January is traditionally a quieter transfer window for clubs around Europe. Yet if they wanted to, Tottenham Hotspur could buy Jack Grealish four times over this month and still not be breaking FFP rules.
That's according to an analysis of Premier League clubs undertaken for Sportsmail by football finance lecturer Kieran Maguire, of the University of Liverpool. Maguire estimated what each club could spend while remaining within their FFP limit – and the results are fascinating.
Tottenham are the potential big spenders of the window with a £400m buffer of FFP thanks to consistent frugality in the market. That neither means that Spurs have that money available nor will spend it – it's simply an estimate of their net profits over the past 10 years, based on income, outcome and how Daniel Levy has controlled the club.
Recently taken over Newcastle United have a fair whack to spend in this market too according to the estimates (£166m), as do other traditional superpowers, Arsenal, Chelsea, Manchester United and Liverpool (all over £200m). Manchester City (£84m) have a reduced FFP level, owing to their lower income.
"Spurs net transfer spend since 2010 is between a quarter and a half of the other Big Six clubs and it is the most successful club in terms of keeping its wages low as a proportion of income the club generates," Maguire told Sportsmail.
"As it stands the FFP position at Newcastle would have been the same without the takeover, however, the club now has an owner that will be prepared to exploit the potential since they have the resources and probably the inclination to do so," Maguire added.
The Public Investment Fund of Saudi Arabia is rumoured to be handing new manager Eddie Howe £50m to spend in the transfer market, with names as varied as James Tarkowski, Pierre-Emerick Aubameyang, Philippe Coutinho and Kieran Trippier all rumoured.
Tottenham, meanwhile, are expected to spend in Antonio Conte's first window, while Arsenal, Manchester United, Liverpool and Chelsea may all have to break the bank to match this season's ambitions.
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