Chelsea were the biggest spenders in a record-breaking January transfer window for a Premier League club, while the relegation-threatened side also splashed the cash in the final days.
Arsenal’s boss is taking a more measured approach to strengthening some key areas, but struggling Manchester United and Liverpool – both clubs whose owners are looking for outside investment – have been relatively quiet.
AFP Sport looks at some of the talking points after £815 million ($1 billion) was spent by England’s top flight last month.
Arsenal are strengthening their core
The Gunners are five points clear at the top of the Premier League with a game in hand – but will January be enough to get over the line?
Manager Mikel Arteta wants Ukrainian winger Mykhailo Mudryk and Brighton’s Moises Caicedo to turbo-charge the club’s first league title since 2004.
But Arsenal were unable to match Chelsea’s bid for Mudryk while Brighton rejected an approach for the esteemed midfielder.
However, they added Leandro Trossard, also from Brighton, and Italy international Jorginho, who was taken from Chelsea, along with Polish defender Jakub Kiwior.
Trossard adds to the quality and depth of Arteta’s options in wide areas, where Gabriel Martinelli and Bukayo Saka have excelled this season.
Midfielder Jorginho, 31, brings experience and trophy-winning success after club and international success.
Arsenal’s title bid may have been helped by Manchester City’s lack of activity.
The defending champions have an incredible amount of power, but have only added Argentine youngster Maximo Perrone and shipped out one of their key players in the new season when Joao Cancelo joined Bayern Munich on loan.
Money splash fighters
Only six points separate Nottingham Forest in 13th from bottom-of-the-table Southampton and are racing well and truly to escape the relegation trapdoor.
Bournemouth, who are currently 18th in the table, were the second biggest spenders last month.
Four of the bottom five clubs – West Ham, Wolves, Bournemouth, and Southampton – are around £175 million.
Bournemouth made six signings, bringing in Ukraine defender Illia Zabarnyi from Dynamo Kyiv and Ivory Coast midfielder Hamed Traore in the final hours of the window on Tuesday.
Southampton have broken their transfer record, snapping up Rennes and Ghana winger Kamaldeen Sulemana for a fee reported to be in excess of £24 million.
The group of clubs hovering above the bottom five are also spending big, with Forest adding new names – three in the last day – in the ongoing revolution at the newly promoted club.
Leeds broke their transfer record when they signed Hoffenheim striker Georginio Rutter, while Leicester brought in Australian defender Harry Souttar from Stoke.
But second-bottom Everton did not make one January signing to anger and unhappy fans.
Man Utd and Liverpool are quiet
Liverpool were quick to get off the block, agreeing a sizeable deal for Netherlands international forward Cody Gakpo in late December as Jurgen Klopp looked to bolster his attacking ranks.
But last year’s quadruple-chasers failed to do more business despite faltering form.
The decision not to strengthen an aging midfield has raised eyebrows with Liverpool ninth in the table and out of domestic cup competition.
Uncertainty over the ownership of the club is one of the reasons why Liverpool are inactive and may be at Manchester United.
The Red Devils did not buy a single player to strengthen their push for a top four spot but have increased their options with three loan signings.
United responded quickly to Christian Eriksen’s ankle injury to bring in Marcel Sabitzer from Bayern Munich on the final day.
Manager Erik ten Hag signed Dutch forward Wout Weghorst, giving him a choice of tall men to add bite to the attack, and the arrival of Jack Butland added depth to the goalkeeping options.