The January transfer window is open and many Premier League clubs will be looking to flex their financial muscles.
Of course, this January is set to be one of the most exciting windows in Premier League history.
Much of that excitement comes from the fact that Newcastle, who are currently situated in the relegation zone, are now the richest club in world football.
But how much will they spend this month? How much are they ALLOWED to spend this month?
Well, back in November, we brought you research from Kieran Maguire, a lecturer in football finance at the University of Liverpool.
He worked out how much every Premier League club could spend in January and still abide by Financial Fair Play Rules.
Regulations state you can only make a £105 million loss over three years so the amount you can spend differs dramatically between clubs.
The conclusion?
It’s great news if you’re a Spurs fan.
The study reveals that Tottenham can actually spend the most this month with £400 million to play with without breaking any rules!
Antonio Conte must be rubbing his hands.
"Spurs net transfer spend since 2010 is between a quarter and a half of the other Big Six clubs and it is the most successful club in terms of keeping its wages low as a proportion of income the club generates," Maguire told Sportsmail.
"Spurs have had a business model rather than a trophy-winning model."
Meanwhile, Newcastle are down in seventh place with £166 million to spend. But this comes with an asterisk. Once owners have negotiated commercial deals, they will be able to exceed that.
"As it stands the FFP position at Newcastle would have been the same without the takeover, however, the club now has an owner that will be prepared to exploit the potential since they have the resources and probably the inclination to do so," said Maguire.
"What's more, Newcastle's position is expected to strengthen further as it starts to strike new and lucrative commercial deals."
It's expected Newcastle's ability to spend will "rise easily above £200million."
Meanwhile, Liverpool (£273m) and Manchester United (£243m) have the luxury to spend to achieve their goals this season.
But at the other end of the table, Everton need to make a £35 million profit as they’re on the brink of breaking financial fair play rules.
Aston Villa’s situation also looks bad but that’s expected to change once their 2021 accounts are in which will include the £100 million received for Jack Grealish.
How much each Premier League club can spend in January
Of course, we don’t expect clubs to push the limit of FFP and spend as much as they possibly can but it’s certainly interesting to see which clubs have the licence to spend if they so wish.