Big changes/signings were not expected. Before the transfer window started, Carlo Ancelotti was quoted multiple times saying that Real Madrid did not need to sign anybody, as Luka Modric's recovery was going better than expected. Still, Los Blancos decided to improve the squad by acquiring Lucas Silva and Martin Ødegaard, two players that should play a part on Real's future.
-Martin Ødegaard: Norwegian. 16 years old. €2.8 million paid to Strømsgodset. Ødegaard was a target for many European clubs like Bayern Munich, Liverpool, Manchester United, Arsenal or FC Barcelona. Still very young and raw, he definitely has the potential to become an elite player in the future. He will play for Real Madrid Castilla until the end of this season and help Zidane's team on their road to the Segunda División, but Ødegaard will also complete some training sessions with Real Madrid's first team. He will then travel with the first team for the 2015-2016 pre-season and after that his situation will be evaluated to see if he needs to be sent on a loan deal elsewhere in order to get minutes in elite football. Considering that the transfer fee is almost insignificant for a club of Real Madrid's caliber, this is a good signing although some important decisions will need to be made right for Ødegaard to entirely develop his potential.
-Lucas Silva: Brazilian. 21 years old. €13 million paid to Cruzeiro. Lucas Silva was reportedly under Real Madrid's radar since Luka Modric got severely injured last October. Silva is an interesting signing that should strengthen the team's midfield with his versatility. He can play deep and also as a box-to-box midfielder, as Carlo Ancelotti confirmed. However, his impact this season might not be big, as he needs to adapt to the European style of football and improve his condition, given that he was still completing the pre-season back in Brazilian when Real Madrid announced the signing.
Should have Real Madrid sold any players?
After signing Silva, Real Madrid should have sold Sami Khedira, who is set to leave the club as a free agent this summer. His performances this season have been mediocre as it's easy to tell that he is not committed enough. Even though the offers would have probably been really low -- again, he will be a free agent in just five months --, it would have been good for Real to sell Khedira.
Illarramendi had an offer from Athletic Bilbao. Real Madrid were keen to sell the player for €25 million, but Illarramendi ultimately decided to stay. His role in this squad will be analyzed this next summer.