QPR were the Barclay's Premier League's biggest spenders on transfer deadline day with almost £9million (Dh52m) invested on strikers Bobby Zamora and Djibril Cisse.
Most of the day's money went on forwards, with Everton bringing in Rangers' Nikica Jelavic, Fulham signing Stuttgart's Pavel Pogrebnyak and Chelsea taking teenager Patrick Bamford from Nottingham Forest.
There was also some traditionally late business for Tottenham who completed a surprise short-term move for Everton's injury-troubled striker Louis Saha, allowed Roman Pavlyuchenko to join Lokomotiv Moscow and gave loans to defenders Vedran Corluka (Bayer Leverkusen) and Sebastian Bassong (Wolves) with midfielder Steven Pienaar returning to Goodison Park until the end of the season.
But there was no late escape for Manchester City's wantaway forward Carlos Tevez as interest from the continent failed to manifest itself into anything stronger, leaving the Argentina international in limbo again.
Mark Hughes, the QPR manager, made the most of the budget given to him by owner Tony Fernandes, whose takeover of the club in August came too late to broker any major deals, by forking out two of the highest fees in the final few hours of the January window.
With only the Premier League's bottom side Wigan having scored fewer (19) in the first 22 matches, the Loftus Road boss identified goals as an area for improvement.
The 30-year-old Cisse, formerly of Liverpool and Sunderland, returned to England after signing a two-and-a-half-year contract to leave Lazio in a deal Press Association Sport understands is worth around £4.1million.
Zamora, who Hughes managed during his spell at Craven Cottage last year, cost the west London club an initial £4.5million after the 31-year-old signed a two-and-a-half-year contract - although that figure will rise based on performances
"QPR are certainly a club that are looking to go forward," Zamora told the club's official website..
"That's something that I'm looking forward to being a part of. I got on really well with the manager at Fulham [and] he's looking to take the club forward.
"I think this was the right time for me to have a fresh challenge."
Cisse is relishing the prospect of playing in the Premier League again.
"I have unfinished business here in England. The English league is the best in the world. It is the league that suits me the most," he said.
"For the type of player I am I need space, I like fast football in a good atmosphere and all these things are in England."
Zamora's replacement at Craven Cottage was Stuttgart's Pogrebnyak, who arrived on a six-month deal, but Spurs boss Harry Redknapp's move for Saha, 34 in August, came as something of surprise considering his chequered fitness record.
The Frenchman, who had just six months remaining on his current deal, has managed 20 appearances this season, scoring just twice.
Redknapp was also awaiting confirmation of a deal to take Ryan Nelsen, who has played just once since April 9, from Blackburn.
Everton finalised a four-and-a-half-year deal for Jelavic and the 26-year-old hopes to be able to continue his good goalscoring form now he is in England.
"It is a big thing for me and it is a new step in my career, a step forward," said the Croatia international, who scored 36 times in just 55 appearances for Rangers and 40 goals in 93 games for Rapid Vienna.
Another former Liverpool player also returned to England as Sotirios Kyrgiakos, who only left Anfield in the summer, became Sunderland's second signing of the day.
The 32-year-old centre-half joined on loan from Wolfsburg to follow Manchester City left-back Wayne Bridge to the Stadium of Light after the England international agreed a temporary spell in the north-east.
"I'm hoping that with Wayne's experience and ability he can be a big help to the team until the end of the season," said manager Martin O'Neill.
"Sotirios offers a real physical presence, coupled with a wealth of experience, which will be an undoubted benefit to us in the next few months."
Chelsea completed a five-and-a-half year contract for 20-year-old Belgian midfielder Kevin de Bruyne - before loaning him back to Genk until the end of the season - and also signed Bamford later in the day.
Blackburn brought in former Halmstad winger Marcus Olsson, the twin brother of Rovers' Swedish wideman Martin, and QPR defender Bradley Orr while Arsenal signed 19-year-old Borussia Dortmund midfielder Thomas Eisfeld and allowed Japanese midfielder Ryo Miyaichi, 19, to go on loan to Bolton.
Bolton also completed the signing of striker Marvin Sordell from Watford for an undisclosed fee subject to confirmation from the Football Association and Premier League, the Trotters announced just before deadline.
Manchester City signed Roma's 32-year-old Chilean midfielder David Pizarro on loan but lost Switzerland Under-17 captain Frederic Veseli, 19, to near neighbours United, who themselves allowed teenage midfielder Ravel Morrison to leave for West Ham on a three-and-a-half-year contract.
West Brom signed defender Liam Ridgewell from Birmingham, Norwich brought in Peterborough defender Ryan Bennett but Stoke allowed Danny Higginbotham to join npower Championship side Nottingham Forest on loan.
Only Stoke City and Liverpool failed to sign anyone in January.
Overall, spending was down massively compared to 12 months ago as clubs tightened their belts with one eye on UEFA Financial Fair Play regulations.
Alan Switzer, director of the sports business group at accountancy giants Deloitte said the 2012 fall could partially be attributed to the onset of UEFA's financial fair play regulations, which dictate that clubs wishing to take part in European competitions will only be allowed to spend what they earn.
"Financial fair play has definitely had an impact. The 2011/12 season does now count towards the UEFA rules and that will be part of the consideration which clubs will be giving to any transfer," he said.
Premier League January 2012 transfers
Ins: Thierry Henry (New York Red Bulls, loan), Thomas Eisfield (Borussia Dortmund, undisclosed).
Outs: Emmanuel Frimpong (Wolves, loan), Vito Mannone (Hull, loan), Sead Hajrovic (Barnet, loan), Luke Freeman (Stevenage, undisclosed), Daniel Boateng (Swindon, loan), Sanchez Watt (Crawley, loan), Gavin Hoyte (AFC Wimbledon, loan), Ryo Miyaichi (Bolton, loan).
Ins: Enda Stevens (Shamrock Rovers, undisclosed), Robbie Keane (Los Angeles Galaxy, loan).
Outs: Fabian Delph (Leeds, loan), Elliot Parish (Cardiff, undisclosed), Nathan Delfouneso (Leicester, loan), Shane Lowry (Millwall, undisclosed).
Ins: Anthony Modeste (Bordeaux, loan), Marcus Olsson (Halmstad, free), Bradley Orr (QPR, undisclosed).
Outs: Jason Roberts (Reading, undisclosed), Keith Andrews (West Brom, free).
Ins: Tim Ream (New York Red Bulls, undisclosed), Ryo Miyaichi (Arsenal, loan).
Outs: Gary Cahill (Chelsea, undisclosed), Jack Sampson (Southend, loan).
Ins: Gary Cahill (Bolton, undisclosed), Kevin de Bruyne (Genk, undisclosed), Patrick Bamford (Nottingham Forest, undisclosed).
Outs: Nicolas Anelka (Shanghai Shenhua, undisclosed), Rhys Taylor (Rotherham, loan), Josh McEachran (Swansea, loan), Ben Gordon (Kilmarnock, loan), Sam Walker (Yeovil, loan), Alex (Paris St Germain, undisclosed), Philipp Prosenik (AC Milan, undisclosed), Kevin de Bruyne (Genk, loan), Milan Lalkovic (ADO Den Haag, loan).
Ins: Landon Donovan (Los Angeles Galaxy, loan), Darron Gibson (Manchester United, undisclosed), Nikica Jelavic (Rangers, undisclosed), Steven Pienaar (Tottenham, loan).
Outs: Aristote Nsiala (Accrington, loan), James Wallace (Stevenage, loan), Diniyar Bilyaletdinov (Spartak Moscow, undisclosed), Louis Saha (Tottenham, undisclosed).
Ins: Jack Grimmer (Aberdeen, undisclosed), Lasse Vigen Christensen (FC Midtjylland, undisclosed), Pavel Pogrebnyak (Stuttgart, undisclosed)
Outs: Bobby Zamora (QPR, undisclosed)
Ins: Jordan Ibe (Wycombe, undisclosed)
Outs: Danny Wilson (Blackpool, loan), Martin Hansen (Viborg, undisclosed).
Ins: David Pizarro (Roma, loan).
Outs: Kieran Trippier (Burnley, undisclosed), Harry Bunn (Preston, loan), Chris Chantler (Carlisle, undisclosed), Loris Karius (Mainz, undisclosed), Alex Nimely (Coventry, loan), Ben Mee (Burnley, undisclosed), Nedum Onuoha (QPR, undisclosed), Wayne Bridge (Sunderland, loan), Frederic Veseli (Manchester United, undisclosed).
Ins: Paul Scholes (free agent), Frederic Veseli (Manchester City, undisclosed).
Outs: Federico Macheda (QPR, loan), Darron Gibson (Everton, undisclosed), Joshua King (Hull, loan), Mame Biram Diouf (Hannover, undisclosed), Danny Drinkwater (Leicester, undisclosed), John Kofie (Royal Antwerp, loan), Ravel Morrison (West Ham, undisclosed), Scott Wootton (Nottingham Forest, loan).
Ins: Papiss Demba Cisse (Freiburg, undisclosed).
Outs: Alan Smith (MK Dons, loan), James Tavernier (MK Dons, loan).
Ins: Jonny Howson (Leeds, undisclosed), Ryan Bennett (Peterborough, undisclosed).
Outs: George Francomb (Hibernian, loan), Korey Smith (Barnsley, loan), Oli Johnson (Oxford, free).
Ins: Federico Macheda (Manchester United, loan), Taye Taiwo (AC Milan, loan), Nedum Onuoha (Manchester City, undisclosed), Samba Diakite (Nancy, loan), Djibril Cisse (Lazio, undisclosed), Bobby Zamora (Fulham, undisclosed).
Outs: Matthew Connolly (Reading, loan), Martin Rowlands (released), Petter Vaagan Moen (released), Bradley Orr (Blackburn, undisclosed).
Outs: Danny Pugh (Leeds, undisclosed), Tom Soares (Hibernian, loan), Michael Tonge (Barnsley, loan), Ryan Brunt (Tranmere, loan), Florent Cuvelier (Walsall, loan), Ben Marshall (Leicester, undisclosed), Danny Higginbotham (Nottingham Forest, loan).
Ins: Wayne Bridge (Manchester City, loan), Sotirios Kyrgiakos (Wolfsburg, loan).
Outs: Nyron Nosworthy (Watford, undisclosed), Ryan Noble (Derby, loan), Blair Adams (Northampton, loan), John Egan (Crystal Palace, loan), Trevor Carson (Hull, loan), Jordan Cook (Carlisle, loan), Louis Laing (Wycombe, loan), Liam Noble (Carlisle, free).
Ins: Gylfi Sigurdsson (Hoffenheim, loan), Rory Donnelly (Cliftonville, undisclosed), Darnel Situ (Lens, £250,000), Josh McEachran (Chelsea, loan), Curtis Obeng (Wrexham, undisclosed).
Outs: Lee Lucas (Burton, loan), Thomas Butler (released), Craig Beattie (released), David Cotterill (released), Daniel Alfei (Wrexham, loan).
Ins: Yago Falque (Juventus, undisclosed), Louis Saha (Everton, undisclosed).
Outs: Harry Kane (Millwall, loan), Ryan Mason (Millwall, loan), Andros Townsend (Leeds, loan), David Button (Doncaster, loan), Dean Parrett (Yeovil, loan), Yago Falque (Southampton, loan), Tom Carroll (Derby, loan), Adam Smith (Leeds, loan), John Bostock (Sheffield Wednesday, loan), Kudus Oyenuga (St Johnstone, loan), Vedran Corluka (Bayer Leverkusen, loan), Sebastien Bassong (Wolves, loan), Steven Pienaar (Everton, loan).
Ins: Scott Allan (Dundee Utd, undisclosed), Liam Ridgewell (Birmingham, undisclosed), Keith Andrews (Blackburn, free).
Outs: Joe Mattock (Portsmouth, loan), Chris Wood (Bristol City, loan), Lateef Elford-Alliyu (Tranmere, loan), Roman Bednar (Blackpool, free), James Hurst (Chesterfield, loan), Romaine Sawyers (Shrewsbury, loan).
Ins: Jean Beausejour (Birmingham, undisclosed).
Outs: Nouha Dicko (Blackpool, loan).
Ins: Eggert Jonsson (Hearts, undisclosed), Emmanuel Frimpong (Arsenal, loan), Sebastien Bassong (Tottenham, loan).
Outs: David Davis (Chesterfield, loan), Sam Winnall (Inverness, loan), Adlene Guedioura (Nottingham Forest, loan), Andy Keogh (Wolves, undisclosed), Sam Vokes (Brighton, loan), Jamie Reckord (Scunthorpe, loan), Matt Doherty (Hibernian, loan).