After a difficult November, things are looking brighter for Aston Villa as they approach the January transfer window, sparking optimism than Unai Emery will be given funds to strengthen his squad.
If it was up to the owners – Wes Edens, Nassef Sawiris, who together form NSWE, and the private equity firm Atairos – then history suggests that further investment would be all but guaranteed.
New Aston Villa owners Nassef Sawiris (r) and Wes Edens look on during a friendly match between Aston Villa and West Ham United at Banks' Stadium o...
Photo by Stu Forster/Getty Images
Villa have been tapdancing around a Profit and Sustainability Rules (PSR) breach for some time, with combined losses of almost £160m in the last three published financial years.
Had it not been for the British-record sale of Jack Grealish in August 2021 then the Aston Villa’s accounts would have been in the red by another £100m.
And while being so close to the margins in terms of PSR must be anxiety inducing for their finance department, it does reflect the ambitions of the club’s owners.
Profit and Sustainability Rules explained. PSR used to be known as FFP, or financial fair play.
Like Newcastle United, Villa’s owners appear more or less committed to spending the absolute maximum allowed so long as they comply with both the Premier League and UEFA’s financial rules.
Things will get more complex if Unai Emery’s side are in Europe again next year as they will have to align with UEFA’s new 70 per cent squad cost cap.
But given that a tighter regulatory net is the trade-off for more glittering European nights at Villa Park, that would be a nice problem to have.
They have a good chance of qualifying via the traditional route in the Premier League, and the 3-2 win over RB Leipzig this week means their destiny is in their own hands in the Champions League.
Will Emery and sporting director Monchi be given funds to capitalise on the momentum they have built?
Unai Emery the head coach / manager of Aston Villa points during the Pre Season Friendly between Aston Villa and Athletic Club at Poundland Bescot ...
Photo by Robbie Jay Barratt – AMA/Getty Images
The balance sheet is expected to look slightly more positive this season but it seems likely that there will still have to be some restraint shown, and new signings will have to be fully costed.
However, the record of Edens, Sawiris and Arctos suggests that restraint is not really in their nature when it comes to recruitment and retention.
Aston Villa’s transfer record rivals European elite
In years gone by under former owners Tony Xia and Randy Lerner, Villa were averaging annual losses of around £30m.
Since NSWE first became involved, those average losses have widened to over £60m.
A diagram breaking down the ownership structure of Aston Villa, split between Wes Edens, Nassef Sawiris and the private equity firm Atairos Partners
But unlike under the previous ownership regimes, Villa’s financial deficits have coincided with material success on the pitch.
The latest figures from CIES Football Observatory, a leading football data research firm, show just how much Edens, Sawiri and Atairos have invested in the transfer market to make that possible.
The data is for non-academy players signed since 2015 who are no longer owned by the club, reflecting the clubs’ player trading models.
Rank Club Income (£M) Expenditure (£M) Balance (£M)
1 Paris St-Germain (FRA) 348.47 884.96 -536.49
2 Manchester United (ENG) 204.11 688.27 -484.16
3 Chelsea FC (ENG) 457.20 939.86 -306.66
4 FC Barcelona (ESP) 528.66 833.78 -258.88
5 Tottenham Hotspur (ENG) 185.83 443.80 -258.00
6 Arsenal FC (ENG) 155.15 383.35 -211.18
7 Internazionale (ITA) 397.46 569.24 -207.00
8 Milan AC (ITA) 256.38 467.14 -200.76
9 Aston Villa (ENG) 187.63 359.90 -172.27
10 Everton FC (ENG) 343.90 544.60 -171.13
* Conversion from € correct as of 13/12/24
Significantly, Villa are the only club to have spent time outside the top flight in the list.
Who could Villa sign in January?
Villa are being linked with a number of targets ahead of the January window.
Among them is 6ft 4in Juventus centre-back Federico Gatti, whom Villa are eying but face competition from Newcastle United.
Federico Gatti of Juventus during the Serie A TIM match between Juventus and AC Monza at Allianz Stadium on May 25, 2024 in Turin, Italy.
Photo by Daniele Badolato – Juventus FC/Juventus FC via Getty Images
Another Juventus defender, right-back Nicolas Fagiolo, is also a target.
At the same end of the pitch, Club Brugge’s Joel Ordonez, is on Aston Villa’s radar. But like with Gatti, Newcastle are keen too.
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