Leeds United, Leicester, and Southampton were all relegated from the Premier League last season, and all are in various states of financial turmoil.
While Leeds United are, only just, set to comply with PSR and FFP rules, Leicester may not be so lucky having spent large sums of money in the years prior to relegation.
Of the three clubs, Southampton are the most stable. FFP will of course limit the amount of money they’re able to spend, but they’ve been more frugal in the past than the other two clubs.
Players have come and gone over the course of the season. Here we compare Leeds United’s net spend to their two promotion rivals.
Southampton: Net Spend – +£142 million
Southampton. Credit: Imago Images
The South Coast club have been an outlier amongst Premier League clubs for some time now. Their data-driven approach has seen them invest in youth, signing players from the academies of larger clubs to help generate funds by selling them on.
Unfortunately for the Saints, their inexperience caught up to them in 2022/23. Since then, they’ve tightened the purse strings, and some big sales have helped them navigate potentially choppy financial waters.
Romeo Lavia made the switch to Chelsea for £58 million, Tino Livramento joined Newcastle United for around £40 million, and James Ward-Prowse left for West Ham, earning the club £30 million.
In terms of incoming, their only permanent transfers were a £10.5 million move for Shae Charles from Manchester City and the £8 million transfer of Ross Stewart from Sunderland.
Leicester: Net Spend – +£53 million
Leicester City. Credit: Imago Images
At the start of the season, it looked like Leicester City were going to run away with the title. Now, it’s a different story, and a potential second season in the Championship could prove disastrous for the Foxes.
The club are at risk of falling afoul of PSR and FFP rules, meaning they’ve lost more than £105 million over the course of three seasons, or £35 million per season, on a rolling basis.
High-profile sales of James Maddison and Harvey Barnes for £40 million and £38 million respectively have helped balance the books somewhat.
Going on to spend another £38 million, not including loan fees, on incoming however, may prove to be unwise.
Leeds United: Net Spend – +£2.3 million
Elland Road. Credit: Imago Images
Leeds United’s inability to shift deadwood on a permanent basis made for a frustrating transfer window. Players the club spent big money on were unable to find clubs due to a disastrous season.
Still, Leeds look set to pass PSR and FFP, thanks to the sales of Kalvin Phillips to Manchester City, and Raphinha to Barcelona. They will need to do the same, especially if they don’t get promoted this season.
The £20 million sale of Tyler Adams to Bournemouth brought in some much-needed funds, but the signings of Ethan Ampadu and Joel Piroe saw that money leave the account just as quickly as it entered.
Bournemouth taking Luis Sinisterra off Leeds’ hands for another £20 million will also be very helpful. With so many loan players set to return, a fire sale is looking likely at Elland Road.
