By Stuart Roach BBC Sport Online

When the post-Christmas blues give way to the anticipation of the January sales, there is always a sense of excitement in the winter air.

But on the millionaires' row of football, the past month has been less like frenzied Oxford Street and more akin to a mail order catalogue's enquiry line.

Fifa's new January transfer window limited Europe's top clubs to a single month of transfer activity in a bid to reduce the flow of traffic between clubs in a season.

Given that the traffic has actually been at a virtual standstill going into the final day, Europe's governing body will probably claim back slaps all round.

12-month comparison

January 2002 102 transfer deals �17.505m January 2003 107 transfer deals �17.54m

But the truth is that money - or a lack of it - has dictated the minimal flow of transfers between the top clubs.

Before Jonathan Woodgate's expected move to Newcastle from Leeds, spending during January has been virtually identical to that of the same period 12 months earlier, when no window was in place.

Robbie Fowler's protracted �6m move from Leeds to Manchester City took January spending to �17.6m from 107 deals.

Fowler's move will cost Man City two instalments of �3m

Remarkably, January 2002 produced 102 deals, totalling a near-identical �17.5m.

The difference is, of course, that this year's figure represents clubs' spending for an entire season, and not merely a single month.

At midnight on Friday the transfer window will close for the remainder of this season, with Premiership clubs unable to trade with each other until the summer.

Players can still move from the Premiership to the Nationwide League or beyond but signings by Premiership clubs will be frozen outside January.

Of the 20 top-flight clubs clubs, only Manchester City and Birmingham have spent significantly.

The two clubs are responsible for four of the five deals costing �1m or above.

January's top deals

Robbie Fowler �6m Leeds to Man City David Sommeil �3.5m Bordeaux to Man City Matthew Upson �3m Arsenal to B'ham Mart Poom�2.5m Derby to Sunderland Jamie Clapham �1.3m Ipswich to B'ham

Fowler is joined at Maine Road by �3.5m French defender David Sommeil, while Birmingham snapped up Matthew Upson and Jamie Clapham for �3m and �1.3m respectively.

Half of Birmingham's six signings were loans and football's perilous financial state has meant temporary deals have become far more common.

Of January's 102 deals before deadline day, 70 have been carried out on a loan basis.

The lack of funds has also encouraged clubs to turn to youth within their own ranks.

Dugarry joined Bruce's Birmingham revolution

The likes of James Milner at Leeds, Wayne Rooney at Everton and James McEveley at Blackburn have all emerged as serious players on football's big stage this season.

But, with time running out as the transfer window begins to squeeze shut, clubs are not adverse to chancing their arm with some cheeky late bidding.

Leeds are suffering more than most, with clubs attempting to cash in on their desperation for funds by offering some knock-down prices for blue chip players.

Lee Bowyer cost West Ham a mere �100,000 to take him off the Elland Road payroll, with Fowler moving for two instalments of only �3m each.

And Spurs had already seen two �4m for Michael Ricketts rejected when they tabled an 11th-hour bid for �3m.

Lee Bowyer joined West Ham from Leeds

The new system, albeit an experimental one, has been successful in financial terms.

But it has hardly been exciting.

The closing of the window on Friday will silence the football gossips until the summer and a big slice of football culture will have been removed from the game.

January kicked off amid a storm of sensational stories.

Gabriel Batistuta was riding in to rescue West Ham, Benni McCarthy was joining Charlton and Chelsea were offloading Jimmy-Floyd Hasselbaink and Eidur Gudjohnsen.

Manchester United were importing Diego Tristan from Deportivo La Coruna and David Bellion from struggling Sunderland.

Those sort of stories used to excite fans all year round but from midnight on Friday, the silence will be deafening.