Angus Kinnear has described the EFL’s Profit and Sustainability Regulations (PSR) as “really cruel” after Leeds United were forced to sell academy star Archie Gray to Tottenham this summer.
The highly-rated midfielder’s departure, for a fee reported to be around £40 million [Graham Smyth, 1 July], sent shockwaves through the Leeds fanbase, raising concerns about the club’s strategy in the transfer window.
Speaking on the Square Ball podcast (12 September), Kinnear explained the financial reasoning behind Gray’s sale, emphasising the need to comply with PSR limits.
“Archie is very valuable from a PSR perspective, because he’s academy-produced, so there is no amortisation, there’s no book value to him at all. So, all of the revenue generated from the sale goes to hit the PSR target,” Kinnear said.
He elaborated on the difficulties the club faces under the EFL’s financial constraints:
“The PSR targets are really cruel, to come down from a world where you’ve got a gap from the one, three-year rolling number to another three-year rolling number, plus the fact you lose all your TV revenue makes it really, really challenging to stay within those limits. We have stayed within them, but the only way you can do it is to sell players.”
Leeds United’s promotion imperative
Kinnear’s comments have added to the sense of urgency around Leeds United’s need for promotion back to the Premier League this season.
While staying within the EFL’s financial rules is critical, it has come at a heavy cost, with players like Gray, Crysencio Summerville, and Georginio Rutter [talkSPORT, 2 September] leaving for Premier League clubs.
Nevertheless, Kinnear’s admission that Leeds are managing to operate within the PSR limits will be reassuring for fans who have been left questioning the club’s strategy this summer.
Last season, Leeds came agonisingly close to promotion but fell short in a crucial match against Southampton. This season, the target remains the same, especially after the club has brought in replacements to fill the gaps left by departing players.
However, the stakes are higher than ever. Failure to secure promotion could result in another exodus of talent, with key players such as Illan Meslier, Willy Gnonto, and Max Wober likely to seek moves away from Elland Road.
Such a scenario would leave manager Daniel Farke in a precarious position, and the club’s future could be significantly compromised.
For Leeds United, returning to the Premier League is not just an ambition; it is a financial necessity if they are to avoid further player sales and remain competitive.