Newcastle United, still in the Champions League and second in the English premier league, topped the transfer deadline day signings by splashing out nine million pounds ($14.88 million) on defender Jonathan Woodgate from cashstrapped Leeds United.
But January's transfer window, which closed at 1700 GMT on Friday, finished as it had begun -with loans making up the lion's share of the deals as club chairmen, one or two exceptions apart, kept a tight hold on the pursestrings.
Southampton, chasing a European place next season, spent 2.5 million pounds ($4.12 million) in taking England under-21 midfielder David Prutton from Nottingham Forest.
There was confusion though over a move for Bolton striker Michael Ricketts. Middlesbrough's website said on Friday the club had agreed a fee with Bolton, but the premier league strugglers later said no official bid had been made.
Champions Arsenal, who like Manchester United and Liverpool have not bought a single player this month, did add to their squad on Friday, bringing in former RC Lens goalkeeper Guillaume Warmuz as cover for David Seaman.
Leeds United chairman Peter Ridsdale said there had been no option but to sell the 23-year-old Woodgate because of the state of the club's finances after failure to make the Champions League two seasons in succession.
Leeds, whose debts reached 70 million pounds ($115.2 million) by the middle of last year, also parted with striker Robbie Fowler to Manchester City in a six million pounds ($9.88 million) deal on Thursday.
"It's acknowledged that the transfer system has imploded, with few if any football clubs having money to spend on the scale we had become used to, Ridsdale warned in a news conference on Friday at which manager Terry Venables refused to commit himself to the club following the sale of Woodgate and Fowler.
"It is against this backdrop we have listened to offers where we believed it was right for the longterm financial stability of the football club.
"We have lost 30 million pounds ($49.38 million) over the last two seasons through not being in the Champions League."
Woodgate's transfer pales into insignificance when compared to the $47 million Manchester United spent on Rio Ferdinand just six months ago.
Worries over lopsided balance sheets and hyperinflationary wage bills have now put paid to the kind of multi-million dollar signings that were once the norm.
Newcastle manager Bobby Robson, who unsuccessfully tried to sign Brazil's World Cup midfielder Kleberson last week, criticised the introduction of the transfer window in the premier league this season, which allow signings and loan deals to be made for only two periods during the year.
"It is unnecessary," Robson said. "This is a vibrant industry and we need to buy and sell. Why reduce that? The market place needs to be open every day."
Middlesbrough, in addition to trying to secure Ricketts, are involved in a loan deal to take Derby
striker Malcolm Christie and defender Chris Riggott to the Riverside Stadium.
Arsenal, five points clear at the top of the table, have signed French goalkeeper Warmuz until the end of the season.
Last week, Wenger had discussions in London with Brazil's World Cup-winning keeper Marcos but a deal fell through because of personal reasons.
As understudy to Seaman, the former Lens skipper will be cover for Rami Shaaban, who is out for the rest of the season with a leg fracture.
The only disadvantage with the signing is that having already played for Lens in the first phase of this season's Champions League, he cannot take part in the competition for Arsenal, who are in the second phase.
Southampton, enjoying a fine season, added to their squad by bringing in Prutton on a 4-1/2 year contract.
Premier league strugglers West Ham United were also active on deadline day, signing defender Rufus Brevett from Fulham for an undisclosed fee.
In loan deals completed on Friday, Morocco international defender Talal El Karkouri has joined Sunderland from Paris St Germain while Bolton have taken on Nantes striker Pierre-Yves Andre.