Aston Villa’s approach to new signings this summer will be shaped as much in Swiss boardrooms as it will by the decisions of Unai Emery and his team.
Eager to bolster the squad for the upcoming Champions League season, Emery faces constraints due to UEFA’s financial regulations, leaving limited flexibility in spending.
Following their inability to maintain football expenditures at 80 percent of their revenue for the year 2024-25, Villa found themselves under UEFA’s special measures, potentially lasting for three years.
This month, the latest data is set to be submitted to UEFA, with June 27 marking the anniversary of their settlement agreement, though this might extend to June 30, the end of Villa’s 2025-26 financial period.
In this analysis, Daily Mail Sport explores the challenges Villa must navigate to ensure compliance…
Aston Villa had a season to remember in UEFA competition in 2025-26, winning the Europa League. But their transfer strategy this summer will now be partially determined by a boardroom in Switzerland
Unai Emery is keen to strengthen his squad ahead of next season’s Champions League campaign but UEFA spending rules mean they have limited wriggle room
The £52m loophole
Last year’s ruling made gloomy reading for Villa but there are some chinks of light. While the settlement agreement states that Villa were allowed to spend less than £5m more than they earned on wages and transfers in the 2025-26 campaign, the devil is in the detail.
On the second page of the agreement, you find the following line. ‘The 2025 target can be increased up to a maximum of (£52m) if such an increase is entirely covered by either contribution or equity in the reporting period ending in 2025.’
In plain English, that means Villa are allowed to lose £52m across 2025-26 and 2026-27 as long as billionaire owners Nassef Sawiris and Wes Edens inject at least that much during the relevant period. Sure enough, Villa’s accounts ending June 30, 2025 show a share issue of £93m.
Transfer spending alone is not the only indicator of whether Villa will meet their targets. Wages are another important factor and Villa’s salary bill has risen substantially under Emery, with all key players earning pay rises.
Yet transfers give at least some indication of where Villa stand. According to respected website transfermarkt, Villa spent about £60m on players in 2025-26 and sold about £50m worth. There were also new deals for Morgan Rogers, Boubacar Kamara, Matty Cash and John McGinn during the relevant period, though Philippe Coutinho’s £120,000-a-week wages did come off the books.
Talismanic midfielder John McGinn put pen to paper on a new contract back in November 2025
Do Villa need to sell this month?
No. Every little helps so the departure of fringe players cannot be ruled out, but there is no pressure on Villa to allow Rogers to leave for below his market value just to keep UEFA happy – no matter what Arsenal or Chelsea may wish.
If Rogers leaves, Sawiris is determined that it will be for much more than £100m, and he will be keeping a close eye on Elliot Anderson’s likely move from Nottingham Forest to Manchester City for close to £130m. Sawiris will not be undercut.
But the pressure will intensify and Villa could really do with selling some of their unwanted players whose wages add to the overall cost. In 2026-27, as things stand, the settlement agreement states that Villa must break even on football trading. Rogers is the one player who would solve that problem at a stroke, while also giving Emery capacity to make proper improvements to the squad.
Could Villa keep Rogers for another season and sell him before June 30 next year? A great deal of water has to pass under the bridge. Football is unpredictable and nobody can be certain that in 12 months’ time, Rogers will still be worth what he is today.
For 2027-28, the target shifts again, with Villa required to make a profit on football trading. Yet in this case, UEFA have dangled a carrot – of which more later.
There is no pressure on Villa to allow England international Morgan Rogers to leave for below his market value just to keep UEFA happy
Who will decide Villa’s fate?
A former Manchester United executive will be among those checking whether Villa’s sums add up – Michael Bolingbroke, who was chief operating officer at Old Trafford from 2007 to 2014. Bolingbroke has also worked for Inter Milan and Blackpool and is now chief executive of a company who deliver virtual Abba concerts.
He is part of the seven-strong club financial control body, who oversee the ‘application of the UEFA Club Licensing and Financial Sustainability Regulations’.
The body is chaired by Sunil Gulati, a former US Soccer chief and FIFA council member, and the punishments can be severe. Villa could face further fines or even expulsion from European competition if their financial figures do not meet UEFA requirements.
The tantalising prize
If Villa show UEFA they have delivered on their financial promises from 2025-27, they will be let off the hook for the 2027-28 campaign. Should Villa qualify for the Champions League again next term and the plans to increase the capacity of Villa Park stay on schedule, Sawiris and Edens hope finally to be able to flex their muscles.
It has long been a frustration for Villa that domestic and European spending rules prevent them from competing with the wealthiest clubs for signings.
It has long been a frustration for Villa that domestic and European spending rules prevent them from competing with the wealthiest clubs for signings
Should the plans to increase the capacity of Villa Park stay on schedule, club chiefs hope finally to be able to flex their muscles
Revenue is king in these situations and even though Tottenham have performed far worse than Villa over the last two seasons, they make nearly £200m more off the pitch and so can bid nearly £80m for Newcastle midfielder Sandro Tonali.
Similarly, Chelsea made a pre-tax loss of £262m for 2024-25 but because the Blues continue to generate huge revenue, they are in the market for Rogers.
Boosting the capacity of Villa Park will help Villa in this respect but the only way they can hope to compete with these rivals is to qualify for the Champions League year after year, with no interruptions. Doing so while in a financial straitjacket leaves them facing yet more tough choices.