Real Madrid president Florentino Perez kept a tight grip on the chequebook this past winter market.
The January transfer window closed with no senior signing made by Real Madrid.
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Cadena SER says it was Florentino who put a stop to any January signings.
The president was against winter signings, apart from Liverpool's Trent Alexander-Arnold, due to finances. Real had an offer of £20m for the fullback rejected by Liverpool at the beginning of last month - and didn't return.
Having previously spent big money, Florentino is now careful with the club's finances.
His message was that there is money to invest, but not to waste it. He believes the squad is sufficient to achieve their goals this season.
The president warned he had no interest in overpaying for any player this winter.