Explained: Why it was a dry January transfer window in the Premier League as spending fell nearly 90% | Football News

Manchester United manager Erik ten Hag was draught at not being able to sign a striker in the January transfer window this year. “I wanted a striker, and because of the injury to (Anthony) Martial, we don’t really have the back-up. It was not possible because we have to meet the FFP rules,” he said.It’s been a while since the Premier League managers have had to worry about Financial Fair Play rules as witnessed their spending in the last three record-breaking winter windows. Even last year, the EPL clubs had spent £815m. This year, it has seen a mighty fall with the 20 top-flight clubs spending just £100m, which is £715m less than last year according to a report Deloitte, with Tottenham’s signing of Radu Dragusin from Genoa for £25m the highest spent this time around.
So, was the Premier League’s Profit and Sustainability Rules (PSR) the only factor that restricted the clubs from going all out in the market this year? Let’s find out.

Every new arrival in the Premier League in the January transfer window. Who are you most excited about? 🙌
Transfer Watch, presented @BarclaysFooty ✍️ https://t.co/lty82jMc0P pic.twitter.com/oUm6VGOcuv
— Premier League (@premierleague) February 2, 2024
What are the Premier League’s Profit and Sustainability Rules?
According to the rules, Premier League clubs are allowed to lose a maximum of £105 million across a three-year assessment period. However, for every season a club was in the second-tier Championship, that amount is reduced £22 million. There are a number of deductions allowed for spending on costs that are deemed to be in the general interest of the club and the game.
What has happened to clubs charged with breaching financial rules?
Everton and Nottingham Forest have been charged with breaching the financial rules with both clubs being referred to an independent commission for their 2022-23 accounts. The Toffees have already faced a 10-point deduction this season due to their alleged breaches in the 2021-22 season where their losses amounted to £124.5m.
Meanwhile, the reigning champions Manchester City are also under the scanner after getting accused of more than 100 financial breaches in an investigation which has gone on for 5 years, with charges dating way back to 2009 a Premier League investigation. An independent commission is now in charge to pass the verdict on the matter at a date yet to be confirmed.

The combined spend of Premier League clubs during the January transfer window… ✍️
It’s safe to say that every club is terrified of spending 🤒 pic.twitter.com/xbOzFVAK6L
— AFTV (@AFTVMedia) February 2, 2024
Was Saudi Arabia’s inactivity in the market a factor?
With the Saudi Pro League not getting heavily invested in the winter market this year after their cash splurge in the summer, the net spend was also down. The most high-profile signing for the league was Renan Lodi joining Al Hilal for £19.8m. With Jordan Henderson also leaving the gulf after just 6 months for Ajax, the SPL had a rather quiet January window.
What might have been the other factors for a dry January?
There might be many other factors that have led to such an uneventful month in transfers in January with the past record-breaking windows having already strengthened teams that do not have to spend more. There can also be the factor that only 2 managers were sacked this season compared to 11 last year so there was no need for an influx of new players for a new manager.
Which transfer was the biggest deadline day permanent signing in January 2024?
In order to understand how far the mighty have fallen, you just have to look at the biggest deadline day permanent signing in the country with Crystal Palace spending £18m for Blackburn’s Adam Wharton, a fee that can rise to £22m.
In January 2023, the highest deadline day deal was Chelsea’s £107m signing of Argentina’s Enzo Fernandez from Benfica.

Vitor Roque’s move to Barcelona was the most expensive move in the January transfer window. 💰🇧🇷
Arthur Vermeeren’s move to Atletico Madrid was the 9th most expensive transfer. 💰🇧🇪
[@TMuk_news] pic.twitter.com/rEyeRSTQay
— LaLigaExtra (@LaLigaExtra) February 4, 2024
What about the spending of the other big leagues of Europe?
In contrast to 2023, the combined spend of Serie A, Bundesliga, La Liga and Ligue 1 has seen an increase with £388m this year to last year’s £218m.
Which were the biggest deals in the January 2024 transfer window?
Alongside the aforementioned Dragusin to Spurs deal for £25m, Vitor Roque went from Athletico Paranaense to Barcelona for £52.2m which is the highest signing of the January transfer window (in a deal that was agreed in July with the Spanish giants also struggling under FFP regulations). Then there is Sacha Boey who went from Galatasaray to Bayern Munich for £25.6m plus £4.3m in add-ons as well as Eljif Elmas who transferred from Napoli to RB Leipzig for £20.8m.
Other notable deals were loans with Donny van de Beek leaving Manchester United for Eintracht Frankfurt, Kalvin Phillips’s move to West Ham from Manchester City, and Timo Werner joining Tottenham on loan from RB Leipzig.