Leeds United have form for being cautious in the January transfer window. In January 2021 and 2022, the club made no signings.

The exception to the rule was in January 2023 when United brought in Georginio Rutter, Weston McKennie and Max Wober as the Whites attempted to beat Premier League relegation. Of course, since then, new owners have taken to the helm.

While 49ers Enterprises acquired six new permanent signings in their first summer, their winter spending was far more modest. Last January, only Connor Roberts was brought in and that was on loan.

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The top brass have taken the same reserved approach this window in what could be an even quieter month than last year. The reasons for this cautious stance will be many.

Daniel Farke has often talked about not wanting to disrupt the team spirit within the camp that has taken them to the top of the Championship. He also believes that it is hard to bolster a squad that is, perhaps, the best in the division - although he has always remained open to additions.

There is also the basic fact of who is actually available. Emiliano Buendia would have fit the bill nicely but other, top-tier, clubs clearly feel the same, blowing United out of the picture.

Teams are always more hesitant about losing players mid-season whether it be over a loss of quality or merely over a reduction in squad numbers. After all, a month is not much time to find replacements or form back-up plans, let alone a few days.

But maybe one of the underlying reasons for transfer hesitancy could be regarding Financial Fair Play [FFP]. The chasm between the top of the Championship and the rest of the Premier League, above the bottom three or four clubs, is seismic.

Nottingham Forest managed to escape the relegation magnetism that has sucked the likes of Burnley and Luton Town back into the Championship, but only by spending on a mass of players and taking a huge risk with a points deduction for FFP breaches.

Meanwhile, the current Leeds squad should have enough quality to get promoted and, really, win the league title. Top two is the aim and no-one will care how United got there if that is indeed where they finish.

But then comes the summer and the obvious need for a squad overhaul in order to compete in the top-flight. With Manor Solomon and Joe Rothwell only loanees, there are instantly two more holes to fill. And nearly every other part of the squad will need bolstering too.

United, for the record, are in a good financial position. But - like all clubs - Leeds only have so much room within FFP spending limits. What they splash in January cannot be spent in the summer amid the cyclical three-year financial assessment period.

Furthermore, Premier League rules on 'associated party transactions' [APTs] - sponsorship and investment agreements with entities connected to a club’s owners - are set to be redrafted this year, which only adds more haze over where clubs stand within finance regulations.

Either way, if United’s owners and management are united in their belief that this squad is capable of getting promoted with current options, then that throws more caution onto their outlook, as frustrating though it may be for supporters.

Of course, the big risk is that United do not get to the promised land as a result of not reinforcing this month, and that is maybe in part why club chiefs are ‘staying awake’ to transfer opportunities. Farke said earlier this month that he is in daily conversation with the board over recruitment options.

It is an important window for Leeds, whichever way up the dice ultimately lands. Only in May will the hierarchy find out whether their gamble has paid off.