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.
Manchester City's £27.8million move to land 17-year-old Diego Rosa from Brazilian giants Gremio is listed as the second most expensive – although the Blues are paying only £5million up front in a bonus-loaded deal.
West Ham's £20million sale of striker Sebastian Haller to West Ham is third on the list.
English clubs were once again the most prolific movers in the market.
They spent more money $130.5million (£94.23million) than any other country.
And only Italy recouped more than the $86.4million (£62.39million) that was paid back to English clubs.
Those figures were generated by a total of 318 incoming and outgoing international transfer deals involving English clubs.
Despite the declining trend in the men's game, the women's international transfer market showed positive growth.
The number of done deals were down slightly on January 2020, but spending rose more than 60 percent to $310,100 (£223,760).
Top 10 most expensive January transfers
1. Amad (Atalanta to Manchester United )
2. Diego Rosa (Gremio to Manchester City )
3. Sebastien Haller ( West Ham to Ajax)
4. Krepin Diatta (Club Brugge to Monaco)
5. Dominik Szoboszlai (RB Salzburg to RB Leipzig)
6. Chris Smalling (Manchester United to Roma)
7. Joakim Maehle (Genk to Atalanta)
8. Dennis Man (FCSB to Parma)
9. Jeremie Frimpong (Celtic to Bayer Leverkusen)
10. Arkadiusz Milik (Napoli to Marseille)
A full breakdown of transfer types and the distribution of transfers by confederation and member associations, can be downloaded at FIFA International Transfer Market Snapshot – January 2021 from legal.FIFA.com.
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