• Tweet

CAUTION RULES: Arsenal manager Arsene Wenger

 Until these questions are answered, clubs with a realistic prospect of making it into Europe are going to err on the side of caution and rein in their spending 

While English clubs alone spent £225million (R2,76billion) last January, they outlayed barely £50million last month.

"It looks like economically the whole of Europe is becoming a bit more cautious," Arsenal manager Arsene Wenger said.

Uefa revealed last week that the total debt of 665 European clubs had hit $11billion (R86billion).

Manchester City alone have invested more than $1billion in new players in a little more than three years, but the Abu Dhabi owners have curbed spending and prioritised losing some big earners as they looks to slash a recent annual loss of £195million.

The only incoming deal by City manager Roberto Mancini on Tuesday was to sign 32-year-old midfielder David Pizarro on loan from Roma for the rest of the season. Defender Wayne Bridge was sent to Sunderland on loan, though City were unable to unload troublesome striker Carlos Tevez.

There was interest from French leaders Paris Saint-Germain, who have been embarking on their own spending spree under Qatari owners. Despite pursuing a string of leading players PSG have failed to capture the superstar they crave, though signing midfielder Thiago Motta from Inter Milan on Tuesday will help soften the blow.

Motta's signing took PSG's spending this season to more than R1billion, with defenders Maxwell and Alex having joined earlier this month.

"It's normal that it's more difficult to sign someone in Ligue 1 than in Spain or in England," PSG sporting director Leonardo said.

"But things can change."

PSG's plans, though, could be curtailed by the looming threat of expulsion from the Champions League for overspending clubs.

In an initial two-year monitoring period that started in July last year, Uefa's rules allow clubs to make a total loss in the first assessment period up to R453million. But persistent loss-makers can first be barred from the 2014-2015 Champions League.

"Financial fair play has definitely had an impact," said Alan Switzer, director of the sports business group at Deloitte. "The 2011-12 season now counts towards the Uefa rules and that will be part of the consideration clubs will be giving to any transfer."

Former Chelsea chief executive Trevor Birch, who is head of accountancy firm PKF's football side, highlighted uncertainty about how the new rules will be enforced.

"Until these questions are answered, clubs with a realistic prospect of making it into Europe are going to err on the side of caution and rein in their spending."

Tottenham were the busiest of the leading Premier League clubs on Tuesday but avoided a late splurge despite being third in the league. Louis Saha arrived from Everton but another striker, Roman Pavlyuchenko, was sold to Lokomotiv Moscow.

Two players were sent on loan for the rest of the season: defender Sebastien Bassong to Wolverhampton Wanderers and midfielder Steven Pienaar to old club Everton.

QPR tried to ensure they aren't relegated from the Premier League after only one season by signing two strikers: former Liverpool player Djibril Cisse from Lazio and Bobby Zamora from Fulham.

Chelsea spent more than £50 million (about R565million) a year ago on striker Fernando Torres, who has failed to deliver and contributed to a loss of R8,3billion in the last financial year that was announced on Tuesday.

Chelsea's only major business on this deadline day was signing winger Kevin De Bruyne for a reported R110million from Racing Genk, but he will remain with the Belgian club on loan for the rest of the season.

In Spain, pacesetters Real Madrid and Barcelona were also quiet. In Italy, Milan's two clubs were the busiest. Inter Milan signed Porto midfielder Fredy Guarin and Sampdoria midfielder Angelo Palombo, while Inter's Sulley Muntari moved on loan to AC Milan.