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Shunning the January sales: How European football turned its back on big spending in the transfer window
Who were the biggest movers in the transfer market? How much was spent? Who was the most expensive player? Goal.com recaps all the major transactions in January
02-Feb-2012 2:50:00 PM
Thiago Motta et Leonardo (PSG)
Spending was down in almost all of Europe's major leagues in the first month of 2012, with most clubs tightening their purse strings during a winter transfer market devoid of any major movers and shakers.
The inactivity in the January window reflects the tentative attitude in Europe right now as an air of uncertainty continues to permeate across the Continent due to the current economic climate.
The Financial Fair Play regulations that are set to be implemented at the start of the 2012-13 season have also added to the clubs' reluctance to splash the cash. Money spent in the winter transfer window would affect their overall standing as clubs look to balance their books in the face of Uefa's quest to curb excessive spending and level the playing field.
The Carlos Tevez saga perfectly illustrates the state of affairs at the moment, as two of the most prestigious clubs in the world (Inter and AC Milan) refused to open their wallets to land a big-name player, instead hoping that Manchester City would accept their cut-rate offers for the Argentina international.
This is in stark contrast to last year when clubs from the Premier League spent €270 million, €33.5m more than the combined expenditures of the top five leagues in January 2012.
At one point, it looked like the total spending this January would not even surpass the £50 million (€60m) spent on one player, Fernando Torres, a year ago. The total of £58.3m (€70m) spent was down a whopping 70 per cent on the record breaking £225m (€270m) splashed out in January 2011, with the most expensive deal the £10m (€12m) transfer of Papiss Demba Cisse to Newcastle.
The top three spenders, Chelsea, QPR and Newcastle contributed to more than half of the total for the window but there was not a single deal worth more than £15m (€18m), compared with six such transfers in 2011. Even clubs in positions where they would traditionally spend money - such as those battling against relegation or pushing for Champions League qualification - kept their cash in their pockets. Clubs are believed to have been more cautious because of
Uefa’s financial fair play rules and unwillingness of teams across Europe to sell their best players midway through the season.
Even though the transfer activity seemed busy on Tuesday, the £30m (€36m) that passed hands on the final day of the window was well down on the £135m (€162m) from the final day a year earlier.
Dan Jones, partner in Deloitte’s Sports Business Group told Goal.com: "In the decade since the introduction of transfer windows, January has typically been relatively quiet with total spending driven by a few high value transfers, as was certainly the case with the chain of events on last year’s deadline day.
"The £58m (€70m) spent in January 2012 is back to a similar level as the January windows in 2004 to 2007, and still ahead of the investment in players by top division clubs in other European leagues.
“As clubs are now in the reporting period that will count towards the first assessment for Uefa's financial fair play break-even requirement, their comparative restraint is indicative of an overriding reflection on spending levels." Greg Stobart
Bucking the trend around Europe, there has actually been more money spent in Ligue 1 this season than there was last term, and substantially so.
Though Paris Saint-Germain must be credited for a significant amount of the spending, they have certainly not been the only club around France to indulge in the transfer market, with gross and net spending both significantly up on this time last year.
French clubs have generally been happy to dig deep because they are in a relatively stable financial position, having been strictly policed by the National Directorate of Management Control (DNGC) for many years now.
PSG have understandably grabbed the headlines with their Qatari ownership willing to invest vast sums in the team, while the other spenders did so for a variety of reasons.
Bordeaux, for instance, failed to invest seriously in the summer, and after a poor start to the season have moved into the market to supplement their squad with a couple of additions.
Meanwhile, Rennes are sitting on a huge asset in the form of Yann M’Vila and can afford to strengthen their unit while European qualification remains possible. Robin Bairner
Although overall expenditures were almost equal this year to their values in 2011, the Bundesliga transfer market was very quiet in January. Wolfsburg accounted for a whopping 56 per cent of all money spent, as Felix Magath brought in eight players from abroad.
The other 17 Bundesliga teams spent, on average, less than €1.4m apiece. Among the top three, only Schalke made an addition, with Chinedu Obasi’s €100,000 loan fee the only money spent. The Bundesliga's relative inactivity in the transfer market this January is not an anomaly: among Europe's top leagues, it is typically the least active in mid-season.
But even in Germany last season, most sides splashed the cash for at least one player intended to be a starter: Bayern Munich signed Luiz Gustavo while Hoffenheim added Ryan Babel and Roberto Firmino. But this season, all but a few were content enough not to reach into the coffers. Clark Whitney
There was a massive drop in spending in January 2012 compared with 12 months before, although a number of loan deals included likely - or compulsory - larger fees to be paid in the summer, which could take overall spending on players recruited during the winter window to nearer €80m.
Still, this is a substantial drop, even if it was not altogether a surprise given the amount of talk around Italy of cutting back on transfers. Moves for the likes of Fredy Guarin, Maxi Lopez and Martin Caceres have caught some imagination, but none of that can take the light away from the disappointment of failed bids for Carlos Tevez and Keisuke Honda.
The usual free-flowing to-and-fro of loans and swaps between the majority of Serie A clubs has kept people's interest far and wide, ensuring that even though little cash changed hands, deadline day was as frantic as ever. Kris Voakes
In the end it was a case of much ado about nothing in Spain, or very little anyway. Unlike in the previous winter window, there were no signings made by Barcelona or Real Madrid, while Athletic Bilbao, Osasuna, Real Sociedad and Valencia did not bring in any players at all, either.
Atletico Madrid and Getafe merely brought back players loaned out to other clubs, while the rest hunted in the bargain basement for free transfers. Indeed, only Sevilla spent any money at all on permanent deals, signing Baba and Jose Antonio Reyes earlier in January for a combined €6.5m.
A year earlier, Atletico had been the biggest spenders with an outlay of €11m, while Malaga's spree saw them dish out close to €8m and Sevilla bought over €5m worth of talent. Barca and Madrid freshened up their squads, as well, with the Catalans adding Ibrahim Afellay and Jose Mourinho sealing an expensive loan deal to bring in Emmanuel Adebayor from Manchester City.
In 2012, not even the January sales seemed to tempt clubs into spending their hard-earned cash. A sign of the times in Spain.
Jose Maria Gay, Professor of Economics & Finance at the University of Barcelona and former Financial Adviser at Espanyol, told Goal.com: "It's very difficult for clubs in the current climate. They have nothing, not a cent. Only the clubs with Russian or Arab investors seem to have money to spend at the moment.
"Across Europe, clubs are finding it hard. That's a reflection of the current state of football and it's a reflection of the state Spain is in at the moment." Ben Hayward
PORTUGUESE LIGA
Compared to 2010-11, the 'big three' signed more players in January, but most were loan deals or free transfers. In fact, from the five players that these three clubs signed, only Marc Janko cost any money - €3m. This is in stark contrast to what happened in the summer, when Sporting, Porto and Benfica spent almost €90m on new transfers between them.
Helder Varandas, a specialist in financial matters related to football, told Goal.com: "This has to do with the Financial Fair Play rule. Clubs must be very careful with their finances, because in three years they will be subject to financial control by Uefa. If their books are not balanced, they will be penalised.
"Even in England, the amount of money involved in transfers has been reduced. This trend will only continue and the players’ salaries will also be cut. Uefa will not allow clubs to make big-money signings and then present unbalanced books." Luis Mira
EREDIVISIE
The money spent by Eredivisie clubs has been pretty steady over the years, with expenditure not exceeding €5m once in the past three years. Dutch clubs are reluctant to go crazy in January and generally only enter the market if they lose a player themselves.
Eredivisie owners have made profits in the winter transfer window virtually every single season. As for outgoing transfers, the big names who had been linked with a January move - such as Ajax's Jan Vertonghen - all made it clear that they had no intention of leaving midway through the season. Stefan Coerts
The inactivity in the January window reflects the tentative attitude in Europe right now as an air of uncertainty continues to permeate across the Continent due to the current economic climate.
The Financial Fair Play regulations that are set to be implemented at the start of the 2012-13 season have also added to the clubs' reluctance to splash the cash. Money spent in the winter transfer window would affect their overall standing as clubs look to balance their books in the face of Uefa's quest to curb excessive spending and level the playing field.
The Carlos Tevez saga perfectly illustrates the state of affairs at the moment, as two of the most prestigious clubs in the world (Inter and AC Milan) refused to open their wallets to land a big-name player, instead hoping that Manchester City would accept their cut-rate offers for the Argentina international.
This is in stark contrast to last year when clubs from the Premier League spent €270 million, €33.5m more than the combined expenditures of the top five leagues in January 2012.
| PREMIER LEAGUE |
At one point, it looked like the total spending this January would not even surpass the £50 million (€60m) spent on one player, Fernando Torres, a year ago. The total of £58.3m (€70m) spent was down a whopping 70 per cent on the record breaking £225m (€270m) splashed out in January 2011, with the most expensive deal the £10m (€12m) transfer of Papiss Demba Cisse to Newcastle.
| FIVE BIGGEST SPENDERS - LEAGUES |
|||
 |
|||
| League Premier Ligue 1 Bundesliga Serie A La Liga |
2011 €270m €14m €54.5m €124m €31.5m |
2012 €70m €55m €53m €52.5 €6.5 |
Difference -74% +292% -3% -58% -79% |
| *source: Transfermarkt |
|||
Uefa’s financial fair play rules and unwillingness of teams across Europe to sell their best players midway through the season.
Even though the transfer activity seemed busy on Tuesday, the £30m (€36m) that passed hands on the final day of the window was well down on the £135m (€162m) from the final day a year earlier.
Dan Jones, partner in Deloitte’s Sports Business Group told Goal.com: "In the decade since the introduction of transfer windows, January has typically been relatively quiet with total spending driven by a few high value transfers, as was certainly the case with the chain of events on last year’s deadline day.
"The £58m (€70m) spent in January 2012 is back to a similar level as the January windows in 2004 to 2007, and still ahead of the investment in players by top division clubs in other European leagues.
“As clubs are now in the reporting period that will count towards the first assessment for Uefa's financial fair play break-even requirement, their comparative restraint is indicative of an overriding reflection on spending levels." Greg Stobart
| LIGUE 1 |
Bucking the trend around Europe, there has actually been more money spent in Ligue 1 this season than there was last term, and substantially so.
| FIVE BIGGEST SPENDERS - CLUBS |
|||
 |
|||
| 2011 Chelsea Liverpool Inter Man City A Villa |
Gross Amount €88m €67.5m €39.5m €32.5m €27.7m |
2012 Wolfsburg Dinamo PSG Chelsea QPR |
Gross Amount €30m €23m €20m €18m €16m |
| *source: Transfermarkt |
|||
French clubs have generally been happy to dig deep because they are in a relatively stable financial position, having been strictly policed by the National Directorate of Management Control (DNGC) for many years now.
PSG have understandably grabbed the headlines with their Qatari ownership willing to invest vast sums in the team, while the other spenders did so for a variety of reasons.
Bordeaux, for instance, failed to invest seriously in the summer, and after a poor start to the season have moved into the market to supplement their squad with a couple of additions.
Meanwhile, Rennes are sitting on a huge asset in the form of Yann M’Vila and can afford to strengthen their unit while European qualification remains possible. Robin Bairner
| BUNDESLIGA |
Although overall expenditures were almost equal this year to their values in 2011, the Bundesliga transfer market was very quiet in January. Wolfsburg accounted for a whopping 56 per cent of all money spent, as Felix Magath brought in eight players from abroad.
The other 17 Bundesliga teams spent, on average, less than €1.4m apiece. Among the top three, only Schalke made an addition, with Chinedu Obasi’s €100,000 loan fee the only money spent. The Bundesliga's relative inactivity in the transfer market this January is not an anomaly: among Europe's top leagues, it is typically the least active in mid-season.
But even in Germany last season, most sides splashed the cash for at least one player intended to be a starter: Bayern Munich signed Luiz Gustavo while Hoffenheim added Ryan Babel and Roberto Firmino. But this season, all but a few were content enough not to reach into the coffers. Clark Whitney
| SERIE A |
There was a massive drop in spending in January 2012 compared with 12 months before, although a number of loan deals included likely - or compulsory - larger fees to be paid in the summer, which could take overall spending on players recruited during the winter window to nearer €80m.
Still, this is a substantial drop, even if it was not altogether a surprise given the amount of talk around Italy of cutting back on transfers. Moves for the likes of Fredy Guarin, Maxi Lopez and Martin Caceres have caught some imagination, but none of that can take the light away from the disappointment of failed bids for Carlos Tevez and Keisuke Honda.
| "It looks like economically the whole of Europe is becoming a bit more cautious" - Arsene Wenger on transfer window |
 |
The usual free-flowing to-and-fro of loans and swaps between the majority of Serie A clubs has kept people's interest far and wide, ensuring that even though little cash changed hands, deadline day was as frantic as ever. Kris Voakes
| LA LIGA |
| MOST EXPENSIVE TRANSFERS |
|||
 |
|||
| 1. Balazs Dzsudzsak |
€15m | ||
| 2. Eduardo Vargas |
€13m | ||
| 3. Papiss Cisse |
€12.5m | ||
| 4. Moussa Sow |
€10.5m | ||
| 5. Thiago Motta |
€10m | ||
| *source: Transfermarkt |
|||
Atletico Madrid and Getafe merely brought back players loaned out to other clubs, while the rest hunted in the bargain basement for free transfers. Indeed, only Sevilla spent any money at all on permanent deals, signing Baba and Jose Antonio Reyes earlier in January for a combined €6.5m.
A year earlier, Atletico had been the biggest spenders with an outlay of €11m, while Malaga's spree saw them dish out close to €8m and Sevilla bought over €5m worth of talent. Barca and Madrid freshened up their squads, as well, with the Catalans adding Ibrahim Afellay and Jose Mourinho sealing an expensive loan deal to bring in Emmanuel Adebayor from Manchester City.
In 2012, not even the January sales seemed to tempt clubs into spending their hard-earned cash. A sign of the times in Spain.
Jose Maria Gay, Professor of Economics & Finance at the University of Barcelona and former Financial Adviser at Espanyol, told Goal.com: "It's very difficult for clubs in the current climate. They have nothing, not a cent. Only the clubs with Russian or Arab investors seem to have money to spend at the moment.
"Across Europe, clubs are finding it hard. That's a reflection of the current state of football and it's a reflection of the state Spain is in at the moment." Ben Hayward
| REST OF EUROPE |
PORTUGUESE LIGA
Compared to 2010-11, the 'big three' signed more players in January, but most were loan deals or free transfers. In fact, from the five players that these three clubs signed, only Marc Janko cost any money - €3m. This is in stark contrast to what happened in the summer, when Sporting, Porto and Benfica spent almost €90m on new transfers between them.
Helder Varandas, a specialist in financial matters related to football, told Goal.com: "This has to do with the Financial Fair Play rule. Clubs must be very careful with their finances, because in three years they will be subject to financial control by Uefa. If their books are not balanced, they will be penalised.
"Even in England, the amount of money involved in transfers has been reduced. This trend will only continue and the players’ salaries will also be cut. Uefa will not allow clubs to make big-money signings and then present unbalanced books." Luis Mira
EREDIVISIE
The money spent by Eredivisie clubs has been pretty steady over the years, with expenditure not exceeding €5m once in the past three years. Dutch clubs are reluctant to go crazy in January and generally only enter the market if they lose a player themselves.
Eredivisie owners have made profits in the winter transfer window virtually every single season. As for outgoing transfers, the big names who had been linked with a January move - such as Ajax's Jan Vertonghen - all made it clear that they had no intention of leaving midway through the season. Stefan Coerts
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