Premier League spending slumped by more than two-thirds to a nine-year low of just £70 million ($96 million) in the January transfer window as the coronavirus crisis hit budgets.
The outlay was dramatically down on last year’s £230 million expenditure, which came just weeks before the Covid-19 pandemic shut down football across Europe.
And it is in sharp contrast to a bumper summer transfer window, when English top-flight clubs spent freely despite the lingering uncertainties to ensure total net expenditure for the 2020/21 season reached a new record level of £950 million.
Just £7 million was spent on deadline day as the Premier League comes to terms with the financial impact of the virus and new Brexit rules that make it tougher to recruit young players from Europe.
The figures, from financial experts Deloitte, showed there were a total of 24 Premier League transfers in the winter window — 48 percent fewer than the average for the previous three-year January transfer windows.
Manchester United’s Amad Diallo, Aston Villa new boy Morgan Sanson and West Brom pair Mbaye Diagne and Robert Snodgrass were among the handful of high-profile permanent signings as teams made the decision to rely on their existing squads or opted for loans.
Just three £10-million-plus signings — West Ham’s Said Benrahma, Diallo and Sanson, accounted for more than 75 percent of Premier League expenditure.
Liverpool, Manchester United and Arsenal were the only “big six” Premier League clubs to spend even though the race has been one of the most open in years.
Champions Liverpool borrowed much-needed defensive cover in the form of Schalke’s Ozan Kabak, along with a low-cost permanent deal for Preston’s Ben Davies.