Spending by English Premier League clubs fell by 715 million pounds (838 million euros) in January compared to last year, reaching a three-year low, according to an analysis by the Deloitte Sports Business Group.
All English clubs combined spent around £100m in January, a drop of around 88% on the same period last year, the analysis found.
Deloitte attributed the drop to a more cautious approach by clubs after spending heavily at the end of the season, as well as concerns over potential sanctions for failing to comply with the club's "profit and sustainability rules". league.
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These rules were introduced in 2013 to prevent clubs with wealthy owners from spending huge sums. This means clubs are allowed to lose a maximum of £105 million over a three-year period.
Everton were deducted 10 points at the start of the season for breaching the limits. Defending champions Manchester City have also been accused of numerous financial breaches since they were bought by Abu Dhabi-based City Football Group in 2008. No verdict has yet been reached in the case.
Tottenham Hotspur have made their biggest signing of the winter, bringing in Romanian defender Radu Dragusin, 21, from Italian club Genoa for £25 million. Despite this sharp drop, clubs have still spent £2.5 billion across the two transfer windows this season, making 2023-24 the second highest season on record after last season.