Window Shopping

The transfer window may soon be closing, but where are the big signings?

With just five days left in the January transfer window you could easily be forgiven for forgetting that it had ever opened at all, such has been the general lack of any tangible acitivity. We've had most of the usual rumours, a lot of the usual bluster, but in terms of looking for big deals, people have been pretty much left with scraps.

Indeed rather than hear the customary tales of multi million pound signings and extortionate pay packets, January has been a month filled with stories of mounting debts, refinancing of loans, unpaid wages and winding up orders. You were far more likely to read about football clubs negotiating with the taxman over outstanding bills than with each other over a new holding midfield player. Up and down the leagues, from the formally rich to the now very poor, no-one it would seem has any money with which to do serious business, hence the period of phoney war we’re currently experiencing.

There are those who argue that the January window is never a time when clubs do genuinely big business, but traditionally, since its inception, we’ve been used to a little more movement in the market than this. Many managers claim outwardly that they are reluctant to move at this time of year, however even as outspoken a critic of buying in the new year as Arsene Wenger has done two of his most extravagant pieces of business in the January sales, dipping into his pocket to sign Jose Antonio Reyes and Andrei Arshavin.

The January window may be a time when managers feel that there is little value to be had, and yet they often cannot resist the temptation. They know that their team’s fortunes may rest on them taking a financial gamble or two and for the majority, spending money attempting to find a player capable of giving a mid season boost is brought on by the necessity of knowing that the financial costs that come with a struggle against relegation or not qualifying for European competition doesn’t even bear contemplating.

So whilst listening to managers and Chief Executives up and down the land may lead you to believe that the lack of any transfer activity is largely self imposed, the feeling you really get is that even those wanting to dice with the devil and take a gamble, have their hands tied. For the majority, the cupboard is completely bare.

The transfer market is effectively like a game of dominoes, everything is cause and effect, and just like the economies of the world that are currently stagnating, it needs an injection of capital to get the first deals moving. Once that happens and players begin to move on, opportunities and spots open behind them. What’s been lacking so far is the lack of a catalyst to open up the British market. For the moment the big clubs have largely kept their powder dry; the prevailing trend being the exchanging of some of the more, shall we say ‘unheralded names’ of football on loans between those teams further down the footballing pyramid.

Indeed the large amount of player shuffling going on and the temporary transfers further highlights the lack of disposable income out there for clubs to stump up for new signings. There are very few genuine investments for the future going on. With finances tighter than ever, football, never the most long term thinking of industries is increasingly looking to the immediate ‘quick fix’. Not to mention, those that are the cheaper the better.

In years gone past, we would have been looking at those bigger clubs at the top of the table to open up the market, but given the vast levels of debt ratcheted up by the likes of Manchester United and Liverpool austerity is now the key watch word. Both clubs find themselves held hostage by the huge loans taken out by their respective American owners, owners who we know that borrowed heavily from other people in order to make their purchases.

Ferguson claims he is happy with the squad he currently has, but given the numerous defensive shortcomings and injuries they’ve suffered and the increasing over reliance on Wayne Rooney, you’d wager that he wouldn’t mind taking a dip into the market. However once again, the bleak financial stories coming out of Old Trafford in the last few weeks would suggest he’ll have to soldier on with what he has. Similarly, over at Anfield, the embattled Rafa Benitez has so far only been able to bring in Argentinean winger Maxi Rodriguez on a free, hardly the season changing arrival some fans would have been hoping for.

The clubs who would have appeared most likely to make a big move are those with the good fortune to find themselves owned by a wealthy and generous benefactor. In recent months we have seen, at a huge personal cost to the individual concerned, Chelsea and Manchester City have their debts essentially cancelled. That may have made their balance look a little healthier; however it is yet to relate to either of the two flexing their considerable financial muscles.

Many were predicting Chelsea to be the big movers this month, given the spectre of the transfer ban hanging over their heads, with little attention being paid to Ancelotti’s constant denial that any business would be done. Sergio Aguero has been constantly linked, and the theory went that the South London club would buy in bulk now, in order to cope with the ban likely to be faced in the summer. Either Chelsea must have what they feel is a water tight case or it may just be that even Billionaire’s are counting the pennies these days.

There is still the chance of course that we will see a late flurry of movement as the clock continues to count down. Football clubs are nothing if not resourceful when it comes to finding some money for transfers, even if they are a little less creative when it’s HM Revenues and Customs asking for payment. What is most likely however is that we will continue to see the practice from those at the wrong end of the table of shuffling their decks and exchanging players whom they just hope to eke out a few good months from.

In the current economic climate, no-one wants to be caught making what could prove to be a disastrous long term investment, hence the lack of real money changing hands. At the same time however, expect to see a lot of journeyman pro’s and untried youngsters being hawked round for a three month spell here and a three month spell there. The majority of clubs may not currently be able to afford players, but the one thing that they cannot afford more is the failure of missing out on the Champions League or even worse the spectre of relegation.