It was a quiet January window for Leeds United that was in marked contrast to the whirlwind of activity last summer.
The vast outlays on expensive talent such as Raphinha, Diego Llorente and club-record signing Rodrigo came at a huge cost and was key to their lack of business in the window just shut.
Leeds’ most significant business came with the new investment deal with the 49ers NFL franchise worth up to £50million and that increases their stake in the club to 37 per cent.
United spent heavily on new signings – nearly £100million last summer – as well as investing heavily in youthful talent.
Although the jury is still out on at least half of the six most expensive recruits – most notably Diego Llorente, Rodrigo and Helder Costa – the spending has helped Marcelo Bielsa build a team that will almost certainly retain their Premier League status.
A yawning 15-point gap over 18th-placed Fulham means Leeds, in 12th, are hoping for a top-10 finish rather than worrying about sliding back into the Championship.
The knock-on effect of the big spending in 2020 is that the salary bill has rocketed.
A Leeds source has told Football Insider the club expect to pay in excess of £100m on player wages this season.
Compared to their days in the Championship that is, not unexpectedly, a massive shift.
According to the club’s most recently-published accounts, United’s wage bill was £46.1m for the year ending June 2019 compared to £31m for the previous season.
Revenues have, of course, rocketed for Leeds this season as they benefit from the vast Premier League broadcasting windfall as well as big increases in their shirt sponsorship and kit deals.
Owner Andrea Radrizzani made clear his ambitions last week as he outlined an “ambitious” plan to compete with the top-six clubs routinely playing in European competition.
The word is, the source explained, that Leeds will invest again on top talent wanted by Bielsa in this summer’s market.
Targets have already been lined up as Victor Orta’s recruitment team work on strengthening the squad and sourcing more gems like Raphinha.
It may not be to the same level as last year, when they were preparing for a return to the Premier League.
But the days of blockbuster Leeds signings are far from over.