English clubs spent over £218 million in January, with £134 million of that just occurring on the final days rush to get new players.
With Fernando Torres costing Chelsea £50 million and Andy Carroll costing Liverpool £35 million, there appears to be no lack of money in English Football but UEFA have issued a stark warning.
It read: "UEFA is aware of the recent transfer activity across Europe and is confident that clubs are aware of the nature of its financial fair play regulations which require them to balance their books.
"It must be noted, however, that the financial fair play rules do not prevent clubs from spending money on transfers themselves but rather require them to balance their books at the end of the season.
"It is therefore difficult to comment on any individual situation without knowing the long-term strategy of each club.
"Uefa has full confidence that the clubs are increasingly aware of the nature of the financial fair play rules, which aim to encourage clubs to balance their incomes and expenses over a period of time covering 4-6 transfer windows."
UEFA is implementing a break even rule in season 2012-13, where clubs must not spend more than the total income of the club in the hope of leveling the playing field for all but the rich in Europe but for the time being, it seems money is king!