Why are there fewer moves in this January transfer window?

The January transfer window in European football is traditionally a lot slower than it is in the summer, with clubs often opting to stick with their squad instead of making radical moves mid-way into the season. But why is this window so quiet? As per The Guardian, Europe’s top five leagues have spent £399.6 million so far with Vitor Roque’s move from Athletico Paranaense in Brazil to Barcelona the biggest at £26.1 million. English Premier League, which outspends its European rivals, has recorded the biggest deal at £25 million for Radu Dragusin (Genoa to Spurs). In all, Premier League had spent just £45.5 million with one week of the window to go on 13 players (eight permanent transfers and five loan deals). At the same stage last year, 26 signings had been done, of which 21 deals were permanent. Of the transfer fees that were disclosed, English Premier League clubs spent £352.2 million, before add-ons, by this stage last year, with seven days to go. EPL clubs would spend a record-breaking £815 million in last season’s January window. It included Chelsea’s £107m deal for Enzo Fernandez from Benfica. More than £275m was spent on deadline day (1 February) alone. According to Deloitte, the total spending of Premier League clubs last January was 90% higher than the previous winter record of £430m, set in 2018. Why are football clubs spending lesser than before? Financial Fair Play - The biggest reason so few clubs are spending big is because they’re walking an FFP tightrope. And if any clubs were considering flouting the Premier League’s Profit and Sustainability Rules, Forest and Everton being charged will put them off. Everton have already been docked 10 points and could be punished again. “The reality is the Everton judgment showed that there were teeth to the PSR regime,” said Newcastle CEO Darren Eales when the club posted a £73.4m annual loss. “I think that’s something that’s probably focused a lot of minds within the Premier League that this is something that’s real.” The FFP is doing what it was meant to - ensure clubs spend within their means. And in some cases, like Newcastle, below their means. Or, for some, lawyer up to face 115 FFP breaches. Knock on effect of EPL spending less With Premier League spending less, there is a knock on effect for rest of the Europe. As EPL clubs keep their cheques inside, inevitably other European clubs are unable to spend big either. This applies to traditional big spenders as well. Barcelona need a midfielder but only on loan. Juventus, Bayern Munich are also looking for either loan deals or cheap experienced options. No one, even Paris Saint-Germain, is immune from the pinch. AFCON, Asia Cup football If managers were considering letting some of the players loose in the window, a thinned squad doesn’t help. Players have travelled to Africa and Asia for the Africa Cup of Nations and AFC Asian Cup respectively. Some AFCON players won’t be available until late February while the Asian Cup final is scheduled to be held only a day earlier. That means clubs need to keep players in the squad.