Covid and Brexit proved to be a toxic mix, which poisoned the transfer market and left clubs and fans disappointed, according to analysts.
The coronavirus pandemic, which has wreaked financial havoc and left squads stretched through illness and injury resulting from fixture congestion, has resulted in a stagnant market, say seasoned observers.
Nursing huge holes in the budgets and concerned about a potential lack of playing staff, clubs have hung onto players, whereas in previous seasons they have been happy to let them go and hope to bring someone else in.
Brexit has played its part, too.
The end of the Brexit transition period on December 31 means there is no longer freedom of movement from European countries to the UK and some of those talented players who would have bolstered squads and offered better value for money than domestic buys are no longer available.
In cash terms, with just over £80m spent in upfront fees, this is the quietest window since 2010. Ten of the 20 top-flight clubs did not spend anything and of the rest, only three, Aston Villa, Manchester United and West Ham went into double figures.
'Covid and Brexit have applied pressure that we have not had historically,' Rob Wilson, a football finance expert at Sheffield Hallam University, told Sportsmail.
'Covid has heaped pressure on cash flows because of the loss of matchday revenues and the impacts on commercial and sponsorship deals.
'Brexit impacts on exchange rates and currency conversion when signing players from Europe, but it also affects visas and entry requirements.'
With the big clubs all affected by Covid and Brexit the market never got moving this time around.
'Football transfers are a game of dominos,' added Wilson. 'If you do not push the player at the top end then the chain reaction does not happen.'
Given the financial squeeze on the top clubs in the Premier League, Brexit has played a bigger role than may have been expected. There were fewer bargains available.
Under the post Brexit rules, a player must qualify for a Governing Body Endorsement (GBE) from the FA, in order to obtain a visa.
This is achieved by earning 15 points or more through international appearances, games played in a high quality league or international club competition.
Morgan Sanson, a Frenchman, who moved to Aston Villa from Marseille for £15m, will have earned points towards his GBE by virtue of the large numbers of games he has clocked up in Ligue 1.
But those unable to match the higher fees paid by Villa, have suffered.
West Brom boss Sam Allardyce highlighted the problem early in the window.
Traditionally, the Premier League's bottom eight clubs look to Europe to find up and coming centre backs and forwards at a reasonable price to stave off relegation, but not this year.
'I have found three players already who were capable of coming here and they're not allowed,' he said.
'Due to the new regulations, they were unable to come to this country, whereas [previously] they would have done. I have to look at that and think, 'Can he qualify?'
'It's not so much the pandemic, it's the change of rules because of Brexit.'
The lack of access to European talent bites hard in the Championship, too.
One anticipated outcome of the post-Brexit rules is it will make South American players more attractive.
The reason being that the system works on placing leagues in bands according to quality. The higher the quality of the league, the more points players accrue and the better chance they have of meeting the UK's post Brexit entry criteria.
The Brazilian, Argentinian and Mexican top tiers have all been placed in Band 3, and are ranked higher than the traditional recruiting grounds of Austria, Switzerland, Croatia, Czech Republic and Greece, as well as the French and German second tiers, which are all in Band 4.
As a result, more players are available to sign from South America than many European countries.
Brighton dipped into South America signing Ecuador international Moises Caicedo from Independiente, but Sportsmail understands the Seagulls had an eye on the £4.5m central midfielder anyway and it was not a Brexit-driven decision.
'It's not just Covid; Brexit has also been a factor in the January window,' Kieran Maguire, an academic and football finance expert, told Sportsmail.
'Now, moderate players who have been attractive to Championship and lower Premier League clubs do not qualify.
'The big clubs, who sign international players from major footballing nations, or those who have played in the Champions League, will be unaffected, but below this level the choice is reduced.'
