What Leeds United's transfer rejection says about Elland Road finances ahead of make-or-break summer — YEP 3/2/25
By Joe Donnohue
Leeds United rebuffed LaLiga side Real Betis' £10 million
approach for striker Mateo Joseph during the final days of the winter transfer
window.
The Whites were always unlikely to sanction an exit for the
young forward who has shown promise but is still to prove he can be the
finished article at Elland Road. After allowing Joe Gelhardt to go on loan to
Hull City and Patrick Bamford's track record in the treatment room, two Leeds
players are most likely to share the minutes up front for the remainder of the
season: Joel Piroe and the aforementioned Joseph.
United see the Spaniard as a player worth developing in the
first-team and is someone manager Daniel Farke has been fond of since arriving
at the club in July 2023.
Even though Joseph has scored just three times this season,
Betis were not the only Spanish top flight club to express an interest in the
Under-21 international last month.
While other clubs would find it rather difficult to resist a
lucrative offer for the manager's second-choice centre-forward, Leeds did
exactly that, which speaks to the financial footing United find themselves on
in 2025.
The 'credit card bill' 49ers Enterprises inherited when
taking full custody of the club 18 months ago was substantial but has been
carefully managed and whittled away, not without the help of major sales,
though. The likes of Archie Gray, Georginio Rutter, Crysencio Summerville and
Glen Kamara all departed for significant sums last summer.
Had Leeds accepted Betis' approach, which is understood to
have been upwards of £10 million if certain performance-related add-ons were
met, it would have represented the fourth-largest sale under the 49ers, for a
player who has not yet been the fourth-most influential.
Leeds' financial health is in a much better state than it
was when the club initially returned to the Championship but its future
prosperity relies heavily on Premier League membership. The club's wage bill
has fallen since May 2023, but is still one of, if not the highest in the
second tier. Parachute payments will also disappear after Leeds' third season
in the Championship, meaning the club would have to find alternative means to
pay and attract the best players at this level.
So, a cheque to the tune of £10 million should theoretically
appear most appealing to any side not guaranteed top flight membership, even
though Leeds do sit top of the table after 30 games, not least because a
stop-gap replacement could have been sourced, either on loan or permanently,
for significantly less than a prospective Joseph-to-Betis sale.
Not being in a position where £10 million is too good to
accept is a sign of many things but more than anything, of an adequate
financial outlook.
The coming summer, whether Leeds are promoted or not, is
make or break for the 49ers. Should United find themselves back at the top
table of English football, the recruitment success stories of Nottingham
Forest, Aston Villa, Brighton and Hove Albion, Brentford and AFC Bournemouth
must be heeded. If Leeds' summer recruitment, on the back of promotion, mirrors
their summer 2022 window, they will find themselves in a position not too
dissimilar to the Premier League's current bottom three: Ipswich Town, Leicester
City and Southampton, who sparred with Leeds in the Championship last season.
If the unthinkable occurs and Leeds are limbering up for a
third, bruising, consecutive go at promotion, they will need all the financial
gunpowder they can muster - and even then, it might not be enough with the
likely demotees from this season's top flight.
Holding fire on Cameron Archer and an obligation to buy has
saved United from committing a significant chunk of their summer budget months
in advance. Only at the beginning of May can it be determined a shrewd, prudent
decision or a missed opportunity.
For now, it's as you were, squad-wise and financially;
Joseph remains at Elland Road, Leeds' finances remain relatively healthy and
the team remain top of the table.