( CNN ) It 's one of the most eagerly awaited days of the football calendar with one former legend calling it for be made a public holiday -- but why is this year 's transfer deadline day turning into a damp squib ? Transfer deadline day marks the end of the period in which clubs are allowed to sign players -- meaning that once the window 'slams shut ' at 11pm GMT , no further business can be done . There are two windows in each year -- one beginning on July 1 and ending on August 31 and the other starting on January 1 and finishing on the final day of the month unless that day falls on the weekend as it does on this occasion . While most of the business is done during the month long period , the frenetic nature of deadline day means some clubs are left waiting until the final minutes to get their deals done -- leading to masses of excitement , cynicism and often disappointment from fans across social media . Supporters stay up late in front of the television awaiting the very latest news from their respective clubs with hopes for a last minute superstar signing becoming increasingly desperate . But this year 's deadline day has been one of the quietest in recent years . Last season 's January transfer window was noticeable for several big deals including Juan Mata 's $ 56million move from Chelsea to Manchester . Chelsea spent $ 32million on midfielder Nemanja Matic on top of bringing in Kurt Zouma and Mohamed Salah . But heading into the final day of the transfer window period , the gross spending of the 20 Premier League clubs stood at £80m ( $ 120m ) . Manchester City 's signing of Wilfried Bony from Swansea for a fee reported to be in the region of $ 38 million is the biggest of the transfer window in England so far . Arsenal spent around $ 17m on Gabriel Paulista , the Brazilian defender from Villarreal , while Leicester coughed up $ 13.5m for Croatia forward Andrej Kramaric . `` While the summer window saw a record level of transfer spending , so far we have seen spending in January being slightly more reserved , '' said Dan Jones , Partner in the Sports Business Group at Deloitte . `` However , 2014/15 is still a record season for Premier League spending , with clubs having spent over £900m , significantly ahead of the previous record of £760m . `` This level of spending has been made possible in large part through the broadcast revenue Premier League clubs enjoy . With all 20 Premier League clubs now ranked in the top 40 globally by revenue , we continue to see them use their increased resources to invest in playing talent in the January window . '' In England , the clubs facing relegation from the world 's richest league have been reluctant to throw money at the problem in a bid to ensure survival . There have been a number of loan deals completed but actual transfers are in scarce supply . `` I think the surprising thing is that it 's quiet at the lower end of the table , '' Tor-Kristian Karlsen , former Monaco chief executive and Norwegian football scout , told CNN . `` It 's so tight down there and it 's the last opportunity to do something which can make a great difference . There 's a lot of money and prestige at stake . `` For the top clubs it 's trickier because you do n't want to buy players who ca n't play in European Champions League . `` For Manchester United , I do n't think players currently playing in the Champions League would come and play for them at the moment . '' The window will also close hours before February 3 in France , Italy and the Netherlands . In Spain , where the window closed on Friday , clubs spent $ 79.5 million during the transfer window up from $ 53.7 million at the same time last year . Real Madrid 's signing of Brazilian midfielder Lucas Silva from Cruizero for a fee believed to be in the region of $ 14.5 million and Norwegian wonderkid Martin Odegaard took the headlines .
February 1 is transfer deadline day in the English Premier League . Clubs can not sign players after transfer window closes at 11 pm GMT . Wilfried Bony the most expensive signing of transfer window in EPL .