THE age-old dilemma of the poker player - whether to stick or twist - is perplexing football managers.

From Arsenal at the top of the Premiership down to Third Division basement club Swansea City, the temptation to strengthen squads is huge.

But like a shopper who misses the best bargains in the January sales, managers are finding it a frustrating business.

Sir Bobby Robson has money to spend but, seemingly, no-one to spend it on as he tries to purchase a centre-back.

It is a seller's market, despite the game's chronic financial problems, which have put the futures of many clubs in doubt.

Steve McClaren has little money in his transfer war chest; Howard Wilkinson has even less. But both are keen to bring in fresh faces.

Like fellow bosses across Europe, however, they are being confounded by clubs' reluctance to cash in their most prized assets.

And who can blame them? How can Robson expect Leeds United to sell Jonathan Woodgate, for example, when he would not part with Alan Shearer?

Managers seem too scared to take the plunge; to wave goodbye to their best players to fund the acquisition of new men.

Wilkinson has said he is willing to reduce the size of his squad - but rivals don't want Sunderland's fringe players.

Only Birmingham City seem determined to gamble, as the signing of Christophe Dugarry and interest in Lee Bowyer demonstrates.

Everton have acquired a couple of players on loan, but that's about it as far as the Premiership goes.

Having been responsible for the depletion of the rain forests after sending a torrent of faxes touting their players, agents up and down the land must be in despair.

Never mind the flurry of Nationwide League clubs who are heading into administration - it is only now that the public are realising the cash shortage that has hit Premiership teams.

Leeds have huge debts, their bold attempt to gatecrash the English elite leaving them nervously awaiting each phone call from the bank manager.

Chelsea owe £97m and missed out on Geremi in the summer. And despite Robson's determination to bring in a commanding defender the whisper is that Newcastle's financial position is not too rosy.

So, which chairmen will be bold and back their manager? Remember Youri Djorkaeff, who arrived at Bolton in February, saving the club from relegation last season?

The equation is simple: spend, say, £2m now and hope your new signing delivers the goods. Or sit tight - and run the risk of failure and financial ruin.

Fortune favours the brave. But is anyone courageous enough to try their luck?