Premier League clubs have spent £34.6m in this January transfer window, compared to over £700m in the first month of the year in 2023; the window closes on Thursday February 1 at 11pm in England, follow Deadline Day live on Sky Sports News throughout the day
Thursday 25 January 2024 13:23, UK
With a week to go, the transfer window is still waiting for that one major deal that causes the rest of the dominoes to fall.
It has been a sluggish market - chiefly due to the hammer of Profit & Sustainability Rules (PSR) being ready to fall on those who overspend.
The charges against Everton and Nottingham Forest have spooked the clubs, many of whom were ready to buy but now simply cannot take even the slightest risk.
Most have sought to sell players first to raise the cash they need while keeping the balance sheet in check - but the buyers are just not there, especially in the usual European markets still reeling from Covid and boxed in by their own stringent financial rules.
Last summer it was the emergence of Saudi Arabia that was the saviour, and it was hoped those deep cash reserves would be there to draw from again this month, but the offers are yet to really emerge.
The Middle East nation has instead lost one of its flagship players in Jordan Henderson to Ajax, which has spread a degree of doubt in the minds of other players over whether Saudi Arabia is the place to be. And there is now some falling out going on around Karim Benzema.
AFCON and the Asia Cup have also been obstacles, with players such as Guinea's Serhou Guirassy of interest to a host of clubs, but he may not be back until February, while teams are also waiting for their own players to come back to be able to fully assess their squads.
Then there are the players - like Manchester United's Anthony Martial - who just do not want to leave, and why should they if they are under contract and it suits them better in the summer?
It means the Premier League clubs that want to reshape their squads are running out of places to turn as the clock ticks down, and facing the one road they dread the most; selling the players they truly do not want to sell.
We have seen Newcastle having to fend off interest in Kieran Trippier and Callum Wilson, while struggling to get Miguel Almiron to move on. Selling Trippier or Wilson is not part of their plan - but how badly do they need a new midfielder?
And will market conditions mean Chelsea have to sell Conor Gallagher, when they would rather sell Armando Broja and Trevoh Chalobah, to bring in that desired centre-forward? Manchester City, meanwhile, are not expected to seek a like-for-like replacement for West Ham-bound Kalvin Phillips.
There is also a degree of comfort settling in at the clubs towards the bottom which has also stagnated things - the feeling there are three teams worse off than them in Luton, Burnley and Sheffield United - so there is less pressure to try and buy their way out of trouble.
Instead, Chris Wilder seems keen to have a go at it for the Blades, on the verge of signing a second player and pursuing a third, but Burnley and especially Luton have been relatively quiet given the chink of light afforded by the prospect of more points being taken off Everton and Forest.
All these circumstances have culminated in a transfer window of fear, reluctance, and frustration, and we are on the verge of that one emotion that always seems to spark the market into action - panic.
It is more likely to be panic at the top this time - the panic of missing out on the Champions League, or Europe, or losing one's job, or annoying the fans - than towards the bottom, where the clubs are more likely to benefit from this feeling at the top.
Without a new midfielder, Newcastle may miss out on European qualification altogether, let alone a Champions League place which now looks unlikely, and Chelsea must also be thinking the same. Their determination to sign a striker might see Spurs benefit with Gallagher, and the likes of Wolves or Fulham with Broja.
It is also a sign of tight economic times in the world in general when even Premier League football clubs cannot get what they want, and something needs to give somewhere to initiate the flurry of activity everybody wants to see before the deadline on February 1.
Which transfer will prove to be the straw that breaks the camel's back?
The winter transfer window is now open and will close at 11pm in England and midnight in Scotland on Thursday 1 February.
To ensure harmonisation with the major leagues in Europe, the closing dates were set following discussions with the EFL, DFL, Serie A, LaLiga, and LFP, who will all close their summer and winter windows on 1 September and 1 February respectively.
Keep up to date with all the latest transfer news and rumours in our dedicated Transfer Centre blog on Sky Sports' digital platforms, while you can also catch up with the ins, outs and analysis on Sky Sports News, including daily transfer shows, and listen to our Transfer Talk podcast.
