Podcast Summary: The Athletic FC Podcast – Anatomy of a Transfer: Your Questions Answered

Date: February 1, 2026
Host: Adam Leventhal (The Athletic)
Featured Contributors: Kyle Fletcher, Pat Onstad, Mikkel Beck, Frederico Moraes, Yousef Debar, Elena Costa, Chris Weatherspoon, Luca Hodges-Ramon, Simon Leaf, Tom Murray, Peter Ramage, Mathieu Bader, Teho Ando, Gordon Greer, Stan Leslie, Tommy Smith, and others.

Overview: Main Theme and Purpose

This special episode takes a deep dive into the complex world of football transfers, focusing on behind-the-scenes processes, emerging trends, international differences, and the human stories at the core of player moves. Uniquely, the episode is built around questions from listeners and subscribers, addressing everything fans have ever wanted to know about how, why, and where transfers happen.

Key Segments & Insights

1. The Reality of Transfer Negotiations

[05:20-10:40]
Location: Live from a Transfer Room event in Málaga, Spain – a major industry speed-dating event for clubs and agents.

• Transfer Room Event:

  • Clubs, agents, scouts, and sporting directors meet in 15-minute whirlwind negotiations, networking, and sometimes striking deals on the spot — showcasing the fast-paced and unpredictable nature of the transfer market.

• Kyle Fletcher (Chief Scout, AFC Bournemouth) on Succession Planning:

  • “You always have one eye on succession planning... Football can change so quickly and things move so sharply.” (08:34)
  • Smaller clubs especially prepare for losing star players and must reinvest wisely to maintain quality.
  • Market is now so competitive and transparent, making it much harder for players to ‘fly under the radar’ compared to years past.

• Why Transfers Take So Long:

  • Often down to circumstances like clubs needing players available for key matches, negotiations stalling, or unexpected late developments.
  • “You speak to everyone here... they’d always choose to take it a little bit longer, knowing that they make the right decision.” (10:41)

• Deadline Day Myths:

  • Most serious groundwork is done well before the final day. Delays often stem from players, agents, or selling clubs.
  • “There’s no perfect science to it... you just have to adapt.” (13:31)

2. Determining Value in Transfers

[15:06-16:33]

• Is a Transfer ‘Good Value’?
  • Can only be assessed in hindsight, as even a £100m player could prove ‘worth it’ if they elevate a club as Declan Rice did for Arsenal.
  • Success means positive impact, whether for one season or several.

3. Global Perspectives on Transfers

MLS & North America – [17:25-21:35]

• Pat Onstad (Houston Dynamo President):
  • MLS adopting European calendar to better align transfer markets and sales rhythms, making it easier to both buy and sell players internationally.
  • Intends for MLS to become a “selling league,” matching international trends and improving cash flow flexibility.

Agents’ View (Europe) – [21:36-30:32]

• Mikkel Beck (Ex-player, now Agent):
  • Agents are essential for expertise and player representation, not just for clubs: “I’m a player’s agent... you need someone who works for the players.”
  • Current trend is for clubs to “go really young”—prioritizing transfer targets under 30 for value and resale potential.

Brazil & South America – [30:33-35:35]

• Frederico Moraes (ProManager Sports):
  • Brazil remains an ‘export’ league, selling youth to Europe (e.g., João Pedro and Savinho).
  • Top Brazilian players almost always go to Europe when big clubs make offers—“it’s impossible to say no.”

Morocco & Africa – [39:19-42:56]

• Yousef Debar (General Director, Wydad AC):
  • After global tournament success, there’s now a “Made in Morocco” brand and critical investment in youth production.

4. The Human Side of Transfers

Trailblazing Roles – [43:10-46:41]

• Elena Costa (Sporting Director, Estoril, Portugal):
  • First woman to hold this position in a men’s pro league.
  • Football leadership is a “24/7 job”—from hiring doctors to managing budgets and developing talent for sale.
  • “I like this adrenaline... you have to manage everything in the club.” (44:23)

5. Finance & Legal Mechanics

Football Finance Explained – [47:00-54:48]

• Chris Weatherspoon (The Athletic):
  • Transition to new “Squad Cost Rules” in Premier League (from PSR), brings little immediate change but will exacerbate spending divide between big and small clubs.
  • “Agent fees... are absolutely included” in rules and amortized over player contracts.
  • Clubs have limited leeway in amortizing transfer/agent fees.

6. The Agents’ Perspective

Luca Hodges-Ramon (FIFA Licensed Agent) – [54:54-1:00:35]

• FIFA license exam has raised standards and legitimacy of agent work, but some unlicensed agents still operate.
• Agent Fees:
  • “A typical percentage is 5–10% of a player’s gross earnings.” (56:48)
  • Monthly retainers are rare; players rarely pay agents directly—usually clubs handle fees.
• Media & Transfers:
  • Clubs/agents often leak info to journalists strategically: “Leaked news isn’t always beneficial to the deal.” (58:54)
• Human Cost and Tragedy:
  • Recounts death of player Billy Vigar and supporting his family; “A lot of things become almost insignificant in the grand scheme... when talking about big contracts.” (1:00:15)

7. Legal Nuance & “Exotic Clauses”

Three Points Law (Simon Leaf & Tom Murray) – [1:04:21-1:15:50]

• Transfer Fee Basics:

  • Is compensation to the selling club, but not a legal requirement (some moves are free).

• Sell-On Clauses:

  • Increasingly, clauses are on profit rather than the total sum (“lowers risk”).
  • FIFA demands prompt payment, but sometimes clubs negotiate staged payments due to cash flow needs.

• Exotic Clauses:

  • Range from “no-biting” (Suárez), language requirements (Messi/Catalan), personal box demands, to highly specific medical clauses:
    • “We once saw a Qatar contract where a knee injury would require the player to pay back everything plus future fees.” (1:13:42)

• Lump-Sum vs. Instalments:

  • Most deals are paid over several years, rarely as lump sums.

• Loans with Obligations/Options:

  • Pre-agreed contracts are common, but some deals hinge on player approval at the end of the loan.

8. The Loans Department

Peter Ramage (Asst. Loans Manager, Newcastle Utd) – [1:17:38-1:21:24]

• “Players sort their own loans by performing... If they’re not performing, nobody’s going to pick up the phone.” (1:18:02)
• Newcastle loans department includes analysts, psychologists, physios, sports scientists, and maintains close or ‘parental’ relationships with player loanees.
• “Sometimes we withdraw support, so they learn to be a professional... it’s like a parental relationship.” (1:19:48)

9. The Bid Process & "Tapping Up"

Mathieu Bader (Technical Director, BSC Young Boys) – [1:23:22-1:27:34]

• On Bidding:
  • “We can call it the ping-pong game... it’s a strategy for both sides, over days or weeks.” (1:23:45)
• On Players Going on Strike:
  • “Yep, they still get paid. It’s not the best solution, it’s emotional... but solutions can usually be found.” (1:24:52)
• On ‘Tapping Up’:
  • “Nowadays, it’s part of the business. Clubs need as much information as possible before a transfer, that’s why there are agents.” (1:26:41)

Global Snapshots: Transfer Market Trends and Challenges

Asia (Japan) – [1:29:05-1:34:43]

Teho Ando (Sporting Director, Gamba Osaka):

• Japan’s emerging talent is in demand, but cultural dislike of negotiation and ‘domestic mentality’ means players are often sold below value.
• “European clubs see Japanese players as good price; it’s a problem for us.” (1:32:16)
• Shift needed to negotiate harder and “open the mind to Europe.”

Player Pathways/selling for profit

Gordon Greer (Brighton, Pathway Development Manager):

• Selling successfully is about giving players the best possible showcase, marketing tools like “brochures,” and creating bidding wars when possible.
• “Players market themselves... loans are the platform.” (1:35:24)

Oceania/Australia – [1:38:00-1:40:54]

Stan Leslie (Sporting Director, Perth Glory):

• Australia’s A-League can’t compete financially with Europe, so focuses on young or end-career stars (“lifestyle signings”), loans, or recruiting from lower English leagues.

Memorable Quotes

• Kyle Fletcher (Bournemouth, on Succession):
  “You always have one eye on succession planning... It’s enjoyable but always difficult – there’s a lot of pressure to get things right.” (08:34)

• Pat Onstad (MLS):
  “If we want to become a selling league, we have to match the global market. Our commissioner has encouraged the league (and teams) to do that.” (17:57)

• Mikkel Beck (Agent):
  “I am a football agent, a player’s agent. The players need someone who works for them... The business can’t work without us.” (24:41)

• Frederico Moraes (Brazil):
  “When the big clubs come, it’s impossible [for Brazilian players] to say no. It’s a dream to go.” (33:48)

• Yousef Debar (Morocco):
  “There is now a ‘Made in Morocco’ brand. The best is yet to come.” (41:44)

• Elena Costa (Estoril):
  “You have to manage everything in the club... building the team, hiring staff, watching the budget – but I sleep well at night, so that’s the good part.” (44:23)

• Chris Weatherspoon (The Athletic):
  “Agent fees are absolutely included [in PSR]. The real issue is coming down the line, when clubs at the top can spend much more than those at the bottom.” (50:02)

• Luca Hodges-Ramon (Agent):
  “A typical percentage is 5–10% of a player’s gross earnings. And rarely do players pay agents directly.” (56:48)

• Mathieu Bader (Young Boys, on negotiations):
  “We can call it the ping-pong game... it’s all about strategy for both sides.” (1:23:45)

• Teho Ando (Japan):
  “Our mentality is very domestic... Japanese people don’t like negotiation!” (1:32:08)

Episode Highlights (with Timestamps)

• Transfer Room event explained: 05:20–07:03
• Why transfers take so long (Fletcher): 10:42–12:35
• Deadline day realities: 13:31–15:04
• Is a transfer good value? 16:02–16:33
• Inside MLS transfer shift (Onstad): 17:25–19:50
• Role of agents: function, PR, and fees (Beck): 21:36–28:08
• Why Brazil keeps selling to Europe (Moraes): 32:14–34:43
• The rise of ‘Made in Morocco’ (Debar): 41:00–42:56
• Trailblazer Elena Costa on being the first female sporting director in men’s football: 43:10–46:41
• Agent fees and regulations (Weatherspoon, Hodges-Ramon): 47:00–1:00:35
• Exotic contract clauses (Leaf & Murray): 1:12:34–1:15:50
• Parental role of loan managers (Ramage): 1:18:24–1:21:24
• “Tapping up” and transfer etiquette (Bader): 1:26:41–1:27:43
• Japan’s challenges in selling talent (Ando): 1:32:08–1:34:43
• The uncertain life of transfers, from a former player’s perspective (Tommy Smith): 1:41:05–1:43:00

Tone and Style

Warm, insider-y, and frank. The speakers balance education with football anecdotes and a healthy recognition that the transfer market is more complicated, global, and human than most fans imagine.

For the Uninitiated

This episode is a must-listen for fans eager to peek behind the curtain of modern football’s transfer market. It answers both the big and small questions: from why deals take so long, to the real power of agents, the processes in every continent, and even the quirky clauses secretly written into player contracts. There are candid admissions about the business side—and more than a few laugh-out-loud stories about contract demands and industry pressure.

Whether you want to understand the next mega-deal or simply gain respect for the many people who make the big moves happen, this episode delivers comprehensive, honest insights from football’s true insiders.