What is causing the lack of movement in the transfer market?

"In an acronym, PSR - Profit and Sustainability Rules, or what used to be called Financial Fair Play (FFP)," says Professor Rob Wilson, football finance expert at Sheffield Hallam University.

"The charges hanging over Nottingham Forest and Everton for alleged breaches of the Premier League's PSR in their 2022-23 finances have put the wind up other clubs.

"Clubs probably thought they could stray from the guidelines a little bit and only get a small punishment. Now there is a real nervousness."

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Brighton's Jack Hinchy has joined Shrewsbury Town on loan for the rest of the season.

The 21-year-old midfielder has made two senior appearances for the Seagulls since joining from Stockport County in 2021.

"This is a great opportunity for Jack to be involved regularly in a senior first-team environment and hopefully get a chance to play a part for Shrewsbury in the second half of the season," Brighton's technical director David Weir said.

"As our Under-21s captain he's been really important in the team that reached the quarter-finals of the EFL Trophy. Now it's about taking that next step on his development pathway. We wish him well for his time with Shrewsbury."

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Cardiff City are poised to sign Josh Wilson-Esbrand on loan from Manchester City.

The 21-year-old left-back spent the opening half of the season on loan at Ligue 1 side Reims where he featured 11 times, scoring one goal.

But he is now expected to spend the remainder of the campaign in the Championship with the Bluebirds.

England Under-21 international Wilson-Esbrand joined Manchester City's academy from West Ham United in 2019.

He made his first-team debut for the Citizens in a 6-1 League Cup win over Wycombe Wanderers in September 2021.

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Ex-Aston Villa goalkeeper Jed Steer has returned to Peterborough United on a contract until the end of the season.

Steer, 31, originally joined Posh on 4 January on a short-term deal as cover for keeper Nicholas Bilokapic, who had suffered a knee injury. His initial stay ended after four games, of which Posh won three.

But Steer, who was released by Villa last summer after more than a decade with them, will now see the season out with promotion-chasing Posh.

"I am here to help the club in an exciting part of the season with the team in a good position in the league and also in the semi-finals of the Bristol Street Motors Trophy," he said.

"It was a strange feeling watching the scores come through on Tuesday evening, so when I heard that there was something to be done, it was obviously an opportunity that I wanted to take. I was gutted to leave in the first place, but I am here now, and I can't wait to get back out there."

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Bolton Wanderers have signed striker Aaron Collins from Bristol Rovers on a three-and-a-half year deal, while defender Caleb Taylor has joined on loan from West Bromwich Albion.

Collins, 26, has scored five goals in 36 games for the Gas this season, taking his club tally to 39 in 139.

Centre-back Taylor, 21, has played nine games for the Baggies since his senior debut in August 2021.

He also spent time on loan at Cheltenham, with two goals in 49 games.

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League Two side Gillingham have signed Watford striker Jorge Cabezas Hurtado on loan until the end of the season.

The 20-year-old Colombian had been on loan at New York Red Bulls, playing five games.

Last season, he spent time on loan in his home country with Independiente Medellin, making 10 appearances.

He joins with Stephen Clemence's Gillingham 10th in the fourth tier and two points from the play-offs, but with just 25 goals from 28 league games.

Simon Stone
BBC Sport

The longer deadline-day drags on, the more it seems nothing will eclipse Juventus' loan move for Southampton midfielder Charly Alcaraz that was confirmed yesterday evening.

Although Juventus are only paying an initial €3.9m (£3.3m) for the 21-year-old and Southampton in their statement are talking about Alcaraz coming back to them a better player next season, there is a permanency about the transfer.

Indeed, Juventus state they have the right to buy Alcaraz for €49.5m (£42.3m) in the summer.

For now, the youngster will help Juve with their Serie A title push.

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This winter window has seen several high-profile loan deals, with Tottenham's Eric Dier joining Bayern Munich, Manchester United's Jadon Sancho returning to Borussia Dortmund and Manchester City's Kalvin Phillips moving to West Ham.

"Loan deals are a function of PSR and also the higher wages in England," says Professor Rob Wilson, football finance expert at Sheffield Hallam University.

"Players are being loaned out with the parent club having to pay 30%, 40%, even 50% of the player's wages. Jadon Sancho is a good example of that."

So are the days of £100m transfers over or will Premier League clubs return to paying eye-watering fees in the summer?

"One working theory is clubs will have a spell of increased spending followed by two years of restraint," said Wilson.

"This would be typical behaviour of a Championship club, where the finance rules are stricter."

Read more from Wilson right here.

Mandeep Sanghera
BBC Sport

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There hasn’t been much major transfer activity at Liverpool this month and it’s all quiet on the Anfield front in that regard today but they’ve had their fair share of huge news in the past week.

The decision of manager Jurgen Klopp to step down at the end of the season came as a shock to the football world and has been bigger than any January transfer window move.

Klopp’s assistant Pep Lijnders will also be leaving along with the German and the 41-year-old Dutchman has been speaking about making his exit after the ‘last dance’ and his partnership with his “proper football brother” coming to an end.

“I owe this club everything. They don’t owe me anything, to be honest. It’s 10 years full of dedication,” Lijnders told the Liverpool website.

“I always said I will finish with Jürgen; the moment I will not assist anyone else, that’s the moment I will go and I will manage. That was always the case.

“So when we spoke, it was clear for me: OK, then I go and manage, and we end this project together [that] we started.”

Liverpool are still challenging for trophies on four fronts. They are top of the Premier League, in the Carabao Cup final, in the FA Cup fifth round and in the last 16 of the Europa League.

“I think everybody just wants to make it a special ending. For that, we need to give everything on the training pitch, we need to continue proving why we are different, why our identity is intensity,” added Lijnders.

"In a few months’ time I will sit down with my manager, now is not the time, but then I will see what kind of options do I have, which club really wants [me] and in that moment I will make a decision."

Alex Howell
BBC Sport

Chelsea recalled midfielder Cesare Casadei from his loan spell at Leicester City earlier this window. Unlike Andrey Santos, who was recalled from Nottingham Forest and sent back on loan to Strasbourg, Casadei will likely stay at Chelsea and be part of Pochettino's squad.

The 21-year-old, who signed for Blues in August 2022, made 25 appearances for the Foxes while on loan and scored three goals.

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Port Vale have signed winger Alex Mighten on loan from Nottingham Forest until the end of the season.

The America-born 21-year-old has scored four goals in 67 appearances for the Reds since making his debut in 2019.

He spent time on loan at Sheffield Wednesday last season and with Belgian side Kortrijk earlier this term.

"Alex is an exciting young player and I am delighted he will be spending the remainder of the season with us," Vale boss Andy Crosby told the club site., external

The Valiants have also announced defender Rhys Williams has returned to parent club Liverpool, after the emergence of an unspecified underlying injury.

Williams only joined Vale - who sit 20th in League One, three points above the relegation zone - on loan on 16 January but the 22-year-old departs without having made a single appearance for them.

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It's not just the Premier League's League's Profit and Sustainability Rules causing a lack of movement in the market, according to Professor Rob Wilson, football finance expert at Sheffield Hallam University.

"There is no real domino effect," he says. "The super clubs in Europe have not spent much. If a top-six club spend £50m on a back-up striker, the selling club has that money to spend.

"Because there is no money in the market, clubs are having to look abroad to sell.

"But Saudi Arabia has been much quieter and Premier League wages are so much higher compared to other leagues in Europe that players are less incentivised to move."

Read more from our football finance expert here.

Matthew Raisbeck
BBC Newcastle on the Newcastle United Podcast

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For January, Newcastle needed to get somebody out, at least one, to be able to re-invest significantly in terms of transfer fees for permanent players.

Loan deals - the Kalvin Phillips one – the loan fee was just too high and Newcastle moved away from that possibility and he moved elsewhere.

They’ve been really careful not to do something that is going to cost them a lot this month. The need was high, but with players coming back from injuries – I know they’ve picked up another one with [Alexander] Isak unfortunately – they should still be stronger in a couple of weeks than where they were at the start of the January window.

It’s just if the injury crisis continues and a few more players become unavailable then I think observers will look at the window and feel like it’s been a missed opportunity, but financially it’s been a really difficult one for them – not a lot of big deals, not a lot of value.

They’ll wait until the simmer to start overhauling the squad and I think there will be quite a high turnover of players then.

Shamoon Hafez
BBC Sport

(George) Byers and (Matz) Sels both being on the move is what transfer deadline day is all about.

Any more players that have the perfect name for today?

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It's been a pretty quiet deadline day so far, so here's a quiz to keep you busy.

We've lined up 10 questions for you to test your knowledge and re-live some of the better winter transfer windows.

Take our quiz here.