Madrid - The Spanish property bubble has long since burst, the Spanish economy is entering into recession and football attendances are down - even for flamboyant leaders Barcelona.

Spanish clubs spent around a third less in the 2008 summer transfer market than in 2007, and most clubs have no plans at all to buy players in the upcoming January transfer "window".

All except one, that is.

Reigning champions Real Madrid are planning to dominate the winter transfer market, in the hope of revitalizing a squad plagued by injury and poor form.

Real were the highest spenders in Europe in January 2007, signing young South Americans Marcelona, Fernando Gago and Gonzalo Higuain, all of whom are now settling in nicely after struggling to adapt in their first year.

In the summer of 2007 the whites spent heavily on Dutchmen Arjen Robben, Wesley Sneijder and Royston Drenthe, plus Portugal defender Pepe.

In January 2008 Real refrained from entering the winter transfer market, partly because they were eight points clear at the top of La Liga.

Last summer Real president Ramon Calderon failed in his high-profile bid to snatch Cristiano Ronaldo from Manchester United, and was criticized for failing to bring any "Galactico" stars to the Estadio Bernabeu.

The only player he managed to bring in was Rafael van der Vaart, who has faded after making a bright start.

Calderon is visibly nervous about the possibility of former club president Florentino Perez standing as a candidate in the 2010 elections, promising to lure "Galacticos" to the Bernabeu just like he did from 2000 to 2006.

Real are joint third in La Liga - five points behind leaders Barcelona - and second in Champions League group H, four points behind Juventus.

Coach Bernd Schuster is in massive danger, with the media suggesting that Calderon is lining up either Juande Ramos, Victor Fernandez, Roberto Mancini or Carlo Ancelotti as a mid-season replacement.

Above all, Calderon and sporting director Pedja Mijatovic want to sign a January replacement for Ruud Van Nistelrooy, out for the season with knee ligament damage.

The loss of the Dutch veteran means that the only strikers currently at Schuster's disposal are Raul, Higuain, the unwanted Javier Saviola and greenhorn Alvaro Bueno.

Robben - another injury victim - is, at present, the club's only winger, since Robinho left for Manchster City in August out of annoyance at Calderon's obsession with Cristiano Ronaldo.

On Monday Mijatovic promised January signings, at the same time as giving Schuster the possibly ominous "vote of confidence."

On Friday, sports daily Marca claimed that Real were negotiating with Hernan Crespo (Inter Milan), Diego Milito (Genoa) and Mauro Zarate (Lazio).

Rival daily AS, meanwhile, says that Crespo and Zenit Leningrad striker Andrei Arshavin "are at an advantage". (dpa)