Premier League spending during the January transfer window is at an all-time low.
All 20 top-flight clubs have spent merely £50 million so far this month, with balancing the books and becoming compliant with stringent rulings now the main focus.
Chelsea's signing of Enzo Fernandez in January 2023 set the window alight as the Blues splashed out £106.8m following his impressive displays for Argentina at the 2022 World Cup. So why is net spending so low in 2025? FourFourTwo explains...
Why are Premier League clubs now spending so little during the January window?
The main reason is that clubs are now running scared of the Premier League's Profit and Sustainability Rules (PSR). Everton and Nottingham Forest are two teams that have trodden close to the line in recent years, with both deducted points in the 2023/24 season.
Other teams are now fearful of the same happening to them, with the January window now a lot quieter. The money available to Premier League clubs overall in revenue, sponsorships, and broadcast deals means the risk is simply not worth it.
On the other hand, the January transfer window is a lot less quiet than the summer. Most clubs prefer to do their business in the summer given it gives their new signings a lot more time to integrate in pre-season.
It is statistically harder for teams to buy too, with squads settled and is is then harder to buy replacements. Moving in January presents more of a challenge given the benefits of the summer window and the longer break clubs have to work within.
The stakes are also much higher for a player who joins in January. If a signing is made in the winter and no progress is made throughout the rest of the season, supporter's backs are up instantly.
Clubs want more money in January because they one, need to find a suitable replacement and two, their value may be higher depending on how they fared in the first half of the season.
In FourFourTwo's view, this trend has been coming for years and we are now starting to see clubs act within their means to avoid financial penalties that could perhaps derail their season.
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