Chequebooks remain closed on a ‘dry January’ to forget

Volume of business and marquee signings are down as a more sober approach prevails

Liverpool matched the certainty with which they have dominated the Premier League with their approach to the January transfer market: they acted quickly, decisively, cleanly, announcing the signing of Takumi Minamino, after triggering his £7.25million release clause from Red Bull Salzburg, 12 days before the window opened.

The contrast with Manchester United could not be sharper. While midfielder Bruno Fernandes may well prove to be a crucial addition, it was a deal that dragged on unnecessarily and messily before they inevitably paid Sporting’s asking price – which begins with £47million and includes add-ons which could take it to £67.7 million.

And while United joined Tottenham Hotspur and Chelsea in spending deadline day frantically trying to bring in a striker, there was no chance – or need – of any business being done by Liverpool. It cannot be a coincidence.

Likewise, Manchester City were unlikely to do any major deals, while Leicester City’s only move was for central defender Ryan Bennett, from Wolverhampton Wanderers, to provide cover.

United will argue that circumstances intervened, with the injury to Marcus Rashford, but that is disingenuous as they were talking about adding a striker at the end of the summer window, having left themselves short by not replacing Romelu Lukaku. They were outmanoeuvred in their pursuit of Erling Haaland to leave themselves desperately casting around even up until the 11pm deadline. That is no way for a club of their status to operate.

It has been a scattergun approach, as they made bids and inquiries ranging from Edinson Cavani at Paris St-germain to a £20million offer for Bournemouth’s Josh King, who is 28, injured, has scored only three league goals this season … and whose basic fee would probably be more than Haaland’s. All, of course, are different types of players – as is former Watford forward Odion Ighalo, whom they signed on loan last night– which questions United’s assertion that they carry out extensive profiling of targets.

It has been a curious window all round with Chelsea, for example, working so hard to get their transfer ban lifted and then struggling to actually sign the striker manager Frank Lampard had been demanding before he would allow Olivier Giroud to leave. Similarly at Tottenham, where money was spent but Jose Mourinho, despite his public smile, is not happy that there is no one to cover for Harry Kane. Striker was the most browsed position of the window with West Ham United, Newcastle United and Crystal Palace also in the market and Aston Villa having stretched themselves – after last summer’s huge spend – to cover the £8.5million to bring in Mbwana Samatta, who has to be a gamble.

Clubs do not want to sell or loan players who can get them goals – why should they?

It is partly why it was a relatively low-key window. Clubs do not want to sell – or loan – and certainly not players who can provide goals. Why should they risk letting a striker go, especially when most proposals in January have been for a loan deal with an option to buy?

Of course, January should be quiet – or quietly efficient like

Liverpool – as that would suggest clubs have organised themselves better. The reality is, though, that the volume of business is down for more simple reasons – a number of the “Big Six” do not have the budget, other clubs do not need to sell and there has been a flatlining of the revenues from broadcasters, prompting a little more caution.

Another factor is that England is not the cash cow it was. Money is being spent in other leagues, most notably in Italy, partly because of new owners – and demanding coaches such as Antonio Conte at Inter Milan – but also because the tax regime is more attractive to players. Fewer of the biggest deals this January have been to the Premier League – just five of the 22 transfers (the same as Germany and just one more than Italy and Spain) involving fees of more than £15 million have been signings by English clubs.

Unlike in previous years, there have not even been a number of deals left over from the summer and, as of 2pm on deadline day, just 30 moves into the Premier League had been completed – with 12 of those loans and one the signing by Sheffield United of Jack Rodwell, who was unattached. Two of the permanent deals – Aaron Mooy to Brighton and Giovani Lo Celso to Tottenham – were taking up the option to convert a loan.

There certainly does appear to be a more sober approach to January with total expenditure – which stood at £190.1million yesterday afternoon – only £10.1 million more than this time last year – the first time it had fallen since 2012 and down a remarkable £250 million on the £430 million in January 2018. In January 2017, it was £215million and £175million in January 2016.

If you take out the three deals that United (£47million) and Spurs (for a total of £54.2million, including signing winger Steven Bergwijn) completed, then the other 18 Premier League clubs spent just under £90million. It has been a dry January.