Premier League football clubs have dramatically reduced the amount of money spent on transfers during the 2010 January transfer window to around £30m, compared with £170m in 2009.

According to Deloitte, player transfer expenditure among the 20 clubs matched expectations for the period as clubs continue to tighten their belts and credit availability is tightened. The estimated total spent during the 2010 January transfer window is the lowest since 2003, when player movements accounted for £35m. More than two-third of transfers this year were loan arrangements.

Dan Jones, partner in Deloitte's sports business group, said: "As managers, club owners and directors become increasingly sceptical of the near term impact a January acquisition can have, it is unsurprising to see a lack of high value activity. "The absence of new club owners and the tightening of club finances and credit availability have helped to accelerate that trend and dampen down the market."