The Spanish window was open until Monday evening, and it allowed Racing to bring three players in, and ship out a trio of fringe performers.
Munitis, the Real Madrid forward, is the most attractive capture, as he was allowed to leave Santiago Bernabeu following Ronaldo's arrival from Internazionale.
The clever attacker was targeted by Liverpool boss Gerard Houllier, who may continue to monitor his form with his new club, as the deal is only on loan without a view to a permanent purchase.
Real realise the worth of the Spanish international, and will hope he impresses in Santander.
"I wanted to play and, in Madrid, that was difficult," admitted the striker.
The return to his former club pleases Munitis, and he is joined by Valencia's Diego Alonso and Flamengo midfielder Mesias Conceicao.
While one Alonso is on his way in, another, Txema Alonso, has joined Getafe, while Oscar Mena has been released, and Nacho has been relegated to the Santander B squad.
It all made for a hectic day of dealing at the Cantabrian club, but much will be expected of the new boys - particularly Munitis and Alonso.
