Leeds United’s PSR position analysed with January key to survival hopes — Leeds Press 14/10/25
by Kris Sanyal
Leeds United manager Daniel Farke wants reinforcements in
the winter transfer window. He is worried about a couple of gaps in his squad
that could get exposed in the Premier League later in the season. However,
there are concerns about whether the club have the budget to spend in January.
The German coach wanted to add at least two more attackers
towards the end of the summer transfer window. However, Leeds failed to bring
in even one attacker once Fulham decided against selling Harry Wilson on
deadline day, with just minutes left on the clock.
Daniel James and Wilfried Gnonto’s injuries this season have
further limited Farke’s options in the front line, and he has resorted to
playing Brenden Aaronson as a right-winger in the starting eleven.
The Leeds manager wants a winger and an attacking
midfielder, and the club are tracking Nottingham Forest striker Chris Wood.
However, the PSR noises coming out of Leeds are not encouraging for the fans.
Leeds United PSR fears seem like a misdirection
Leeds managing director Robbie Evans claimed after the
summer that the club maxed out their PSR for the season with their spending in
the last transfer window.
Finance expert Adam Williams has taken stock of the club’s
financial situation and conceded that Leeds are more limited by PSR than a team
such as Sunderland.
However, he does not believe that Leeds have any room to
spend in the winter window without sanctioning one or two player sales.
Williams insisted that it is hard to judge a club’s PSR
limit in the middle of the season, and Leeds could still move the needle with
their performances.
He indicated that Leeds could spend in January if they want
to, without necessarily risking breaking the Premier League’s financial
regulations.
“On first glance, I can see why some Leeds fans are
questioning why they didn’t spend more in the summer transfer window — and why
there will be demands in January”, finance expert Williams told Leeds United
News.
“Teams promoted to the Premier League are moving towards the
model where you drop £100-150 million or more to fix up your squad to compete
in there and then.
“As opposed to clubs we’ve seen in the past who have used
the TV money to sign low-risk players who will shine even if they are relegated
again immediately.
“So, you have one higher-risk strategy and one that is
aiming for more sustainable growth. Leeds seem to have fallen between the
cracks in the two.
“And it’s true that Leeds were limited far by PSR than
Sunderland. But I think they probably could have spent more without any
immediate issues. I think they have the capacity to in January.
“The thing is, there are semantic differences when different
groups talk about the ‘limit’ of PSR. Robbie Evans says they have
‘unequivocally maxed out PSR’, but what does that really mean?
“Have they given themselves absolutely zero room for
manoeuvre within their £83 million quota? I very much doubt that. It wouldn’t
be prudent.
“Ultimately, your PSR quota is going to be partially
dictated by where you finish in the table, so they won’t even know what their
upper limit really is yet. Even if they get a few more home games in the FA
Cup, that can move the needle by a few million.
“Then you’ve got the January window. By then, they are going
to have a better idea of what their bottom line is going to be for the season,
so I expect there will be movement in a couple of months during that, too.
“PSR is assessed over three-year cycles as well, so you
might give yourself more grace this year in order to push the envelope more in
the next. There are all sorts of reasons why you might do that.
“Maybe the market will look better in a year’s time, for
example. So there are a lot more moving parts to PSR in real-time than many
people realise. It’s more complex and not as simple as ‘we can spend X’.
“In Leeds’ case, however, it looks like they simply didn’t
manage to get the deals they wanted over the line on deadline day. It’s a
strategic thing, rather than a PSR issue, in my view. That’s before we look at
the actual cash in the bank at Leeds, which is a separate analysis to PSR.”
Leeds must back Farke in January
The PSR noise coming out of Leeds suggests that they want to
keep expectations of new signings ahead of the winter transfer window low.
However, it is clear that the squad lack something up front
and they need more firepower to ensure they stay in the Premier League at the
end of the season.
A winger and an attacking midfielder must be a priority, and
if they can sign one more striker, it could release the pressure on Dominic
Calvert-Lewin.
Leeds have looked solid and competitive in defence and
midfield this season. However, they look short up front, and some additions in
the winter window could make or break their season.
If the 49ers want to keep Leeds in the Premier League, they
must back the manager with funds in January.
