Leeds need a sale to help with PSR – but who would be the best candidate? — The Athletic 14/6/24
By Nancy Froston
Leeds United know what they need to do this summer, even if
the facts are uncomfortable.
It is now known that they need to sell — likely at least a
significant exit. It is the harsh reality of missing out on instant promotion
back to the Premier League.
Despite the club meeting profitability and sustainability
regulations (PSR) requirements for the three-year rolling period up to the end
of last season, more belt-tightening is needed to meet the EFL’s regulations
for the year ahead.
Up in the Premier League, PSR rules allow for a maximum of
£105million ($133m) in losses over three seasons, but in the second-tier
Championship that three-season figure is now £41.5m. Parachute payments
following relegation always help, but the club are going to receive less money
in their second Championship year — around £35m — meaning Leeds ‘acceptable
loss’ limit under PSR will drop from about £83m to about £61m over a three-year
cycle.
Selling Kalvin Phillips to Manchester City for £42million
and Raphinha to Barcelona for £55m in summer 2022 — Leeds do not have sell-on
clauses for Phillips or Raphinha if they move on from those clubs this summer
— helped offset losses, but some sales
are more helpful in PSR terms than others. Phillips, for example, was a very
‘valuable’ sale in PSR terms. Unlike Raphinha, he came through the academy at
Leeds, so his fee is ‘pure profit’.
But while sales from the Elland Road squad seem inevitable,
PSR is not the only consideration. There also needs to be deliberation on what
a player means to the fans. Or what he can add to the team as they go for
promotion again next season.
So, with many of Leeds’ players being potentially valuable
sales in the window that officially opens today (Friday), here is a look at the
pros and cons of selling some of their most prized assets.
Archie Gray
How do you measure the emotional value of keeping Archie
Gray? An academy graduate who follows in the footsteps of his dad Andy,
grandfather Frank and great-uncle Eddie in playing for the club, Gray is the
future.
But here is the battle in PSR terms. If Gray were to leave
Leeds this summer, it would be pure profit — and likely a big fee. Tottenham
Hotspur and Borussia Dortmund are among the clubs believed to be taking a look
at the 18-year-old.
Deployed at right-back and central midfield last season by
Daniel Farke, Gray is still maturing — but if Leeds cash in now, they might
lose a player worthy of a place in their starting line-up for years to come.
Emotion: There will be tears if he is not wearing Leeds’
white shirt when the window closes at the end of August.
PSR: Could be Leeds’ get-out-of-jail-free card but he is not
one they want to use.
Tactical importance: Covers two positions for Farke.
Opportunity cost: Has the potential to play for Leeds for
years to come and continue improving.
Wilfried Gnonto
Gnonto had one foot out the door last summer
post-relegation, when he refused to play for Leeds in August as he tried to
push through a move. After making good with Farke, the 20-year-old proved
important, getting nine goals in 44 appearances in all competitions and
offering plenty of direct attacking threat from out wide.
However, he is replaceable, either with a new signing or
from within the current squad. His reported fee of £3.8million when he signed
from Switzerland’s FC Zurich in 2022 was low and could be turned into a
substantial profit.
The interest was there for him a year ago and he is a more
mature player now, but he is also a key outlet for Leeds.
Emotion: Redeemed himself last season, but fans will not
forget the summer of 2023.
PSR: Could generate a handy fee this summer — if sold at the
right price.
Tactical importance: Offers nearly everything you want in a
wide player, yet could be replaced if needed.
Opportunity cost: Still young, and a key player.
Ethan Ampadu
A success story from last summer’s window, Ampadu was a
relatively big outlay at a reported £7million (with £3m more in add-ons) when
he signed from Chelsea but he has been worth that investment.
Still only 23 years old, Ampadu was crucial to Leeds’
impressive defensive record last season and wore the captain’s armband 23 times
in Liam Cooper’s injury absence.
Just one year into a four-year contract, the 52-cap Wales
international is a vital asset to Farke in defence or midfield and is capable
of being the leader needed to take Leeds back to the Premier League.
Emotion: Has found a home in Leeds after four seasons out on
a series of loans from Chelsea and fans have connected with a player who has
the potential to be the skipper permanently should Cooper, who turns 33 in
August and is out of contract this summer, move on.
PSR: Unlikely to move in this window or command a fee worthy
of any PSR benefit outweighing his contributions.
Tactical importance: Vital. An ever-present who can play at
the heart of defence or in midfield.
Opportunity cost: Ampadu is a quality player with years
ahead of him in a Leeds shirt. Selling him now makes little sense and his
leadership qualities outweigh most financial benefits.
Crysencio Summerville
The other name on everyone’s lips when it comes to potential
outgoings this window. Summerville won the Championship’s player of the season
award and is in the shop window.
His 20 goals and nine league assists via mazy runs and
clinical finishes cutting in from the left wing were a delight for fans — and
crucial to the creativity of Farke’s side. The 22-year-old was such an
important attacking force that, at times, Leeds bordered on over-reliance,
particularly in big games.
Bought for a reported £1.3million from Feyenoord in summer
2020, selling the Dutchman would offer a big profit on the balance sheet. With
wide interest from the UK and overseas, there is an expectation that
Summerville will be on the move this summer rather than play a second straight
Championship season — although there have been no formal approaches for him
yet.
Emotion: A supreme talent who lit up Elland Road. A player
with cult-hero potential.
PSR: Another where there’s the chance to make a hefty
profit.
Tactical importance: One of the first names on the team
sheet and a player like no other at the club. Replacing him like-for-like would
be a challenge.
Opportunity cost: Summerville’s stock is the highest it has
ever been in his time at Leeds. But selling him could be a great loss for the
upcoming promotion chase.
Pascal Struijk
Struijk missed most of the second half of last season
through injury but had already proven himself a strong player under Farke,
whether in central defence or at left-back.
Key to progressing play out from the back before he was
sidelined with a hip complaint, the 24-year-old was pulling the strings with
passing upfield. He could be vital next season — particularly with Joe Rodon
returning to Tottenham Hotspur this summer at the end of his loan.
Emotion: A steady player the fans can trust at the back.
PSR: Was signed for Leeds’ academy from Ajax in 2018, so
would be pure profit if sold.
Tactical importance: Huge. As things stand, Leeds are not
flush with central-defensive options and Struijk managed to perform well out of
position at left-back, too.
Opportunity cost: A player Farke has described as a
“cornerstone of our future” and already so significant to the current team,
only a crazy fee would make up for the loss of what he offers on the pitch.
Georginio Rutter
Leeds’ record signing when he joined for £36million in
January 2023 from Germany’s Hoffenheim, Rutter hit his stride in the
Championship after a difficult early period at the end of the club’s relegation
season.
In the No 10 role behind Patrick Bamford, Rutter linked up
well with Summerville and provided more assists than any other Leeds player
(16) — though errant shooting and questions over his ability to step up in the
biggest games mean he is still a diamond in the rough.
At 22, he is another young asset capable of great things in
the future, though he is less likely to command a fee considerably over his
original price tag. Last summer, Leeds rebuffed a reported £25million bid from
Dortmund for him.
Emotion: Record signings who fail to hit the ground running
can struggle to pull it back, but Rutter’s tears after the loss to Southampton
at Wembley showed the mutual love between player and fans.
PSR: Unlikely to bring enough profit to significantly impact
the picture here.
Tactical importance: A major asset, thanks to his vision and
ability to find team-mates. More goals would be welcome, though.
Opportunity cost: Capable of being a game-changer, next
season and beyond.
Illan Meslier
Last season’s Golden Glove winner for the Championship (the
award to the goalkeeper who keeps most clean sheets) has a bright future but is
one of the Leeds players in an interesting position this summer with two years
left to run on his contract.
Only 24 years old, there is plenty of time before Meslier
hits his goalkeeping peak. But his performances have been strong enough that he
could be an appealing prospect to potential buyers now.
He was a relatively cheap arrival from France’s Lorient in
summer 2020 for a reported £5million after an initial season on loan, so could
turn a profit. Some errors last season will not take the shine off what he adds
to the side.
Emotion: A key player since joining under Marcelo Bielsa, he
was Leeds’ No 1 as they took the Championship title four years ago.
PSR: Potential for a profit.
Tactical importance: Important in Leeds’ strong defensive
record last season with some big stops.
Opportunity cost: Karl Darlow is ready in the wings should
Leeds decide to cash in. It could all come down to whether Farke feels Darlow
can fill that gap — or find a replacement better than what Meslier already
offers.