DAVID Ngog’s move to Swansea earlier this week sparked a mini wave of euphoria around Wanderers – as the financial shackles that have caused such frustration in the last 12 months appeared to have been loosened a little.

But as Dougie Freedman heads into the final day of the January transfer window, nothing could be further from the truth.

The Whites boss wanted “three or four” new players to freshen his squad but was yesterday resigned to loaning out Craig Davies to Preston North End in an effort to free up a salary for a new left-back.

That news came as a bitter pill to swallow for the Wanderers fans, and no doubt the manager himself.

Although Neil Danns and Lukas Jutkiewicz have been brought in on loan this month, the wave of fresh blood the manager said was required to rejuvenate results has not quite materialised.

Unless there is a major move for one of Freedman’s more marketable players today it seems unlikely that wholesale changes will be made until the summer, and even then, under the watchful eye of Financial Fair Play.

The loan window reopens in a week, when Wanderers are expected to renew their interest in bringing Cardiff City’s Joe Mason to the club.

Reality is beginning to hit home – and it appears as if the club is starting to understand they can no longer rely on continued bankrolling from owner Eddie Davies, with new regulations limiting the amount he can plough in.

This could be a case of battening down the hatches and making sure the club do not sink any further while they try to get back on an even financial keel.

But with the millions being spent elsewhere on transfer deadline day, the potential lack of business at the Reebok is bound to be tough to take.