More than £410million was wiped off last month's global transfer market as clubs continued to feel the financial effects of the coronavirus pandemic.
According to figures released by FIFA, around $590million (£425,729, 250) was spent on international signings in January, compared to a $1.16billion (£837,027,000) outlay just 12 months earlier.
It was the most subdued New Year window for six years, with transfers involving male players moving between countries down from 4,215 to 2,690.
FIFA's annual Snap Shot report shows that Manchester United's £37million capture of teenager Amad from Italian club Atalanta was the most expensive deal.
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