Fans of blockbuster deals have been left disappointed this month as clubs across Europe are struggling to fund such moves
Ever since the transfer window swung open at the beginning of January, tumbleweeds have blown across Europe. Even in the Premier League, where clubs usually splash the cash with little regard for the consequences, there has been near radio silence.
Ironically, considering the criticism Daniel Levy has received for tightening the pursestrings in the past, it is actually Tottenham who lead the way in the spending charts at present. But even they have hardly pushed the boat out, signing Timo Werner on loan and paying Genoa £21.5m ($27.4m) plus £5.2m ($6.6m) in add-ons for the services of Radu Dragusin.
They were linked with a move for Chelsea's Conor Gallagher too, but seem to have turned the noses up due to economic reasons – echoing the wider trend of financial restraint being exercised by clubs across the continent this January.
The question on everyone's lips is: where have all the big spenders gone? This time last year, Chelsea had already splashed £89m ($113m) on Mykhailo Mudryk, Liverpool had snapped up Cody Gakpo, while struggling clubs like Bournemouth and Leeds had been busy too.
GettyBig spending catching up with everyone
Largely, European clubs' penny-pinching this month has come as a direct result of this previous, lavish spending. Due to the Premier League's dominance of broadcasting and commercial revenue, they are usually the ones firing the starting claxon on the transfer merry-go-round.
Over the past two summers, the record for summer spending in the English top-flight has been broken twice. In 2022, just shy of £2 billion ($2.5bn) was forked out by the 20 clubs. This summer, the record was eclipsed again, with spending reaching a staggering £2.4bn ($3bn).
Even with sky-rocketing revenues offsetting this somewhat, in a post-pandemic world, it's understandable that the Premier League has – to put it crassly – simply run out of money. And as the first domino refuses to fall, the rest of Europe – which can only dream of affording the wages and transfer fees demanded in England – is struggling to scrape together enough funds to make the additions they need.
AdvertisementGettyConcerns following Everton points deduction
Of course, in the past, Premier League clubs might have chanced spending beyond their means in the pursuit of economic boosts further down the line, such as Champions League participation or survival from relegation.
But with the UK government threatening to spoil the party by bringing in an independent football regulator, the Premier League has finally started to bare its teeth when it comes to financial regulation. Everton discovered this to their peril back in November, when they were shockingly handed an unprecedented 10-point deduction for breaching profit and sustainability rules.
The Toffees – who have since been charged with a second, similar offence – are not the only club concerned about economic overreach, either. Nottingham Forest are also awaiting punishment for breaking profit and sustainability regulations, while 115 charges are currently hanging over Manchester City – though a judgement is that case in not expected any time soon.
These events have the rest of the Premier League on high alert, with Newcastle CEO Darren Eales stating, when the club posted a concerning £73.4m ($93.5m) annual loss earlier this month: "The reality is the Everton judgment showed that there were teeth to the PSR regime. I think that’s something that’s probably focused a lot of minds within the Premier League that this is something that’s real."
Profit and sustainability rules dictate a club cannot post losses in excess of £105m ($133.8m) over a three-year period. And with Chelsea registering a net spend of nearly £700m ($892m) over the past five years, it doesn't take a Rain Man-style maths genius to understand why Premier League clubs are so keen to rein in their outgoings.
Across Europe, there are countless more clubs experiencing similar troubles in their own leagues. Barcelona, for instance, appear to have run out of 'levers' to alleviate their economic strife, while Champions League finalists Inter are understood to have debts around the £700m ($900m) mark.
GettySaudi money tap turned off – for now
With Europe in a state of economic gridlock, clubs might be hoping that Saudi Arabia can get things moving, as they did in the summer with a landscape-shifting transfer splurge. Steven Gerrard's Al-Ettifaq had raised hopes of that happening in December, when he publicly begged the club's owner to invest following a terrible start to the season.
"We need to show in this window, and also the summer window, that we mean business and we want to be competitive at the top of the league, and not where we are at the moment," Gerrard said after his side's winless run was extended to eight games against Al-Nassr. "We will hopefully be able to make significant changes to the team and the squad. Hopefully at the back end of January you will see a different, stronger and more competitive squad."
Yet, even with Jordan Henderson high-tailing it out of Dammam this month, Al-Ettifaq have been strangely quiet in the transfer market, echoing the trend of the Saudi Pro League as a whole. There are several reasons for this.
Firstly, SPL clubs are currently permitted just eight foreign players in their squads. Following all the summer transfer activity, the overwhelming majority of those spots – particularly at the four state-owned teams, who are the biggest spenders – are taken. Al-Hilal even had to get creative to sign Renan Lodi from Marseille, deregistering the injured Neymar from their ranks for the remainder of the season so the left-back could added to the squad.
It's also understood that Saudi Pro League sides are gearing up for another big summer, when Premier League stars such as Casemiro and Mohamed Salah may be more amenable to leaving their European careers behind. That being said, Henderson's swift exit – and reports of other players like Aymeric Laporte and Karim Benzema struggling to settle in the country – threatens to derail the sporting project before it's had a chance to get properly going.
GettyLack of options
Back on European shores, the lack of transfer activity can also be explained by factors other than the financial bottom line, like a lack of suitable players being available for the traditional big spenders to sign. Despite Mikel Arteta's public stance that he is happy with his attacking options, it's pretty clear that Arsenal would be more than open to recruiting a striker if the opportunity presented itself. Chelsea are on the lookout for a centre-forward, too.
Ivan Toney is high on their list, but he's simply not attainable. A lack of quality No.9s on the market means Brentford are in a particularly strong negotiating position, with the Bees slapping a reported £100m ($127m) price tag on his head. Napoli have similarly recognised the value of Victor Osimhen, protecting their prized asset with a release clause believed to be in excess of £100m.
Over in Spain, Barcelona want a midfielder, but identifying talent within the limits of their current spending power is proving near impossible. Transfer market kingpins PSG, meanwhile, are struggling to identify an appropriate left-back to cover for the injury-prone Nuno Mendes, having only signed Brazilian youngster Lucas Beraldo for a mere €20m (£17m/$21.8m) at the beginning of the month.
