Luiz Felipe Scolari has been told that he will have to sell players if he wants to add to his squad during the January transfer window. The Chelsea manager had expected to be given some of the £28 million that was set aside to sign Robinho in the summer before the club were gazumped by Manchester City on transfer deadline day, but, with Chelsea looking to cut costs across all areas of their business, the money will no longer be forthcoming.

Scolari had shrugged off comments from Peter Kenyon that Chelsea would not be “active” in January, but since the chief executive's remarks at last week's NFL Global Sports Summit the message has been relayed to him internally. The Brazilian may be permitted to make an emergency signing or to take a player on loan if the injuries that have hit his squad badly this season increase significantly, but in the normal course of events he will have to sell before he can buy.

The form of Luís Fabiano, the Seville striker, had been monitored by Scolari with a view to making a move for the Brazilian in January if Didier Drogba's injury problems continue.

This new sense of prudence is a response to the global economic crisis and a renewed determination to operate independently from the largesse of Roman Abramovich, the club's billionaire owner. It is unclear how much the Russian has lost as a result of the worldwide stock-market crash, with his spokesman dismissing estimates of a £12billion fall in his fortune as “arbitrary” and “paper losses”, but there is a general acceptance at the club that his losses have been significant.

Chelsea's stated target is to break even by 2010. That is a tall order given that their most recent published results, for the year ending June 2007, showed losses of £74.8 million, and as the rise in the club's wage bill shows no signs of slowing, curbing transfer spending may be the best way of progressing towards their aim. The club have succeeded in cutting net transfer spending from a peak of £126 million three years ago to £11 million last year and are determined to continue with this policy, particularly taking into account fears that the economic slow-down could cause advertising and marketing revenues to drop. Chelsea's turnover has increased dramatically to £190.5 million over the past few years on the back of lucrative sponsorship deals with Samsung and adidas, but further growth in the future cannot be guaranteed.

Abramovich has also expressed concern at the lack of value to be found in the January transfer window, based on the limited success of previous mid-season signings. Chelsea spent £24 million on Nicolas Anelka and Branislav Ivanovic last January, player expenditure that will show up in their next set of accounts to be published in February, but those players made only limited contributions last season. Anelka scored two goals and missed the penalty that cost Chelsea the Champions League final, while the Serbia defender did not make a single appearance and this campaign has made only one start in the Barclays Premier League.

Unlike José Mourinho, one of Scolari's predecessors, whose furious rows with Abramovich when told he could not sign Tal Ben-Haim two years ago played a crucial role in his eventual departure, the Brazilian has reacted to news of the changed climate with equanimity because he believes that his existing players are good enough to compete for honours and likes to operate with a tightly knit squad.

Scolari hopes that Michael Essien will have recovered from knee ligament damage to be available in January, the midfield player having returned to training earlier than expected, while he would have no shortage of offers for several of his fringe squad members should he opt to raise funds. Wayne Bridge, the left back, attracts offers from Premier League clubs during every transfer window, Roma have a longstanding interest in Florent Malouda, the France winger, and Ivanovic is surplus to requirements.