European soccer's January transfer window closed Tuesday with clubs reining in the lavish spending of recent years in an apparent response to UEFA's strict new financial controls.
While 225 million pounds (then $362 million) was spent last January by English clubs alone, barely 50 million pounds was outlayed by them this month.
"It looks like economically the whole of Europe is becoming a bit more cautious," Arsenal manager Arsene Wenger said.
UEFA revealed last week that the total debt of 665 European clubs had hit $11 billion.
Manchester City alone has invested more than $1 billion on new players in a little more than three years, but the Abu Dhabi owners have curbed their spending and prioritized losing some big earners as it looks to slash a recent annual loss of $308 million.
The only incoming deal by City manager Roberto Mancini on Tuesday was to sign 32-year-old David Pizarro on loan from Roma for the rest of the season to bolster his midfield options.
The league leaders lost 1-0 at Everton on Tuesday.
Defender Wayne Bridge was sent to Sunderland on loan, although City was unable unload troublesome striker Carlos Tevez, who has not played since refusing to resume warming up for the club during a Champions League match in September.
One club interested in Tevez was French leader Paris Saint-Germain, which has been embarking on its own spending spree since the last offseason under Qatari ownership.
Despite pursuing a string of leading players — including David Beckham and AC Milan striker Alexandre Pato — PSG has failed to capture the superstar it craves, although signing midfielder Thiago Motta from Inter Milan on Tuesday will help to soften the blow.
"It's normal that it's more difficult to sign someone in Ligue 1 than in Spain or in England," PSG sporting director Leonardo said. "But things can change."
PSG's plans, though, could be curtailed by the looming threat of expulsion from the Champions League for overspending clubs.
In an initial two-year monitoring period that started in July 2011, UEFA's rules allow clubs to make a total loss in the first assessment period up to $58 million. But persistent loss-makers can first be barred from the 2014-15 Champions League.
"Financial fair play has definitely had an impact (in the transfer window)," said Alan Switzer, director of the sports business group at Deloitte. "The 2011-12 season does now count towards the UEFA rules and that will be part of the consideration which clubs will be giving to any transfer."
Tottenham was the busiest leading Premier League club on Tuesday but avoided a late splurge despite being third in the league.
Louis Saha arrived from Everton but another striker, Roman Pavlyuchenko, was sold to Lokomotiv Moscow. Two players were sent on loan for the rest of the season: defender Sebastien Bassong to Wolverhampton Wanderers and midfielder Steven Pienaar to old club Everton.
Queens Park Rangers tried to ensure it isn't relegated from the Premier League after only one season by signing two strikers: former Liverpool player Djibril Cisse from Lazio and Bobby Zamora from Fulham.
Zamora was replaced at Fulham by Russia striker Pavel Pogrebnyak, who joined from Stuttgart.
Midfielder Marcus Olsson has joined his twin brother Martin at relegation-threatened Blackburn after signing from Swedish side Halmstad.
Among Americans, midfielder Mixx Diskerud was loaned from Norway's Stabaek to Belgium's Ghent, and Edson Buddle's contract was terminated by Ingolstadt of Germany's second division.
Chelsea spent 50 million pounds (then $80 million) a year ago on striker Fernando Torres, who has failed to deliver and contributed to a loss of $109 million in the last financial year that was announced on Tuesday.
Chelsea's only major business on this deadline day was signing winger Kevin De Bruyne from Racing Genk, but he will remain with the Belgian club on loan for the rest of the season.
In Italy, clubs, players and agents gathered at a Milan hotel and the city's two clubs were the busiest.
Inter Milan signed Porto midfielder Fredy Guarin and Sampdoria midfielder Angelo Palombo, while Sulley Muntari moved on loan to AC Milan.
Serie A leader Juventus signed midfielder Padoin from Atalanta for almost $6.6 million.
For some players, Tuesday was the last time to leave clubs where they aren't playing regularly ahead of the European Championship. Croatia defender Vedran Corluka joined Bayer Leverkusen after only three league appearances for Tottenham this season.