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#3 Independiente
The second Argentinian side on this list, Independiente shared Newell's stance in the transfer window of 2021, spending nothing. Unofficial members of Argentina's Big Five clubs, Independiente, seemed to have hit a roadblock in recent years. They drifted away from the top of South American football.
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From being regulars in the Copa Libertadores, El Rojo have slumped down to the second-tier of continental football lately. Their shoddy transfer business is partly to blame for their gradual downfall. Without the funds and the support of their glory days, Independiente have failed to revamp a middling squad, time and time again.
The 16-time Primera Division champions only made one signing during this window, capturing Joaquin Laso on a free transfer. With a €4m rated striker in the form of Braian Romero departing the Estadio Libertadores de América for the riches of River Plate, the Red Devils have a bleak future ahead of them.
#2 AS Saint-Étienne
Statistically, the most successful club in France, Saint-Étienne have had a drastic fall from grace in recent years. Their collection of ten Ligue 1 titles is by far the most by any French club. However, cash-laden PSG are hot on their trail, having won nine league titles to date.
Despite winning no major piece of silverware in the last eight years, Saint-Étienne decided to keep their purse strings tight this season. The Saints did not spend a single penny on transfers, only authorizing the loan signing of 24-year-old Ignacio Ramirez from Uruguayan outfit Liverpool FC.
Led by former Southampton boss Claude Puel, Les Verts slouched to an 11th place finish last season. Having secured fourth place in 2019 under the guidance of Jean-Louis Gasset, Saint-Étienne have failed miserably to reach similar heights under Puel. With no notable transfers to improve their squad, the Saints can expect yet another season of mid-table mediocrity.
#1 Athletic Bilbao
Athletic Bilbao have had a track record of underperforming in the transfer market ever since the club was founded in 1898. In an era where any half-decent player can command transfer fees in excess of €50m, Bilbao have only exceeded the €15m-mark on two occasions. Their record signing fee sits at a paltry €32m, when they poached Inigo Martinez from cross-town rivals Real Sociedad.
However, unlike the other teams on this list, Athletic Bilbao have a special reason behind their hesitancy to splash huge amounts of cash. Los Leones have always honored the unwritten rule of only employing players with Basque heritage. Home-grown talents have been given priority over big-money signings ever since the club's initiation, thus explaining their minimal transfer business.
Following suit, they only signed Alex Petxa from the B-team of fellow Basque side Real Sociedad on a free transfer in this window. Despite their absence in the transfer market, the Spanish mainstays have always managed to stay competitive. Athletic Bilbao are also the only team besides Real Madrid and Barcelona to have never been relegated from La Liga, making their transfer policy all the more impressive.
Also read: 5 deadline day transfers that exceeded expectations
