Bolton Wanderers boss Gary Megson admits they paid over the odds to land £5 million Aston Villa defender Gary Cahill.
Megson said: "We have paid too much like we have done in every transfer.
"But that applies to every deal done in this window. The prices are really inflated.
"Having said that we are glad Gary is here. He is a good player now and will get better.
"It has taken a lot of negotiation and had it not gone through now we would have tried to sign him in the close season."