A record £3.1bn was spent by Premier League clubs in the summer – significantly more than in the winter window.
The figure of £397m for this window isn’t hugely down on previous winters, with January always more low key than the summer as it is a notoriously difficult time for clubs to recruit effectively.
It is even harder to do that on deadline day, but this one was particularly quiet, for a variety of reasons.
The big outlay last summer will be one, while another could relate to a new system of Financial Fair Play (FFP) that will come in from next season.
Squad Cost Ratio (SCR) will replace Profit and Sustainability Rules (PSR), meaning overall squad costs in the Premier League from 2026-27 will have to be limited to 85% of a club’s revenue.
“There’s always going to be a degree of anxiety as to keeping your financial house in order ahead of a far more active market [the summer window],” Paul Macdonald of FootballTransfers.com said.
“Clubs wanted to ensure they were in a compliant position rather than having an additional headache of being hamstrung under the new rules.”