Premier League clubs spent just £100million (€117m) in one of the quietest transfer windows in recent memory.
That figure, as estimated by leading finance company Deloitte, is down from a staggering £815m (€954m) last January and an average of just over £319m (€374m) since the 2016-17 season, when the value of domestic television rights first jumped past £5billion (€6.86bn) in a three-year cycle.
A relative plateauing of broadcast revenues and the threat of sanctions under the league's profit and sustainability rules – with Everton already docked 10 points this season – have been cited as potential reasons for the lack of activity this month.
Tim Bridge, lead partner in Deloitte's Sports Business Group, said: "After record-breaking spending in the last three transfer windows, Premier League clubs’ spending this January has been subdued.
"The more prudent approach is likely driven by the high level of spend invested during the summer window, but may also have been influenced by a heightened awareness of the Premier League’s financial regulations and the potential repercussions of non-compliance.
"Securing the highest-quality player talent remains pivotal for Premier League clubs, but we’ve seen in this window that retention has been of higher priority than attraction."
Spending stood at around £70m going into deadline day – in line with the Covid-affected January 2021 window, when Said Benrahma, Amad Diallo and Morgan Sanson were the only arrivals league wide for fees in excess of £10m - and lowest regular window since 2012 (£60m).
Thursday's deals, including Morgan Rogers’ move from Middlesbrough to Aston Villa pushed that figure to £100m, but Radu Dragusin’s move to Tottenham for a reported £26.7m on 11 January remained the biggest of the month.
Arsenal, Chelsea, Everton, Liverpool and Manchester United have not made a single addition, while Manchester City’s £12.5m signing Claudio Echeverri was loaned straight back to River Plate.
For the first time since the Chinese Super League boom of 2019, the Premier League was not the biggest global spender as Ligue 1 clubs in France splashed out €190m (£162m) and Brazil's Serie A over £123m.
The Saudi Pro League was not in that bracket, spending barely £20m after its headline-making summer splurge had echoed that previously seen in China.
Jordan Henderson returned to Europe with Ajax after six months at Al-Ettifaq and other high-profile signings expressed discontent, but Ross said: "I don’t think the bubble’s starting to burst. I think it’s a similar story (to the Premier League) – they’ve invested heavily in the summer and there’s an opportunity in this window to reflect and reset.
"I certainly expect to see them back in the market in the summer, whether that’s to the same levels that we saw this summer is to be seen. It does seem there are strong business plans behind the Saudi Pro League but there obviously is a need for them to prioritise financial sustainability over the long term."
