Why Preston North End have signed nobody in the January window even with Liverpool recall

Five words were uttered by Preston North End manager Ryan Lowe at The Den, when asked if he was expecting any business - in or out - this week: "I don't think so, no."

It has been about as quiet a transfer window as you are likely to get, with Lewis Leigh's loan to Crewe Alexandra the only done deal by Preston - who also allowed Calvin Ramsay to return to Liverpool, before joining Bolton Wanderers this week. If anything, in-house business was the priority, with news of Ben Whiteman's extended contract a much welcomed boost last Friday. Transfer rumours have done the rounds as always, but it became clear rather early that North End were not going to be doing a great deal.

And in this day and age, especially, the manner in which that seems to have been accepted is quite rare. Players were only going to come in if some left and no interest in Preston's key men has surfaced - while fringe squad members have not sought exits. The North End hashtag is not a place of fury at transfer inactivity, which is somewhat credit to the work done in the summer - but perhaps also a reflection of where PNE are at this moment in time.

North End sit 12th in the table, on 39 points. Since their eight game unbeaten start to the campaign, Preston have picked up 19 points from a possible 63 - so looking at the play-off places would be pretty naïve. In the same breath, PNE are 14 points clear of 22nd placed Queens Park Rangers, so it would take a catastrophe of immense proportion for any threat of relegation to be felt. Which leaves Preston, of course, in their humble abode of mid-table.

In the previous two Januarys, boss Ryan Lowe added high quality number nines in Cameron Archer and then Tom Cannon - two strikers North End were extremely fortunate to have for the brief time they did. Despite their prowess, Preston did not get overly close to the play-offs and then found themselves looking to replace in the summer. Hopes of bringing either player back were ultimately dashed and the Lilywhites were back on the hunt.

Heading into this season Freddie Woodman, Dai Cornell, Robbie Brady and Ben Woodburn were the only contracted players signed by Lowe. North End, as a result, targeted permanent additions last summer in a bid to start building a squad of the Preston boss' own. In came experienced pros Will Keane, Jack Whatmough and Duane Holmes, overseas recruits Mads Frokjaer and Milutin Osmajic and youngster Layton Stewart - as well as the one other loan signing in Liam Millar, someone PNE harbour ambitions of signing permanently.

For whatever reason, there was no option or obligation to buy clause inserted in the loan move - so it will be interesting to see what happens with Millar this summer, given the performances he has produced in a Preston shirt. Back to the other business, Osmajic and Frokjaer cost a reported £3.3million, combined. North End have not been able to land every target under Lowe, but he has unquestionably been backed strongly during his two years at the helm.

The overriding reason for January's lack of business is finances, with there practically no budget left to go out and spend - as made clear by director Peter Ridsdale. That may also explain why North End have stuck by their under-fire manager through this particularly dismal run of form. Another question to reasonably pose is what state Preston would've been in, had they been successful with their big money bid for Tom Cannon - but that is in the past now.

On to the present, perhaps it is also time to start seeing some results from the Hemmings families' investment. Frokjaer and Osmajic have had mixed experiences at Deepdale so far, but they were two big signings for the football club and it is on the manager to get them used to English football and firing. There are certainly areas of the squad which could be improved - a ball-playing centre back with pace, another wing-back other than Brad Potts, another winger other than Liam Millar - but there is also plenty of talent and experience within this squad. Lots of Championship managers would surely love to have the likes of Alan Browne, Emil Riis, Liam Millar, Ben Whiteman, Will Keane and co at their disposal.

And January is often perceived as the worst window in which to make significant moves, so North End's focus on the summer can be understood in that regard. As mentioned, money is a major factor at play - but would another tick box loan signing or short term addition really make a great deal of difference at this stage of the season? Given Preston's position in the table, the financial picture and feeling from the fans towards the manager, maybe this is the right time to just hold on for a second and see what transpires, before throwing any more in.