Angus Kinnear has insisted that Leeds United received “very healthy” fees for Kalvin Phillips and Raphinha this summer, despite some fans feeling they could have fetched more.
It has been one of the busiest transfer windows in recent memory at Elland Road. There have been several new recruits for Jesse Marsch’s ranks. But in the opposite direction, they lost their two star players, Phillips and Raphinha.
Premier League champions Manchester City signed Phillips, while Raphinha got the move to Barcelona he was holding out for.
Although both fees were undisclosed, it is believed Leeds United have earned around £100million from them combined. Phillips was worth around £45million, while Raphinha was worth around £55million.
In the current market, some Leeds fans thought they could have gained more money from the two sales. Yet they were the two most expensive outgoings in the club’s history.
CEO Kinnear thinks two factors must be taken into account, having elaborated on the transfer process.
“There are two things to look at,” Kinnear told The Square Ball Podcast. “The first of which is the construction of the fee itself and there are many elements that go into that which are not seen in the headline figure that is reported. Sometimes the headline figure reported isn’t even correct, but when it is, there are elements that supporters can’t see.
“The first of which is ‘how much is paid up front?’ That’s really significant. If you have £50million paid over five years, then the £10million you’re receiving in five years’ time is worth significantly less than what it is now. If you get all of that money up front, it’s worth 20% or 30% more in total.
“Because of the transfer business we wanted to do, we put a premium on receiving the money up front, and that’s how we negotiated it.
“The second thing to think about is the other parties in the transfer who may be getting a share of the transfer fee. That can include the player and the agent. You don’t see those factors.
Angus Kinnear claims Leeds received ‘hugely competitive’ fees
“The figures we received were very healthy, because the net we got on those transfers was as high as it possibly could be.
“The prices we’ve got for them are hugely competitive. If you compare them to what else happens in the market, there are always outliers. You’ve got Jack Grealish at £100million and Demarai Gray at £1million. Jack Grealish isn’t 100 times better than Demarai Gray, but they are the outliers in the market.”
Leeds will hope their own investments prove to be good value for money. New arrivals Rasmus Kristensen, Tyler Adams, Marc Roca and Brenden Aaronson all made their debuts at the weekend.
Their future without Phillips and Raphinha is taking shape. The side has a new-look feel to it already for Jesse Marsch’s first full season in charge.
Perhaps it will only be clear by the end of the season whether they have made the right decisions. The target will be to avoid another relegation battle after a close scare last term.