Speculation on the football transfer market never stops. Although transfers can officially take place during July and August, and in January, newspapers and websites are each day full of reports about possible moves. Each time a player is kept on the bench for two consecutive matches, talk starts about his unhappiness and his search of a new club.

That’s the way it goes.

Now that we are fast approaching the January transfer window, the speculation multiplies. An analysis is made of the players who have not found a regular place and they are then linked with clubs who need to fill up positions because of injuries. Clubs that are seen to be weak in certain departments are then reported to be following the performances of players of other clubs who will see to their needs.

But, the question is, do the clubs have money to buy players?

At face value, it seems that very few of them do. We have seen it happening in the past transfer market windows. Only a few clubs have deep pockets to which they can resort to make their managers and coaches happy. The rest have to rely on loans or exchanges, staggered payments and the signing of players whose contract has expired, meaning that they avoid paying large sums for the transfer.

Most of the clubs are in the red, and are seeking to balance their books. This pushes them into a very cautious approach in the transfer market. Many clubs have even opted to reduce their players’ salaries in a bid to curb their expenses. Some players have accepted the cuts, others have moved to pastures new, hoping that a new contract will bring in more money.

The January transfer window is normally a time when fewer transfers are made when compared to the summer market. Still, there have been and will be a number of moves that will keep football lovers checking websites and reading newspapers for the latest.

However, it is hard to imagine that there will be any revolutions. Most clubs like to tinker with their squad at this time of the year, rather than make upheavals that are risky, considering that there is little time for the new players to settle down.

The problem, for many, will remain the cash flow. With football federations pressing for clean balance sheets – the examples of Portsmouth in England and more recently Bologna in Italy quickly come to mind – it is imperative for all clubs to be extremely careful in how to spend their money.