It’s quiet. The transfer window has been open for more than a fortnight but most Premier League clubs appear not to have noticed. Instead of the nervous energy that usually makes January so stressful for dealmakers, stillness has descended upon the richest league in the world. Even the usual suspects have remained calm. Chelsea have been a model of restraint so far and there has been no frantic spending from teams at the bottom of the table, whereas in previous years they would have regarded signings as their best chance of avoiding relegation.
Industry insiders have felt the shift away from the old excess. The widespread view is that the caution is because clubs are wary of falling foul of financial fair play regulations and the league’s profit and sustainability rules, which do not allow for losses of more than £105m over a three-year period.
