London. Two early moves during the recently opened transfer window have caused a great stir. Not buying current stars, but a couple of footballers from the past: Paul Scholes at Manchester United and Thierry Henry at Arsenal.

Both have had a positive effect by boosting the morale of their new (or old) teammates as well as fans.

Of the two, Scholes’ reappearance was the more surprising. Just before their much-awaited third round FA Cup tie with local rivals Manchester City, United announced he was giving up retirement and would play until the end of the season.

Scholes was named as a substitute for the match, and the Etihad, already a place of anticipation, was buzzing.
In the event, Scholes’ reappearance was not the only drama that day. Roberto Mancini’s men lost a proud home undefeated record, when beforehand it had looked as if the away side were the ones in trouble after two successive Premiership defeats in games they were expected to win.

Indeed the more optimistic Red Devils fans began to predict a revenge of the 6-1 loss at Old Trafford a few months previously as they established a three-goal lead by half-time.

This included an excellent header from Wayne Rooney, after which City were reduced to ten men following the loss of probably the best defender in the Premiership currently, captain Vincent Kompany after a two-footed challenge on Nani.

The debate about that tackle will continue. What is certain is that Kompany –out for four matches – is a huge loss. Quite apart from that, City failed to defend their position as FA Cup holders at the first time of asking.

Scholes’ introduction after an hour came with the score at 3-1. Statisticians noted that he completed a large number of trademark passes as he showed that a footballing brain doesn’t disappear straight after retiring.

However, what was also clear was that Scholes was very short of match practice. His legs tired quickly (as was noticeable towards the end of last season when he was reduced to a minor role).

Scholes gave the ball for City’s second goal, which resulted in a nervous end to the game as United clung on for a victory that was far from the expected crushing defeat at half time.

Thierry Henry had more of a fairytale comeback at the Emirates the following evening. The 34-year-old was back at Arsenal in a much-talked of two-month loan from New York Red Bulls. No one can have predicted this at the start of the season: Henry has even recently been honoured with a statue at the Emirates, an unlikely position for a current player to be in.

As if to confirm his legendary status, Henry scored a typical side-footed winning goal within 10 minutes of coming on as a substitute. The inevitable emotional celebratory scenes followed.

The difference between Scholes and Henry is not just that one scored a goal (albeit against a championship side, Leeds United) while the other gave the ball to the opposition for them to score.

Scholes is three years older than Henry, and by your mid thirties those three years can have a huge impact. Also, Henry has been playing regular competitive football while Scholes hasn’t for the last eight months.

Nonetheless, these two signings demonstrate the dilemma of managers during the current transfer window.
Arsenal need a striker to support Robin van Persie while alternatives are away or out of form; Manchester United have well-publicized problems in midfield, exacerbated by a large number of injuries.

So both clubs could do with reinforcements. But the two most experienced managers in the Premiership are well aware of the risks of spending money in the January transfer window.

All they need to do is think about what happened a year ago to know that caution is a good policy.
Last January, a record of over $£300 million was spent on transfers. And the biggest buys have been spectacular failures. Chief amongst these is “goalscorer” Fernando Torres.

 It is scarcely credible now, but his move from Liverpool to Chelsea came at a cost of $75 million. What Torres has proved to be is a very expensive problem for his manager. The suspicion remains that he was the choice of owner Roman Abramovich.

Liverpool used the money they got from selling Torres to help fund the purchases of Andy Carroll and Luis Suarez.
For most of the time when he is on the pitch and not abusing opponents Suarez has been a good addition.  But of course he is now banned for eight matches after the Patrice Evra incident whose fallout was so badly handled by Liverpool.

Carroll has been as goal-shy as Torres, and there has even been talk of a resale to Newcastle at a cut-price.
 Carroll’s stock is currently in a nose-dive and can hardly fall any further. If he did return to Newcastle for a fraction of what he cost, his career may never recover.

These weren’t the only two poor buys 12 months ago. Chelsea have been plagued by defensive frailty all season. Part of the problem has been David Luiz, bought for $30 million. Luiz may be many things, but the one thing he should never be described as is “defender”.

Indeed Chelsea’s protracted pursuit of Gary Cahill is a sure sign that the defensive partnership of Luiz and Terry has failed.

And looking to Cahill, who is as responsible as others for Bolton’s relegation form, shows the desperation that can affect teams in January.

The reappearance of Scholes and Henry should be seen in this context. Neither is likely to change radically the chances of success at either club.

But neither has cost anything. The worst that can happen is that their reputations are slightly tarnished and that memories of their better days fade. And the best could be moments like that seen at the Emirates.

When not thinking about football, Guy Maughfling (Facebook Group: “Premiership Chat”) is a director in PricewaterhouseCoopers’ Advisory business in East Africa. The views expressed here are his own.

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