Lookman to Atletico: deal agreed, but the Nigerian holds all the cards

Atletico Madrid have reached an agreement with Atalanta for Ademola Lookman’s transfer, stepping in after Fenerbahce’s bid collapsed over payment terms. The €40m deal now awaits the Nigerian’s approval.

The transfer window loves a twist in its final hours, and this one’s a proper drama. Atletico Madrid have agreed a deal with Atalanta for Ademola Lookman, swooping in after Fenerbahce’s bid fell apart at the last hurdle.

According to Gianluca Di Marzio, the Spanish side moved fast once they saw an opening. The fee? Around €40m, with the bulk paid upfront. Atalanta got what they wanted from a financial structure standpoint – something Fenerbahce couldn’t or wouldn’t provide.

Here’s where it gets interesting though. Lookman hasn’t said yes yet.

The Fenerbahce collapse

Twenty-four hours ago, this looked like a done deal to Istanbul. Turkish reports claimed Fenerbahce had agreed a €35m plus €5m bonus package with Atalanta, and had already sorted personal terms with the player. The salary on the table? A reported €9m per season plus bonuses, per multiple Italian sources.

But Atalanta wanted their money upfront. Most of it, anyway. Fenerbahce preferred to spread the payments. Neither side budged, and by Friday evening, talks had stalled completely.

Atletico’s late move

Diego Simeone’s squad has been bleeding players all January. Conor Gallagher to Tottenham. Giacomo Raspadori to Atalanta. Javi Galan and Carlos Martin out the door too. The squad sits at 20 players, and Simeone hasn’t exactly hidden his frustration.

“No signings? It’s not my issue. I’m the coach. I have to work with the players the club gives me,” he said on Thursday, per Atletico Universe. Not exactly a ringing endorsement of director Mateu Alemany’s window.

Sportitalia, Sky Sport Italia and Fabrizio Romano all reported Friday evening that Atletico improved their offer to Lookman directly. The salary won’t match what Fenerbahce were dangling, but Spain has always been the Nigerian’s preference. He made that clear last summer when Inter came calling.

A troubled relationship

Lookman’s situation at Atalanta has been messy for months. After his historic hat-trick against Bayer Leverkusen in the 2024 Europa League final – the first treble in a major European final since Jupp Heynckes in 1975 – he expected a move. Inter were interested. Atalanta blocked it. The player went on strike, skipped preseason, then returned when no deal materialised.

The relationship never recovered. He unfollowed the club on Instagram after a touchline spat with former coach Ivan Juric back in November. Deleted all posts mentioning Atalanta. These aren’t the actions of someone planning to stick around.

He’s been left out of Atalanta’s squad entirely this weekend, another signal that the end is near.

What happens now

The clubs have their agreement. €40m. Payment terms that work for Atalanta. But the ball is entirely in Lookman’s court now.

At 28, having won the CAF Player of the Year award in December, having scored goals in Europa League finals and Africa Cup of Nations knockouts, he’s earned the right to pick his next destination carefully. Fenerbahce offered more money. Atletico offer La Liga, the Champions League knockout rounds (they face Club Brugge in February after losing to Bodo/Glimt this week), and a coach in Simeone who clearly wants attacking reinforcements.

The window closes Monday night. Lookman has decisions to make.

Here’s where it gets interesting though. Lookman hasn’t said yes yet.

The Fenerbahce collapse

But Atalanta wanted their money upfront. Most of it, anyway. Fenerbahce preferred to spread the payments. Neither side budged, and by Friday evening, talks had stalled completely.