Morgan Rogers, Alejandro Garnacho and two clubs trying to balance the books
What is important here is whether transfers can be defined as ‘swaps’.
One of the articles defining “player swap transactions” in UEFA’s transfer regulations is that such agreements must be concluded within 45 days.
Clubs can continue to transfer players between themselves during this 45-day period, but these agreements must be perceived as unrelated in order to not be considered part of a swap.
Indeed, Tottenham and Brighton transferred centre-backs Jan Paul van Hecke and Luka Vuskovic between themselves in separate deals earlier this summer, but both clubs are some way off the threshold to be under UEFA scrutiny.
But Chelsea and Villa are among those most required to make swaps effectively to comply with UEFA’s squad cost ratio regulations and 2025 settlement agreements.
In the case of these specific transfers, Rogers’ £117m move would give Villa a significant accounting profit – potentially between £80m and £90m after deducting Middlesbrough’s sell-on clause, agency fees and the remaining book value of his signing in 2024.
However, if Chelsea were to sell Garnacho to Villa in the same deal, UEFA would consider it a swap deal. Even if Garnacho left on September 1, the deadline, less than 45 days would have passed, making it difficult to argue there was no connection between them.
This is where the credits come in and bear with us because things get a little complicated.
In Garnacho’s case, a loan with an obligation to buy could still be considered part of a swap deal because the ‘buyout’ was agreed within 45 days of Rogers’ transfer.
A loan with an option to purchase is not a swap agreement. However, a conditional buyout obligation, depending on appearances, goals or triggers such as European qualification, could be interpreted either way depending on the likelihood of Garnacho ultimately completing a permanent move.
In such cases, it is the responsibility of the organizers and clubs to make their own discussions about how the regulation should be classified.
Football finance expert Kieran Maguire said: “Uefa is one step ahead here to prevent these types of favorable player swaps or what are considered player swaps where both clubs make a profit and comply with UEFA rules.”
“The Premier League rules are much laxer so I think it is important to establish whether this is considered a sale. Because if it is, it will have implications for Villa’s SCR compliance with UEFA.”
