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

The key point here is whether the transfers can be defined as a ‘swap deal’.

One of the clauses in Uefa’s 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 in that 45-day period, but those deals would have to be perceived as not connected to not be seen as part of a swap.

Indeed Tottenham and Brighton moved centre-backs Jan Paul van Hecke and Luka Vuskovic between them in separate deals earlier this summer, though both clubs are some distance away from the threshold to be under Uefa scrutiny.

Chelsea and Villa, however, are among those that need to trade most effectively in order to comply with Uefa’s squad cost ratio regulations and their 2025 settlement agreements.

In the case of these specific transfers, Rogers’ £117m move will provide Villa with a significant accounting profit – potentially £80m-£90m after Middlesbrough’s sell-on clause, agents’ fees and the remaining book value of his 2024 signing are deducted.

But if Chelsea were to sell Garnacho to Villa as part of the same transaction, Uefa would treat it as a swap deal. Even if Garnacho left on deadline day – September 1 – fewer than 45 days would have passed, making it harder to argue they are not connected.

So here is where loans come in – and bear with us as it gets a little complicated.

In the case of Garnacho, a loan with an obligation to buy could still be regarded as part of a swap deal because the ‘purchase’ has been agreed within 45 days of Rogers’ transfer.

A loan with an option to buy is not a swap deal. However, a conditional obligation to buy based on appearances, goals or triggers such as European qualification could be interpreted either way, depending on how likely it is that Garnacho ultimately completes a permanent move.

In such cases, it is up to regulators and clubs to make their respective arguments over how the arrangement should be classified.

“Uefa are one step ahead of the curve here to prevent such convenient player swaps or what are deemed player swaps, where both clubs end up booking a profit and complying with the Uefa rules,” said football finance expert Kieran Maguire.

“The Premier League rules are much more lax, so that’s why I think it’s important to to determine whether or not this is deemed to be a sale. Because if so, it has implications for Villa’s SCR compliance with Uefa.”