Leeds United can ‘spend more than £150m’ with no PSR issues as 49ers’ transfer budget truth revealed — Leeds United News 11/7/25

Harry Dimond

So far in this window, Leeds have spent just over £30m on four new additions.

Lukas Nmecha, Jaka Bijol, Sebastiaan Bornauw, and Gabriel Gudmundsson have entered the frame at Elland Road.

Although these are sensible deals that will no doubt improve the squad, fans are still waiting for that marquee signing for Daniel Farke.

£120m was expected on four ‘priority’ positions, which include a striker and goalkeeper, two areas the Whites desperately need to tick off, but is that £120m actually available to the 49ers?

Football Finance Expert explains Leeds United’s transfer budget

There have been claims of different figures for Leeds’ available budget this window.

Kieran Maguire, who is known to be the main man when it comes to football finance, suggested Leeds have £100m at their disposal.

But elsewhere £150m has been quoted for Leeds, so it begs the question, how much is actually of use?

Well, with Paraag Marathe aiming for Europe as the long-term ambition, he needs to lay down the foundations during their first season in the Premier League, and a big budget will be needed.

LeedsUnited.News‘ own Football Finance Expert, Adam Williams, has given the lowdown on how much the Whites can really spend, and it’s very intriguing.

“With the 49ers having been in sole control for two seasons now, we’re getting to the point where the wage structure will be fashioned more in their image. That’s key here, as how much cash and PSR headroom they have available will depend on how much they have already committed to their existing squad,” Williams said.

“The wage bill was £84m in 2023-24, which is the last financial year for which we’ve got the data available. Transfer amortisation meanwhile was £60m. Amortisation is definitely going to have come down quite significantly, while the wage bill will also have tapered off as they re-based the squad with lower-value contracts. That means they will have a fair bit of wriggle room and free cash to spend this summer.

“One thing to note, however, is that Leeds’ net transfer debt is already pretty high and the 49ers have said that they don’t want to pay for transfers on tick to the same extent that the club has previously, so I’d expect to see more of their business paid for upfront and a smaller proportion paid in instalments.

“In terms of the total spend, that might make them spend slightly more modestly. However, the £120m share issue in May is a good sign here. It means there’s liquid cash available – it just depends how they want to allocate it.

“PSR is a factor too. If they go and spend more than £150m, I don’t think that will cause any immediate PSR issues, but it’s about planning for the long term. If they’re relegated, any exorbitant spending is going to be an albatross around their necks. So it depends on what the 49ers’ appetite for risk is.

“There’s also the issue of whether the £100m or £150m figures we see in the headlines are inclusive of add-ons, agent fees, and other costs. Often, these things aren’t as black-and-white as they’re presented.

“That’s a long-winded way of saying we can’t say for certain, but in theory, there is no reason that Leeds can’t spend £150m or more; it depends on the level of risk that the 49ers want to take on. Instinctively, however, looking at the profile of the player they’re being linked with, I think they’ll play it more conservatively.”

Where we know some of Leeds’ remaining budget could go

So, on the whole, £150m is there available, but judging by the 49ers’ movements so far, it will be a sensible approach which may surpass the £100m mark, judging by what they still need.

As mentioned, the four priorities for Leeds are a new number nine, a keeper, a central midfielder, and a centre-back.

Of course, centre-back has been ticked off, but with at least six more arrivals needed for Leeds, this is where we know some of it could be spent.

The six players Leeds could sign with remaining budget

Judging by the 49ers not being bullied by paying over the odds for a target, these options could be likely, and if you ask us, this isn’t a bad window in the slightest.