January 2025 Transfer Primer: Borussia Dortmund

Borussia Dortmund

Estimated Autumn Transfer Balance = -€46.5 million

German football's perennial "all-rans" were able to celebrate a significant success entering the Winter break. The 3-1 away victory over VfL Wolfsburg gave Nuri Sahin's "Schwarzgelben" their first league victory on the road this season. Dortmund's seventh overall win of the campaign enabled them to move up to sixth place in the table. While one can easily label this a disappointment, it's worth noting that they occupied the same place during the 2022/23 Winter break before storming back to come agonizingly close to winning the title.

Administratively speaking, German football watchers frequently lament the fact that this club's front office always contains "too many bosses". Moreover, the endless performance reviews insisted upon by the stewardship of Hans-Joachim Watzke seemed to place all the titled administrators in the perpetually uncomfortable position of convening for so-called "crisis summits" at least twice a year. Watzke may have scaled back his duties with the club, but executive hierarchy remains as overcrowded as ever.

Managers Sebastian Kehl (sporting director), Lars Ricken (managing director), Sven Mislintat (squad planner), and Matthias Sammer (managerial advisor) now all have roles in this dubious set-up tasked with finding a way of shoring up the roster for the second half of the campaign. Financially speaking, the news is mostly positive. The negative transfer balance carried over from the summer matters little in light of the fact that Dortmund still pocketed plenty of revenue via increased TV revenues and bonuses from their run to the 2023/24 Champions' League Final.

Merchandising and sponsorship revenues also bolster the second most popular global Bundesliga brand behind FC Bayern München. BVB administrators can conceivably leverage more against the coming windfall from the club's participation in next summer's Club World Cup. Some sizable purchases during this window aren't out of the question.

Dead-Weight Ledger = Silas Ostrzinski (GK), Almugera Kabar (LB), Yannik Lührs (CB), Ayman Azhil (CN), Kjell Wätjen (CM), Giovanni Reyna (ATTM), Cole Campbell (RW)

A small 24-man-roster leaves Dortmund with little wiggle-room to park prospects at other clubs. It would come as a surprise to see loan-outs here as - with BVB II participating in the 3. Liga - the club can lend its younger talents quality match practice without sending them away. The likes of Cole Campell, Kjell Wätjen, and Almugera Kabar, Ayman Azhil, Yannik Lührs, and Ayman Azhil have already seen some first team action this year and might be needed. Giovanni Reyna retains an estimated €12 million market value, but outside interest remains scarce.

Expiring contracts = Marcel Lotka (GK)

One-time hot goalkeeping commodity Marcel Lotka possesses the lone expiring contract on the roster. His performances for BVB II this season seem to suggest that an extension would be in order. Whether or not Lotka wishes to extend without prospects of displacing Gregor Kobel is another matter entirely. Some of Kobel's recent mistakes evoke unpleasant memories of the days in which Dortmund found themselves let down by Kobel's Swiss compatriot Roman Bürki, but Lotka remains too young to constitute a viable replacement.

Further Needs = GK, LB, CB, CM, ATTM, RW 

Dortmund retain the financial resources to flash some serious cash in the January transfer market. As noted above, it would come as no surprise to witness a couple of big signings. With central midfield being the most pressing need, Tom Bischof and Rayan Cherki could absolutely be suiting up in black-and-yellow soon. Maximilian Beier's successful transition from a center-forward to a service striker/winger might enable the club to successfully recruit lead strikers to work behind Serhou Guirassy.

The mere mention of the word "recruitment" nevertheless leads one back to the central problem. Namely, how can all of these various administrators agree on set players, let alone recruit them? Mislintat supposedly occupies the role of "squad planner", yet Kehl clearly drives transfer policy and answers for all personnel decisions on a public relations level. As usual, from the perspective of outsiders at least, the question of who makes what decisions in the BVB front office is unclear.

All of this may ultimately prove immaterial as one can make the case that the BVB roster doesn't even need all that much work. Karim Adeyemi was in the form of his career before being sidetracked by injury. The brilliance of Jamie Gittens, Maximilian Beier, Donyell Malen and Julian Brandt - along with the potential of Julien Duranville - leave the team well stocked in attack. Felix Nmecha's recent success as a "solo-six" renders the midfield problem less pressing. Pascal Groß has actually at left-back.

Niklas Süle's latest injury - combined with the inability of Man City loanee Yan Couto to keep fit - probably necessitates the procurement of one fullback and one central defender. Although recent reports suggest that Salih Özcan's desire to cut his VfL Wolfsburg loan short has been overblown, bringing back another experienced defensive midfielder is something the BVB administrative team should consider. Lower key moves - something like Kehl's Julian Ryerson acquisition in 2023 - could prove sufficient.

Rumored Links = Sverre Nypan (CM), Enzo Millot (ATTM), Rayan Cherki (ATTM), Tom Bischof (CM), Christopher Nkunku (LS), Gift Orban (CF)