The central question is whether these transfers qualify as a ‘swap arrangement’.
A provision in European football’s transfer rules states that exchanges between clubs must be finalised within 45 days of one another to be classed as a connected transaction.
Teams are free to conduct multiple transfers in that window, but only if the deals appear entirely independent and cannot be linked together as a swap.
Earlier this summer, Tottenham and Brighton moved defenders Jan Paul van Hecke and Luka Vuskovic in separate transactions, though both sides remain well below the thresholds that would attract regulatory attention.
Chelsea and Villa, in contrast, are among the clubs that must manage their trading carefully to stay within squad cost controls and meet the terms of their 2025 compliance settlements.
Looking at these particular moves, the £117m transfer of Rogers will hand Villa a large book profit – perhaps £80m–90m once Middlesbrough’s sell-on percentage, intermediary fees and the remaining value of his 2024 registration are taken off.
Yet if Chelsea sold Garnacho to Villa within the same overall deal, the governing body would consider it a swap. Even if Garnacho moved on the final day of the window – 1 September – less than 45 days would have elapsed, making it tough to claim the transfers are unrelated.
This is where loan arrangements enter the picture – and the situation becomes slightly intricate.
For Garnacho, a temporary move with a mandatory purchase clause might still be seen as part of a swap, because the agreement to buy is struck within 45 days of the Rogers transfer.
A loan that only includes an option to buy is not treated as a swap. However, a conditional obligation triggered by appearances, goals or qualifying for Europe could be classified either way, depending on how probable it is that Garnacho ultimately makes a permanent switch.
In these situations, it falls to the rule-makers and the clubs to present their respective cases for how the deal should be described.
“The authorities are already thinking ahead to block these convenient player exchanges – or what are effectively treated as exchanges – where both sides can book a profit and meet the rules,” explained football finance specialist Kieran Maguire.
“The domestic league’s regulations are considerably more lenient, which is why I believe it is crucial to establish whether this is considered a sale. If it is, it will affect Villa’s ability to satisfy the European cost control rules.”
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