After another quiet transfer window, where do Tottenham now stand?

When Tottenham Hotspur got through the whole summer transfer window without signing anyone, there was an expectation that that would have to change this summer, that they could not possibly go through January without adding to their squad. And yet, as January turns to February, and the window returns to its latch, Spurs are left with only a slightly diminished version of the squad that started the month. Teenager midfielder Oliver Skipp, promoted from the academy, is the only addition to last season’s team.

That leaves Spurs having gone through the whole season without making a signing. A remarkable fact in itself, for a club which is measurably one of the best in the country, in an industry where the turnover of players is a constant. And a further argument that Spurs’ season, their strong league and Champions League performance, is to the credit of Mauricio Pochettino and the players.

So how did it come to this? It was not quite inevitable that Spurs would do nothing this month, although it was always likely. The club did explore loan deals for available midfielders but they could not find anyone that Pochettino wanted to sign. January is never a good market for teams who want top quality without spending proper money, and so Spurs found it.

Spurs made a profit this month, selling Mousa Dembele to Guangzhou R&F for £11million, completing a departure that was initially pencilled in for this summer. But even with that they could not find the room to improve the squad. Even if it means they are weaker than they were at the start of the window.

Ultimately the financial reality of Spurs’ situation is against them. They have a new stadium to pay for, with costs approaching £1billion. They have extended their bank loan to £637m and will likely go into next season with a net debt of £600m that will have to be refinanced. This shapes what Spurs can do in the market. Last summer they wanted to sell Toby Alderweireld, Danny Rose, Moussa Sissoko, Victor Wanyama and Dembele to generate the money to re-invest. But all five players ended up staying.

While the stadium debt will be with Spurs for years, they are not expecting another summer like the last one in the transfer market. As well as new stadium and likely Champions League revenue, Alderweireld will likely be sold for his £25m release clause, while Eriksen will probably have to be sold – for more than that – if he does not agree a lucrative new deal. That money will go on long-overdue midfield replacements. Only then will Spurs be able to renew themselves, after this remarkable feat of trying to do the same thing twice with the same set of players. The fact that they are still afloat in the top four despite all of this is a success in itself.