Atletico secured Lookman for a fee that could rise to €40 million, paying €35 million upfront with a further €5 million in add-ons. For a player of his pedigree—CAF Player of the Year, Europa League final hero, and proven performer in one of Europe’s toughest leagues—it was a deal that raised eyebrows across the continent. And within days, it was already vindicated. Lookman marked his debut with a goal as Diego Simeone’s side dismantled Real Betis 5–0 in the Copa del Rey quarterfinals.
That instant impact only underlined what Atalanta were losing, and why the separation had become unavoidable.
From Peak Glory to Point of No Return
Lookman’s spell at Atalanta should have been remembered as the defining chapter of his club career. In May 2024, he delivered one of the great individual performances in European football history, scoring a hat-trick in Atalanta’s 3–0 Europa League final victory over Bayer Leverkusen. It was the club’s greatest ever triumph, and Lookman’s name was etched permanently into their folklore.
Yet paradoxically, that night in Dublin also marked the beginning of the end.
In the months that followed, cracks began to appear. Atalanta rejected interest from Inter Milan last summer, a decision that Lookman reportedly believed went against a gentleman’s agreement allowing him to leave if a suitable offer arrived. Frustrated and determined to force a move, he refused to report for preseason training. The gamble failed. Inter walked away, and Lookman returned to Bergamo with resentment simmering beneath the surface.
The relationship never recovered. Social media purges—where Lookman removed all references to Atalanta—became symbolic of the growing disconnect. Under Gian Piero Gasperini, and later Ivan Juric, tensions escalated further. The low point came during a Champions League win over Marseille, when Juric was caught on camera grabbing and shoving Lookman after the forward reacted angrily to being substituted. The images dominated headlines and confirmed what had long been apparent: this was a partnership beyond repair.
Publicly, both sides maintained a veneer of professionalism. Privately, it resembled a marriage that had collapsed but lingered on for appearances, each party waiting for the right moment to walk away on acceptable terms.
Why Atalanta Let Go
From Atalanta’s perspective, the standoff was never straightforward. Allowing players to force exits sets a dangerous precedent, particularly when contracts still offer the club leverage. They also disputed Lookman’s belief that an informal agreement existed to facilitate his departure.
But the cost of prolonging the impasse became increasingly clear on the pitch.
Lookman’s output fell sharply. After contributing 20 goals and seven assists in 40 games last season, his numbers collapsed to just three goals and two assists from 19 appearances in the 2025/26 campaign—a 62% drop in goal contributions per game. The decline was stark even by mid-season comparisons: after 23 games last year, he already had 10 goals and five assists.
Compounding matters, Atalanta also lost last season’s Serie A top scorer Mateo Retegui to the Saudi Pro League. The result was predictable. After 23 matches, Atalanta had scored 30 league goals, down from 49 at the same stage the previous season, and slipped from third to seventh in the table.
In that context, cashing in made sense. Lookman’s departure allows Atalanta to reset, reinvest, and focus on players fully committed to the project. The transfer fee provides resources to replace a combined 40-goal loss from Lookman and Retegui. Given the circumstances, the club extracted maximum value and avoided dragging a declining situation further. That, by any reasonable measure, is a win.
Atletico’s Timely Solution
If Atalanta found closure, Atletico Madrid found opportunity.
The enthusiasm from the Spanish club since Lookman’s arrival has been telling. For a fee spread over instalments, they acquired a forward with pace, versatility, and a proven ability to deliver in Europe’s biggest moments. Their urgency in throwing him straight into action against Betis reflected both excitement and necessity.
Despite matching Barcelona’s loss record in La Liga, Atletico sit 10 points off the pace, undone by an excess of draws and a lack of cutting edge. Julián Álvarez has not scored in the league since early November. Antoine Griezmann, now 35, has struggled with injuries and limited starts. Only Alexander Sørloth has offered consistent returns.
Lookman addresses several of those issues at once. He can play across the frontline, stretch defences with his speed, and—crucially—produce decisive moments. For a team stuck turning wins into draws, that quality could prove transformative.
A Boost for Nigeria
Perhaps no one benefits more from Lookman’s renewed happiness than Nigeria.
The difference in his demeanour since arriving in Madrid has been striking. Gone is the tension of his final months in Bergamo, replaced by visible enthusiasm and freedom. He turned down a more lucrative offer from Fenerbahçe to remain in a top-five league, compete regularly against Real Madrid and Barcelona, and continue playing Champions League football.
That ambition matters.
During his turbulent period at Atalanta, Lookman’s struggles spilled into his international form, contributing to Nigeria’s failure to qualify for the World Cup. Yet at the recent Africa Cup of Nations in Morocco, he looked revitalised—scoring three goals and providing four assists in six games, a level of productivity he could not replicate at club level earlier in the season.
Injuries had played their part too. Knee and calf problems delayed his season debut until late September, and he never truly found rhythm afterward. AFCON, however, showed he was fully fit and once again central to Nigeria’s attacking identity alongside Victor Osimhen and Akor Adams.
For national team coach Eric Chelle, Lookman’s move could not have come at a better time.
A Clean Slate
For all involved, this transfer feels less like a gamble and more like a necessary reset. Atalanta regain clarity and resources. Atletico acquire a forward who fits their needs at a crucial moment. Nigeria get back a player unburdened by club-level turmoil.
Most importantly, Lookman gets what he has needed for months: a clean slate. In Madrid, under a manager renowned for extracting maximum commitment and intensity, he has the chance to rebuild momentum at a club with genuine ambition.
Sometimes, the best transfers are not about new beginnings alone—but about finally ending something that could no longer be fixed.