Responding to the last-minute activity and transfer deadline day, Liz Ellen, Partner and Head of Mishcon de Reya's Sports Group, said:

"The Premier League television deals have brought vastly increased wealth to the Premier League clubs, which has filtered across Europe as the English clubs spend their newly acquired funds on foreign talent – probably at an additional cost of 10% because of the falling pound against the Euro. Some clubs were also able to sell players at inflated sums to the booming Chinese market before a rule change in China brought a swift end to extravagant spending on foreign transfer fees.

"Financial Fair Play is far from obsolete. The current rules remain in place, unchanged by the eye-watering transfer fees and salaries we have seen in this window. Furthermore, the sanctions are potentially serious – exclusion from Champions League football is a genuine deterrent – and clubs will consequently have the rules in the forefront of their minds. Clubs adopt different strategies to meet their FFP obligations, and that is where the business of football gets really interesting. There are all sorts of commercial discussions taking place behind the scenes to try and raise monies against which the transfer losses can be balanced."