There were whispers of Real Madrid being interested in Chelsea left back Marc Cucurella, but nothing more than that. It appeared Jose Mourinho and the Merengues were most interested in signing a hybrid left back and center back player like Riccardo Calafiori or Josko Gvardiol, but with those two apparently off the table, Mourinho gave the green light and Real swooped in out of nowhere to do a Bernardo Silva move and sign another touted Iberian star from under the noses of rivals Ateltico Madrid and Barcelona.
According to a report from David Ornstein of The Athletic, Real Madrid have officially reached an agreement with Chelsea to sign Cucurella away from Xabi Alonso before their former manager even had a chance to work with the Spanish national team's starting left back.
The deal will be worth a hefty 60 million euros, with 55 million euros being the fixed fee and an additional 5 million euros in bonuses. Here are the three biggest winners and the three biggest losers as Real Madrid secure their latest blockbuster transfer.
Winner: Jose Mourinho
Jose Mourinho has full say to sign players for Real Madrid now, and he has made full use of it. Los Blancos were not actually all that interested in Bernardo Silva, Denzel Dumfries, or Marc Cucurella before his arrival, and they were pretty lukewarm on Liverpool free agent Ibrahima Konate, too.
Now, Real Madrid have brought in all four players with the final approval of Mourinho, who earmarked them to help the team defensively. Cucurella is his new starting left back and someone with the grit and work ethic Mourinho really craves - and it is clear he wanted a defensive left back.
Loser: Xabi Alonso
Former Real Madrid manager and midfielder Xabi Alonso, who actually played under Mourinho in the early 2010s, has his work cut out for him at Chelsea after they missed out on European football entirely last season. Well, he has already lost one of his most important players to his former employers, and now Aonso has to scramble to find a new starter to a defense that was so bad, it led to Enzo Maresca leaving in the middle of the 2025/26 season.
Winner: Arsenal
Not only do Arsenal get to watch Chelsea become weaker with Marc Cucurella no longer covering Bukayo Saka on that flank, but they also do not have to worry about Mourinho stealing Riccardo Calafiori from them. Calafiori could still be a possibility, but after signing Cucurella, Mourinho will likely look for a more pure center back like Nico Schlotterbeck or Alessandro Bastoni, rather than a hybrid.
Loser: Josko Gvardiol
Josko Gvardiol appeared to genuinely want Real Madrid, and while he is probably a financial winner by extending with Premier League title contenders Manchester City, the Croatian international's dream of a Real Madrid move is almost certainly over with Real pivoting to a pure left back in Cucurella. It should not be long until Gvardiol's extension with Man City is announced.
Winner: Vinicius Junior
Vinicius Junior had to deal with a revolving door of terrible left back options over the years since injuries derailed Ferland Mendy's career, and Alvaro Carreras was a disaster by the end of the 2025/26 season, forcing Vini Jr. into having to work even harder. Marc Cucurella is a great, pure defensive left bck who is also capable of progressing play and crossing, and he can overlap and do the dirty work so that Vinicius Jr. can score more goals and focus more on offensive output.
Loser: Alvaro Carreras
Alvaro Arbeloa had huge problems with Alvaro Carreras's attitude, and he looks like a massive transfer flop, lacking the mentality or basic respect of a Real Madrid star. Jose Mourinho's former right back, Arbeloa gave Mou such a scathing report on Carreras that Mou had no choice but to go with Cucurella. He has found a much better player from the actual Spanish national team in the Chelsea star, and Carreras now has serious question marks about his future in the capital.
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