Morgan Rodgers, Alejandro Garnacho and the two clubs are trying to balance the books

The key issue here is whether the transfers can be defined as ‘swap agreements’

A clause in the UEFA transfer regulations defining “player exchange transactions” is that such deals must be concluded within 45 days of each other.

Clubs can still transfer players between themselves during that 45-day period, but those deals must be deemed unconnected to not be seen as part of a swap.

Indeed Tottenham And Brighton Moved centre-back Jan Paul van Hecke And Luka Vuskovic They signed separate agreements earlier this summer, although both clubs are some distance from the threshold of UEFA scrutiny.

Chelsea And Villa, however, are among those most effectively required to trade to comply with UEFA’s squad cost ratio regulations and their 2025 settlement agreement.

In the case of this particular transfer, Rodgers’ £117m move would give Villa a significant accounting profit – potentially £80m-£90m after deducting Middlesbrough’s sell-on clause, agents’ fees and the remaining book value of his 2024 signing.

But if Chelsea As part of the same transaction Garnacho had to sell to Villa, UEFA will consider it a swap deal. Even if Garnacho left on deadline day – September 1 – less than 45 days would have passed, making it hard to argue that they’re not connected.

So here comes the loan – and bear with us because it gets a little complicated.

In Garnacho’s case, a loan with a purchase obligation could still be considered part of a swap deal because the ‘purchase’ was agreed within 45 days of Rogers’ transfer.

A loan with an option to purchase is not a swap agreement. However, the conditional obligation to buy can be interpreted either way, based on looks, goals or triggers such as European qualification, depending on how likely Garnacho is to eventually complete a permanent move.

In such cases, regulators and clubs rely on their respective reasoning as to how the system should be classified.

“Uefa is one step ahead of the curve here in preventing this kind of convenient player swap, or what is considered player swapping, where both clubs book a profit and abide by UEFA rules,” said football finance expert Kieran Maguire.

“The rules in the Premier League are much more relaxed, so I think it is important to determine whether this is considered a sale. Because if so, it has implications for Villa’s SCR compliance with UEFA.”