara to Beşiktaş. They also dispatched defenders Caio Henrique and Thilo Kehrer to Ajax and loaned out Lucas Michal, Radoslaw Majecki and Yann Lienard, in addition to shedding Paul Pogba and Krépin Diatta from their wage bill. Furthermore, they've also replenished their backline with the signings of Sadibou Sané and Nazinho.
https://x.com/breakthelines/status/2094838867224346663?s=20
On Tuesday, Monaco stole the headlines once again. This time, though, it wasn't for the transfers they completed, but for the ones they didn't complete.
Going into deadline day, all signs pointed to there being a major exodus. Monaco were lining up the sale of Senegalese midfielder Lamine Camara, who looked set to follow in the footsteps of Benoît Badiashile and Axel Disasi as the latest player to swap the Stade Louis II for Stamford Bridge. Camara had already spoken to Chelsea manager Xabi Alonso, completed a medical, and agreed a six-year contract with the option of a further 12 months.
But just as he was about to fly to London, Monaco pulled the plug and dashed Camara's dreams of Premier League football. Filipe Luís' side had already completed the sale of Bamba to Newcastle, thus reducing their need to sell a midfielder, and when Everton came to them offering to sign Folarin Balogun, they immediately changed their tune. Having already finalized deals for Matthis Abline, Ansu Fati, and Mathys Detourbet, Monaco had no doubts about selling a striker rather than a midfielder.
Monaco only needed to make one major sale in order to settle their financial issues. Having posted a total debut of €366 million for the 2024–25 financial year, Monaco faced a projected budgetary shortfall of approximately €60m after missing out on Champions League revenue. They needed around €50m in transfer revenue to satisfy the budget constraints of the Direction Nationale du Contrôle de Gestion, France's financial football watchdog.
As Tuesday afternoon became Tuesday evening, Monaco decided to renege on their €55 million deal for Camara and instead turn their attention to selling Balogun to Everton for a fee of €45 million plus €5m in add-ons and a sell-on clause.
https://x.com/beinsports_FR/status/2095190923793559755?s=20
However, an issue emerged during Balogun's medical at Everton's Finch Farm training center, and for a second, it seemed that the door was open again for Chelsea to complete the deal for Camara. But Everton would scupper their ambitions less than an hour before the deadline by renegotiating a deal for Balogun, only for the American striker to walk away from the deal.
"Everton contacted us to raise questions regarding Balogun's medical examination. These questions made absolutely no sense to either our medical staff or the player's personal physician," stated Monaco sporting director Thiago Scuro in a press conference on Wednesday. "The explanations provided in no way justified concerns about the player's future, because there were none."
"A discussion then ensued between the medical departments of both clubs. It took Everton 2-3 hours to conduct a more thorough assessment and consult with other doctors. This is a normal procedure when a club doctor expresses doubts. Meanwhile, the information leaked very quickly, and of course, Chelsea saw an opportunity. That's how it goes. All is fair in love and war."
They called us. That's when we had to open the door to discussions [for Camara]. It was almost 8 p.m. I informed the player directly and his agent. We were discussing the terms of a possible transfer of Lamine [Camara] to Chelsea. At the same time, discussions regarding Balogun's medical were underway. Then, around 10 p.m. -- or perhaps a little earlier -- Everton let us know that there were no more problems. They were ready to finalize the deal and sign the contract."
"As soon as we received this information, we went back to Chelsea to say, 'We've reached an agreement on that front, so the Lamine deal won't go through.' That's part of the game. There's no reason for these kinds of discussions to suddenly be perceived negatively, as if Monaco were the 'bad guy' or acting unfairly or improperly. Everyone in football is very fair and kind. Except Monaco, apparently."
https://x.com/ChampionsLeague/status/2026682635817230499?s=20
"The Premier League has a mechanism allowing clubs to request an extra hour to finalize paperwork. That's what we did five minutes before the transfer window closed, to complete all the documents between Monaco, Everton, and Balogun. I signed the contract. Everton signed the contract."
"But at the last minute, the player decided not to sign. In essence, Balogun's argument was this: 'I don't feel comfortable with the way the club has treated me. I'm uneasy about the doubts raised by Everton's medical staff regarding my future and my health. I'm not at ease about signing a contract here."
"That's how we finished our transfer business. To sum up, the story involving these two players and Tuesday's events was unprecedented for me as well. It's the first time in my career I've experienced a final day like this. We are now waiting for Balo's return so we can sit down, discuss, and decide together on the next steps. Other markets remain open, and we are holding discussions regarding various players, including Balo."
The summer 2026 transfer window reached its climax on the final day, with a single chain reaction gravitating toward one club in Monaco, which had severe implications across world football. Chelsea were left without a replacement for Enzo Fernández, who joined Manchester City on the same day for a Premier League joint-record fee of £125m, and with Moisés Caicedo sidelined with injury, they could be forced to dip into the market and sign a free agent like Georginio Wijnaldum.
Everton, meanwhile, were unable to find a replacement for the Fiorentina-bound Beto, leaving them with just one recognized center forward in Thierno Barry. They attempted to sign Joshua Zirkzee on loan, only to be rebuffed by Manchester United, who deemed it far too late to find a replacement. And whereas Camara and Balogun remain at Monaco, Cruz Azul captain Érik Lira remains in Mexico City. He had looked set to join Monaco for €8 million, only for the collapsed Balogun and Camara deals to block them from freeing up a non-EU slot.
Whilst each of Europe's top five leagues have shuttered their transfer windows for the year, there are still various other markets where Monaco could secure additional revenue like Türkiye (September 4), Russia (September 10), Portugal (September 15), and Saudi Arabia (October 12.
It seems that Aleksandr Golovin could be set to return home to Russia after eight years with Monaco with both Zenit and Spartak Moscow pursuing a deal. But as for Camara and Balogun, it's unlikely they'd be willing to drop down after already establishing themselves in the UEFA Champions League and the FIFA World Cup this year.
This deadline day domino effect left all parties as losers: Chelsea and Everton are now considerably weaker, Lira, Balogun and Camara are left without their coveted moves, whilst Monaco have left themselves increasingly vulnerable in terms of their finances and could be set for additional penalties from the DNCG in 2027.
Monaco have undoubtedly damaged their reputation as an amicable club to do business with -- at least in Chelsea's eyes --, but each of these three teams has learnt something important from this saga: it's never a good idea to wait until the last minute to complete your business.
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