The Women's Super League (WSL) January transfer window has officially closed, with the deadline passing at 11 p.m. GMT (6 p.m. ET) on Thursday, so the 12 WSL teams have now finalised their squads for the second part of the campaign.
Chelsea were the biggest spenders, as they broke the women's transfer world record to land USWNT defender Naomi Girma for £881,000 ($1.1 million), making her the first $1m women's player ever, and they then splashed another £440,000 to land Barcelona midfielder Keira Walsh.
As we close the book on this eventful window, let's break down the winners and losers -- those who nailed their recruitment strategy and those still left with gaps to fill.
WINNERS
CHELSEA
Just when you thought Chelsea couldn't look more formidable, they go and add two of the world's best players into the mix. In signing midfielder Keira Walsh and defender Naomi Girma, Sonia Bompastor's side addressed the two areas that most needed strengthening. With around £1.3m spent on just those two, the club have shown money is no object if there is the possibility of bringing in players who can make the team better.
Unbeaten in 20 games (with a record 11 wins from 12 games in the WSL), Chelsea already look like they have one hand on the league trophy. Girma and Walsh give them a better chance of winning the Champions League title that has thus far eluded them, though champions Barcelona -- despite losing Walsh -- remain clear favourites.
When you consider that the Blues have a number of key players, including star striker Sam Kerr, yet to return from injury, it feels like they are only going to improve in the second half of the season.
THE WSL
The WSL's global appeal has been steadily building for some time now but this window has provided yet another example of why it is now viewed in some quarters as the best league in the world.
That the 24-year-old Girma, widely regarded as the best young defender in world football, has chosen to commit her best years to Chelsea is a huge statement, while Walsh's desire to leave the European champions and return to England is also an endorsement of the league's quality.
While Chelsea hoovered up two of the game's big names, Manchester City's capture of Brazil international Kerolin and Arsenal's signing of USWNT full-back Jenna Nighswonger is also reflective of how appealing the WSL is internationally.
EVERTON
It hasn't been the easiest couple of years for Everton. While incessant injuries have disrupted matters on the pitch, Brian Sorensen's side have also had to navigate considerable upheaval off it as the details of a takeover were finalised. Now the Friedkin Group have assumed Farhad Moshiri's majority stake in the club, fans can afford to be optimistic again.
And while there haven't necessarily been lots of big-money signings this January, Everton have recruited shrewdly, bringing a blend of quality and experience that should stand them in good stead for the second half of the season.
Hayley Ladd's arrival from Manchester United should shore up the midfield, while the addition of striker Kelly Gago should inject a much-needed creative spark into the team.
CHLOE KELLY
After a dramatic few days, Chloe Kelly's loan from Manchester City to Arsenal was confirmed in the final minutes of the window. It has been a challenging year for the England international forward, who has only started one WSL game this term, and it's been clear for some time that her future lay away from Manchester, with her contract set to expire in the summer.
City manager Gareth Taylor suggested in a news conference last March that the onus was on Kelly to prove herself in training and, since then, the writing has been on the wall. The 27-year-old penned an emotional statement on Wednesday, stating a desire to be "happy again" on the pitch, and her move to north London might just help facilitate that. With Euro 2025 to come in the summer, Kelly will hope she now has the opportunity to prove that she is still deserving of a place in Sarina Wiegman's England squad.
NEUTRAL
ARSENAL
The January window has been something of a mixed bag for Arsenal. Losing out to Chelsea over the signing of two of the world's best players, Girma and Walsh, the Gunners weren't able to compete financially with their WSL rivals. Their two new additions -- Nighswonger and Kelly -- appear less transformational and while Arsenal have added some quality to their squad, it still feels like they need a couple more additions before they can pip Chelsea to the WSL trophy.
Had Renee Slegers' side managed to land Walsh and Girma, we could have been in for a much closer title race next term.
LIVERPOOL
It's been a tough season for Liverpool, with injuries massively disrupting their campaign. It was always going to be a challenge to live up to the expectations they set by finishing fourth last term and, while club-record signing Olivia Smith has dazzled since her summer move from Sporting CP, there hasn't been much else to write home about.
Manager Matt Beard has been quite vocal about the disparity that exists between his budget and that of the WSL's top three (Chelsea, Man City and Arsenal). And that has shown itself again in the fact Liverpool haven't brought in a permanent signing this month.
However, the club have made some shrewd loan additions -- with Bayern Munich midfielder Samantha Kerr already having caught the eye -- and they look in much better shape now that a number of players have made their return from injury.
LOSERS
MANCHESTER CITY
City have made some savvy signings this month, with the arrival of Brazil international Kerolin a really exciting one. However, amid an injury crisis, Taylor's side have fallen away somewhat in the title race in recent weeks and it doesn't feel as if their January business will be enough to close the gap to Chelsea.
The saga of Kelly's exit has also left something of a bitter taste in the mouth. Having been one of City's poster girls over the past few years, it has been sad to see the relationship between the player and the club grow increasingly toxic over the past few weeks, with Kelly claiming in her social media post on Wednesday that City were "dictating" who she could or could not join. There was little warmth from City in the statement confirming Kelly's departure on deadline day and the club will no doubt be relieved to see the situation come to an end.
MANCHESTER UNITED
It's been a successful January for United on the pitch and Marc Skinner's side have now established themselves as Chelsea's nearest challengers. But, considering that the champions have only become stronger this month, United's lack of action in the transfer market this month suggests they already know that mounting a genuine title charge this season is beyond them.
Goalkeeper Kayla Rendell, a promising England youth international, has been United's only addition and a further injection of quality is needed before the club can truly be considered among Europe's elite.
The club missed out on signing Kelly on loan, largely because of Manchester City's reluctance to do business with their city rivals, and you feel some fresh blood is required in the summer if United are to build on what has so far been a promising campaign.
THE NWSL
For a long time, the NWSL was regarded as the best league in the world. But the past few years have seen something of a shift, with this transfer window only further reinforcing that sentiment.
That the likes of Girma and Kerolin -- two of the league's most exciting players -- have swapped the States for the WSL this month is a big blow for the league. Of course, there are still plenty of big games in the NWSL but, for now at least, it feels like the WSL is the place to be.