Why were Premier League clubs so careful with their cash in January?

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United Kingdom - 
Premier League clubs were reluctant to plunge into the inflated January marketplace this season - in stark contrast to last year, when they splashed out a record £430 million on transfer fees.

Brexit uncertainty

All six clubs, also including Manchester United, Manchester City, Liverpool and Tottenham, are ranked in the top 10 of Deloitte's Money League so why are they being more careful with their cash?

Britain's looming exit from the European Union on March 29 is casting a cloud of uncertainty over all British businesses.

"Clubs still don’t know what the post-exit arrangements will be, not just with players but across the whole portfolio of their activities," Simon Chadwick, professor of sports enterprise at the University of Salford told AFP.

On top of potential complications in obtaining work visas for foreign players, any hit to the British economy could be felt by the clubs in ticket sales, merchandising and future television rights deals.

Borja Garcia, an expert in EU sports policy and governance, agrees that negative implications of Brexit on the Premier League are "undeniable". 

However, buying EU nationals in this window might have been a wise move.

"Those players already in UK by March 29, so signed before Thursday, should be allowed to stay in UK and have the same rights as British players. No quotas for them or work permits," he explained.