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SUMMER TRADING POST - PART ONE

O'Neill and Scolari have spent wisely.

Premier League clubs squeezed every last second out of the transfer window before it was slammed firmly shut at midnight on Monday, with the two biggest deals of the summer being done with only minutes to spare.

Robinho and Manchester City have grabbed the headlines but over £500million has been spent by the top flight clubs since July 1 as the big boys prove that perhaps the credit crunch is yet to take full effect on the game.

For the next four days, Ian Watson will run the rule over the dealings of every Premier League team and decide which shopping sprees will prove value for money and which clubs might be asking for their money back come the end of the season.

ARSENAL - approx net spend: £1.25m

Arsene Wenger's insistence on keeping his cash in his pocket has infuriated many Arsenal fans this summer with some laughably calling for his head, but while his demonstration of faith in the Gunners youngsters is admirable, it appears somewhat misguided.

The Frenchman spent big on Samir Nasri, who looks an astute addition at £12.8million but they recouped almost all of that with the sale of Alexander Hleb, who was the epitomy of everything that was wrong with Arsenal last season; Very pretty, but all for show with little in the way of end product. Nasri already looks a better player and will ensure the Belarussian is quickly forgotten.

Shipping out Justin Hoyte to Middlesbrough for £3million before bringing in a more experienced, more versatile and simply more talented replacement in Mikael Silvestre for £750,000 was a financial masterstroke, but cash in the bank doesn't win you any Premier League points.

A combatitive and experienced central midfielder could make all the difference to the Gunners this season, someone like Gennaro Gattuso would have fitted the bill perfectly. Of course, even that would not have been necessary if Mattieu Flamini was given something like the contract he wanted and not allowed to walk out of the club on a free.

The Gunners were not as far off last season as some believe and while they may not have gone backwards this summer, they have certainly not pushed forwards. With those above and below the Gunners all strengthening significantly, Wenger will regret not dipping into the funds that the club's board insist were available to him.

ASTON VILLA - approx net spend: £40.8m

Randy Lerner promised to back his manager with transfer funds and the American has been true to his word with the Villans leading the way in the Premier League spending stakes this summer.

Martin O'Neill has fully justified the owner's trust by building a formidable and exciting looking squad, adding real quality and strength in depth.

O'Neill has blown most of the money on building a solid defensive foundation and the addition of Carlos Cuellar and Curtis Davies on a permanent deal means Olof Mellberg's presence will not be missed, especially if Martin Laursen carries over his imperious form of last season.

Despite Brad Friedel's advancing age, the American stopper is an absolute snip at £2.5million and with England internationals Luke Young (albeit overpriced at £6million) and Nicky Shorey on either side of the defence, Villa won't concede many this season.

Villa have compiled an equally impressive midfield. O'Neill handled the Gareth Barry situation brilliantly, steadfastly refusing to let the England international leave for a penny less than his valuation and Villa will reap the rewards of the manager's stubborn streak. Steve Sidwell and James Milner will add to the huge quality Villa already possess in the middle of the park.

O'Neill has undoubtedly paid a premium for buying English but his investments this summer are pretty safe bets, all with proven Premier League class. Longevity is something you can't put a price tag on and the Villa boss has not only compiled a squad capable of challenging for the Champions League spots this season but for the next five years.

BLACKBURN - approx net profit: £8.25m

Paul Ince has handled his first transfer window as a top flight boss brilliantly. At one stage, with David Bentley, Christopher Samba and Roque Santa Cruz all looking set to leave Ewood Park, things appeared bleak for Rovers. But tieing down the Paraguayan striker to a four-year contract will prove to be more important than any other deal they have done this summer.

The loss of Brad Friedel could have caused major problems for Ince but the purchase of Paul Robinson for £3.5million will pay off in the long term for both club and player.

The signing of Keith Andrews is an intriguing one, with Ince proving he has the courage to take a gamble on a player from the lower leagues, something very few much more experienced managers possess.

The departure of Bentley proved suitable for all parties, with Rovers receiving £15million for the England midfielder and while Carlos Villaneuva could prove one of the surprises of the season, Ince's side still lack creativity in midfield. This, and the purchase of a striker to take some of the strain off Santa Cruz could be rectified during the January window when Ince will have access to some, if not all of the not-insignificant profit he made on deals this summer.

BOLTON - approx net spend: £13m

Gary Megson has still yet to win over a large portion of the Bolton faithful but the board have backed the 'ginger Mourinho' following last year's escape. Johann Elmader became the club's record signing for a staggering £11million (although Megson claims it was actually nearer the £8million mark) as the Trotters finally filled the gaping hole left by Nicolas Anelka.

The failure to adequately replace the Frenchman for the second half of last season nearly cost Wanderers their top flight status but Elmander is a completely different prospect to Le Sulk. Hard working with a physical presence, the Swede is much more the archetypical Trotter and his partnership with Kevin Davies will ensure not many centre-halves leave The Reebok this season with a clean sheet. Or all of their teeth.

Mustapha Riga could prove to be one of the free transfers of the summer and Fabrice Muamba is a good prospect but at £5million, potential isn't enough. The former England Under-21 international has a massive part to play for Wanderers this season and he needs to make his presence felt.

Megson built last term's great escape on a solid defensive foundation but while the Trotters again look solid, El Hadj Diouf's exit has left a huge creative void which should have been filled.

CHELSEA - approx net spend: £4m

Peter Kenyon's apparent inability to close a deal or conduct business without alienating everyone involved might just prove to be the best thing to happen to Chelsea this season.

Those supporters furious at the Blues' failure to land Robinho have missed one crucial point. Ignoring for a moment his willingness to accept Manchester City's truckload of cash a day after insisting he was thinking only of playing for the Blues, the fact is Robinho is not worth the £32.5million Real wanted.

If they really felt the Brazilian was the man to take them to the next level, Chelsea would have found the funds. Probably down the back of Roman Abramovich's sofa.

On the face of it, Chelsea may be disappointed to come second in the Robinho race but Abramovich, a man used to getting what he wants, will not take the challenge thrown down by City's new found wealth lying down and I fully expect him to redouble his efforts to land Kaka in January. And I expect him to be successful, if not in the winter, then certainly next summer.

Aside from a disappointing last 24 hours, Chelsea can be extremely pleased with their work this window. Deco looks to be the bargain of the summer at £8million and while £16million-man Jose Bosingwa did not come cheap, he provides the answer to the problem right-back position, giving the Blues a truly world class back five.

The Portuguese defender's arrival also gives Michael Essien the opportunity to get back to doing what he does brilliantly in midfield on a consistant basis.

It should not be forgotten too that significantly strengthening what was already one of the best squads in Europe has cost Chelsea a net total of only £4million.