As is football, it’s all about the marginal gains. The extra yard, goal and point can make all the difference.
The same applies in the transfer market. That extra phone call or bonus clause can sway destinations and ultimately a club’s fortunes. Meanwhile, there is a reason why negotiations over a fee can be so lengthy, especially in the case of Leeds United.
With the club dealing with a lower three-year loss limit of £61million compared to the £105m of non-promoted teams, the Whites have a requirement to squeeze down a fee as much as they can. Clearly, the same happened during negotiations with Udinese over Jaka Bijol.
The Italian club had wanted at least £17m for their star defender but in the end settled for £15m. It’s thought that potential add-ons, such as the ability to avoid relegation, could see the figure rise more towards the initial asking price.
But the point is that this will not come out of the bank account this summer, giving Leeds an extra, a marginal, £2m to play with for other transfers this window. It might sound minuscule but it is nevertheless impactful. That money could come into play in several ways.
It could simply be used towards a wage bill for a new player, or a contract renewal. It, obviously, could go towards paying that little bit more for a star striker or a much-needed goalkeeper.
Or it could allow for late-window sales to be made. To explain this, we can use a theoretical example of Mateo Joseph. Real Betis and Strasbourg, we know, are tracking the attacker, who has said he is looking for more game time next season.
Should an exit not happen until the final knockings of the window, and Leeds would rather sell up to get the cash upon a transfer request, buying clubs will be able to barter for a lower fee. So, for example, if Leeds value Joseph at £10m, potential suitors may come in at £8m.
It might be that a buying club is adamant on not paying £10m and without a compromise Joseph stays on the books of Leeds. One outcome would be to reject such a bid, keep Joseph and potentially see him go for less in the next few windows anyway.
And if the player wishes to leave, no-one wins in this scenario. But, because Leeds had saved £2m on the fee for Bijol, Leeds can more than afford to accept an £8m offer given the savings they made in Bijol.
To reiterate, this is a simple and theoretical example, but it shows why negotiating every inch matters even when Leeds have a full budget available to them. United are not set to breach any PSR limits in the final week before the new spending cycle starts, but it is fairly tight.
The likelihood is that Bijol’s arrival is not registered until July, despite his unveiling this week, which makes sense given Leeds are allowed to lose £35m next season compared to £13m of the current Championship accounting period.
A year on from Bijol’s arrival, Leeds may well have to pay add-ons to Udinese. But if United’s top-flight status is secured then the club would accordingly have a greater proceeding three-year loss cap of £83m ahead of a second season in the Premier League.
Jaka Bijol poses for a photo upon the announcement of his move to Leeds United
Jaka Bijol poses for a photo upon the announcement of his move to Leeds United (Image: Malcolm Bryce/Leeds United FC via Getty Images)
There is a scenario which would not see Leeds have to pay any add-ons, though that is not a circumstance anyone would ideally like. So United will pay out upon success but by then, the financial picture could look less volatile.
That’s not to say they will have a bigger transfer budget in light of bigger revenue - if United overspend this summer they will have to make that back up next summer to balance the three-year cooks.
But the message over the past two years has been clear; in order to stay up in the first season the only way to do so is to spend big. United have no choice in that regard, and must battle the confines of loss limits while doing so.
At the same time, the 49ers must be shrewd and not settle for the inevitable Premier League ‘tax’ that is associated when approaching players as a top flight English club in the market.
They have gained a marginal victory with Bijol but it’s clear why that cannot be the only financial battle they must win throughout this window.
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