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Does the January transfer window always feel flat?

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In recent years, only Enzo Fernandez has signed the clock.

Fernandez was recently named the best young player at the 2022 World Cup with eventual winners Argentina.

The midfielder joined Chelsea from Benfica weeks later for what was, at the time, a British record transfer fee of £106.8m.

Chelsea’s spending spree shaped the window and helped set a new record in the Premier League.

In total, £815m was splashed out, of which Chelsea were responsible for £284.1m – 34.86%.

This is the early delay in BlueCo’s investment in the squad after the takeover was completed last summer. This creates an outlier in overall spending, especially in the post-Covid years.

The Fernandez agreement continued throughout the night. It was a real on-off saga but eventually passed as the seconds ticked away.

The equivalent this time was probably Dwight McNeil’s move from Everton to Crystal Palace. And it didn’t last.

It’s rare for big clubs to spend in January unless they have a specific need.

Arsenal and Liverpool have not signed a player since 2023. Chelsea (£13.5m) and Manchester United (£27.5m) have only a small expenditure in 2025.

Manchester City have bucked the trends of the past two seasons as Pep Guardiola tries to shake up his squad.

In 2025, he spent £188m on Nico Gonzalez, Omar Marmoush, Abdukodir Khusanov and Vitor Reis.

This winter saw an £84m spending spree, this time on ready-made Premier League talent in Antoine Semenyo and Marc Guehi.

You have to go back to 2018 to find a winter window when the big six collectively spent a lot of money.

The deals included Pierre-Emerick Aubameyang joining Arsenal on deadline day from Borussia Dortmund, while Liverpool signed Virgil van Dijk from Southampton.

Of the Premier League’s total spending of £500m, the big six clubs are responsible for £322m of it. It also spreads. Arsenal, at £86m, was the biggest contributor (26.71%).

To compare with the 2023 window, Chelsea is responsible for 73.39% of the big six’s £387.1 million costs.

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