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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.
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.
Archie Gray and Daniel Farke (Stephen Pond/Getty Images)
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.
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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.
Gnonto and Ethan Ampadu after Leeds’ play-off final loss (Mike Hewitt/Getty Images)
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.
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.
Summerville meeting fans last season (Ed Sykes/Getty Images)
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.
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.
Struijk last season (Ben Roberts Photo/Getty Images)
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 and Rutter (Jess Hornby/Getty Images)
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.
GO DEEPER
Rodon, Roberts and decisions on loanees: What Leeds are looking to do in summer window
(Top photo: George Wood via Getty Images)
