Real Madrid general manager Jorge Valdano will address the squad today.

AS says along with wishing everyone a happy new year, Valdano will assure the players that NO new signings will be made in January.

Despite the injury to Pepe, Valdano will tell the likes of Christoph Metzelder and Raul Albiol that no new defender will arrive to take their place.

Valdano also plans to speak one-on-one with Kaka, Ruud van Nistelrooy and Guti to assess their rehab before reporting back to president Florentino Perez.