Pep Guardiola claims Manchester City do not have any more money to spend on players.
City invested heavily ahead of the 2017-18 season, buying players including Kyle Walker, Benjamin Mendy, Ederson and Bernardo Silva, and Guardiola subsequently led the club to the Premier League title by a record-breaking 19 points.
But after the transfer window closed on Thursday, Riyad Mahrez was the sole major arrival at the Etihad Stadium, joining for a reported £60million - a new club record that surpassed the £57m spent on Aymeric Laporte in January.
City were heavily linked with a move for Jorginho but the midfielder opted to follow former Napoli coach Maurizio Sarri to Chelsea instead of joining the champions.
And although the club were reportedly keen to add cover for Fernandinho in defensive midfield before the window closed, Guardiola suggested City's transfer kitty is empty.
"They [the squad] showed me in two seasons we can trust them so we believe we have a good squad," Guardiola said at a news conference.
"I said last season many times we cannot spend every season, we spend when we should spend, we had seven or eight players aged 30 or 31 [to replace].
"I'm so happy with the team and I said last season maybe one or two [arrivals], but we don't have any more money to spend, that is the truth.
"We couldn't spend more than we could this season, maybe next season we are more active but we have spent a lot on young players for the next season and that's the reason why."
Premier League clubs smashed the world-record fee for a goalkeeper twice during the window, with Liverpool bringing in Alisson from Roma before Chelsea moved for Kepa Arrizabalaga in a €80m (£72m) deal to replace Real Madrid-bound Thibaut Courtois.
"The transfer market is the transfer market, the last three or four weeks became incredible - we didn't expect to pay this for goalkeepers but it is what it is," Guardiola added. "They spend like we did last season [City paid €40m for Ederson].
"Chelsea decided to buy an excellent goalkeeper for the next six, seven years, the money for selling Courtois they invest in another guy, a young player. I respect and don't judge - they spend what they can spend with Financial Fair Play.
"So today it is the goalkeepers, before it was the strikers and the number 10s, then the full-backs, now the keepers. So, hopefully next, the managers!"
Although the Premier League's incoming transfer window is now closed, European giants including Madrid could yet swoop for some of the division's key players, but Guardiola is satisfied with the decision to shut the window early.
"The ideal situation is [all leagues] finish at the same time but it is what it is," Guardiola said. "I like to start the first game with players who I'll have for the season."
10. Dezember 2018
|Ponzio: River players will be ´idolised´ for Libertadores success|
|Champions League permutations: How Inter, PSG and Liverpool can progress|
|Kohli: India were better and deserved to win|
|Bears shut down Goff, Rams|
|India survive dramatic finish against Australia|
|Klopp calls for electric Anfield atmosphere against Napoli|
|Saints clinch back-to-back NFC South titles, Bears trump Rams|
|Bucks improve to 2-0 against Raptors with win in Toronto|
|Black Caps include Patel for Sri Lanka Tests|
|Maidana: River want Real Madrid clash|
|Cowboys top Eagles in OT behind stellar Cooper display|
|AC Milan evaluating Fabregas signing – Leonardo|
|WATCH: Steelers´ chance at game-tying field goal slips away|
|Hayne will plead not guilty to charges, says lawyer|
|Boca boss Schelotto: The only thing I feel is sadness|
|Cardinals´ Fitzgerald makes NFL history with most receptions for one team|
|River Plate´s Copa Libertadores star Gonzalo Martinez confirms January departure|
|Klopp: I was never worried about Salah´s form|
|Packers QB Rodgers sets NFL record for most passes without an interception|
|World Cup bulking hampered Man United form – Lukaku|
|Leonardo rules out Ibrahimovic Milan return|
|Warriors´ Green to return against Timberwolves|
|I feel for him… we´ll make it work – Butler responds to Embiid´s frustration|
|Torino draw no missed opportunity for misfiring AC Milan, claims Gattuso|
9. Dezember 2018
|We´ll always be linked together forever - Wade reflects on playing with James before final match-up|
|O´Sullivan wins record seventh UK title|
|Chiefs secure playoff berth, Saints win NFC South|
|River Plate 3 Boca Juniors 1 (aet, 5-3 agg): Quintero and Martinez clinch Libertadores title in extr|
|WATCH: Chiefs QB Mahomes throws no-look pass|
|Dolphins defeat Patriots on miraculous final play|
|Kizzire eagle snatches QBE Shootout victory|
|AC Milan 0 Torino 0: Donnarumma shines, Cutrone misses late chance|
|Back to the drawing board for West Indies - Chase|
|Copa Libertadores: Messi and Griezmann among stars in Madrid for River-Boca Superclasico|
|Brady sets NFL record for most career TD passes|
|Copa Libertadores: Tevez named on Boca bench for Superclasico final|
|Premier League needs VAR, right now! - Benitez fumes over Dean´s decisions|
|McCall expects Itoje to fit for the Six Nations|
|Solari salutes Real Madrid character after ´ugly´ Huesca win|
|Berbatov defends under-fire Lukaku|
|Sarries crush Blues to maintain unbeaten start|
|Newcastle United 1 Wolves 2: Doherty punishes Yedlin red with late winner|
|Deeney jokes he´ll ´smash´ former Watford star Richarlison|
|Huesca 0 Real Madrid 1: Bale ends drought as Solari´s men edge to victory|
|Ponting: Umpires not looking at no-balls|
|Bale ends longest LaLiga goal drought|
|Porter backs Brees for MVP, Saints for Super Bowl|
|Verstappen eyeing 2019 title fight|
|Wall ´shouldn´t have played´ against Cavaliers after scoring just one point|
|Hazard: Man City the best team in the Premier League despite Chelsea win|
|LeBron explains why he gave a Grizzlies employee his game-worn shoes|
|Bangladesh cruise to ODI victory as seamers punish Windies|
|Football will win over violence, claims CONMEBOL president|
|Alcorcon support Reus Deportiu over unpaid players|
|Saponara explains cheeky celebration after last-gasp leveller|
|Godin and Filipe Luis return to Atletico training|
|Kick It Out condemns alleged racist abuse of Sterling|
|Emotional Oosthuizen clinches South African Open title|
|The Sunday Seven - 7 Key Opta facts for NFL Week 14|
|Martino salutes Atlanta´s grand plan|
|India´s tail must show greater application - Bangar|
|Mourinho: Diogo Dalot can be new Gary Neville|
|Sterling hits out at media coverage of black players|
|Lyon roars with defiance as Australia aim for unlikely victory|
|Bulls coach Boylen: Hooked starters ´embarrassing´ in record loss|
|Martinez pays tribute to Martino, Almiron after MLS Cup glory|
|LeBron: Final Wade matchup will be bittersweet|
|Alvarez-Kovalev rematch set for February 2|
|Newcastle Jets 2 Brisbane Roar 0: Sheppard, Jair score first A-League goals|
|India close in on victory in first Test|