London - The last-minute shopping spree often associated with the closing of the January transfer window failed to materialise on Monday as Europe's top clubs largely kept their powder dry.
Even in England, where the 20 Premier League can usually be relied upon to splash some of the cash they earn from a mega TV deal, trading was unusually light, leaving presenters of Sky Sports News' much-hyped deadline day coverage desperately searching for something to talk about.
Leaders Chelsea spent $39.7 million to bring Colombian Juan Cuadrado to Stamford Bridge, recouping most of that by selling Andre Schurrle to Bundesliga side VfL Wolfsburg, but Manchester United, Manchester City and Arsenal did no significant late business.
English champions City signed Ivory Coast striker Wilfried Bony from Swansea City last month for $37.6 million while United's only arrival of note was former Barcelona keeper Victor Valdes on a free transfer.
But why was January so quiet for the majority of the league's top clubs?
Speaking to the BBC, former Hull City chairman Paul Duffen explained the lack of January activity.
"Getting players out in the market, there are problems such as liquidity. Clubs don't have it, apart from Chelsea today," he said.
"There is the danger in January for a player that if it goes wrong, it could harm their career.
"They could find they go on-loan at a club who get relegated and end up in a worse situation than they were."