Winners and losers of the January transfer window

The English Premier League spent a record-breaking sum of $227.8 million during the January transfer window, appearing to defy the dire economic times. However, a closer look at the way the money was splashed around indicates that the spending was mainly restricted to a handful of teams with exceptional resources.

In total, the EPL paid out more than the top divisions of Spain, Italy, Germany and France – combined.

Let's take a look at the winners and losers from a window that centered firmly around England.

Winner: Manchester City

Missing out on Kaka, in what would have been a world-record $150 million deal, may just have been the best thing for cash-laden City, whose Arab billionaire owners have a limitless bankroll. Signing the Brazilian would have dramatically raised expectations to an unrealistic level, and even though Kaka is a wonderful player, a solid core is needed first before a superstar arrival can have a real impact.

That is what Mark Hughes has started to do, and he ended up with four strong acquisitions in Wayne Bridge, Nigel de Jong, Craig Bellamy and Shay Given. Sure, it set City back to the tune of $72 million, but that's a mere drop in the ocean of Sheikh Mansour bin Zayed Al Nahyan's oil wealth.

Losers: European clubs not from England

The collapse of the pound against the Euro has suddenly made it much more expensive for English clubs to look abroad for talent. Whereas managers may have previously looked overseas for a bargain, English bosses generally stayed closer to home.

Winner: Tottenham Hotspur

After the doomed reign of Juande Ramos, Spurs got most of its old team back. Jermain Defoe and Robbie Keane both returned in big-money deals, and Pascal Chimbonda also came back to White Hart Lane.

Harry Redknapp had to spend heavily to land his top targets, but he has finally got a team he feels confident of moving forward instead of the disjointed and uninspiring bunch he inherited.

Loser: Liverpool

The Anfield club is in a great position to challenge for its first championship title since the 1989-90 season. However, instead of landing a big name to push them over the line, Rafa Benitez instead sold Robbie Keane back to Tottenham for $10 million less than he had paid for him just five months earlier.

Winners: Agents

Isn't it always thus? As long as there is money exchanging hands between clubs, the agents will get their cut.

January is their prime time, as panic drives up prices and wages. Super agent Pini Zahavi is believed to have earned $1.3 million for his role in Wayne Bridge moving from Chelsea to Manchester City.

So what was the most significant issue to arise from the latest transfer window? And will the big money signings have the desired effect for their new teams? Share your thoughts and comments below.