The Athletic FC Podcast: The DealSheet with David Ornstein

Episode Date: September 1, 2025
Host: Adam Leventhal
Featuring: David Ornstein, Chris Weatherspoon, J.J. Bull

Episode Overview

This special Deadline Day episode of The Athletic FC Podcast’s "DealSheet" brings together renowned football journalists and analysts to dissect the biggest moves of the transfer window as they happen. The episode focuses on key deals involving Premier League clubs like Chelsea, Manchester United, Spurs, Aston Villa, Newcastle, and Liverpool. The discussion also dives deep into the financial mechanics that drive the modern transfer market, with a special focus on PSR (Profit and Sustainability Rules), club strategies, and the wider financial health of English and European football.

Key Discussion Points & Insights

1. Chelsea's Transfer Strategy and PSR Maneuvering

• Nicholas Jackson Loan Saga

  • Chelsea are close to agreeing a loan deal with Bayern Munich for Nicholas Jackson. The structure could involve a heavy loan fee and an option (potentially an obligation) to buy if certain performance metrics are met.
  • David Ornstein [03:16]:

    "It looks like he will be heading to Bayern Munich after all... the idea from Chelsea was always going to be a heavy loan fee, maybe a world record loan fee and then a really big option to buy."

• Chelsea’s Model as the Best-Seller Club

  • Chelsea have become highly adept at offsetting spending with aggressive sales – potentially setting a world record for player sales in a single season.
  • Chris Weatherspoon [04:55]:

    "For years they've been arguably the best selling club in England... they're likely to be on course for basically a world record in selling players, not just in a window, in a season, and they're going to do it in one window."

• Accounting and PSR Rules Explained

  • Clubs book profits from player sales immediately, while transfer spending is amortized over contract length. This enables big spenders like Chelsea to remain compliant if they keep selling well.
  • Chris Weatherspoon [08:11]:

    "Effectively the way it works is if you have a player on your books, you can spread their fee across the amount of time you've got them. But if you sell them, you have to recognize that immediately... you have to kind of keep being a good seller."

2. Premier League's Financial Muscle vs. Europe

• Comparative Spending
  • Premier League clubs spend more than the top four other European leagues combined.
  • Chris Weatherspoon [06:58]:

    "The Premier League... is at 2.8 billion and it's probably going to go higher... it's not the first time in a summer window where the Premier League has outspent those four leagues. It's the third time in the last four years."

3. Transfer Mechanics: Deadlines, Deal Sheets, and Completion

• Deadline Day Jitters
  • Deals can still be completed after the window closes thanks to the 'deal sheet', which offers an extension if paperwork is lodged before the cutoff.
  • David Ornstein [11:18]:

    "They can also submit a deal sheet... which gives them an extra bit of grace to wrap up the deals. The deal sheet is basically a commitment from all parties to do the deal and get it done."

4. Major Moves & Club Situations Analyzed

Tottenham Hotspur

• Randal Kolo Muani
  • Joins Spurs on loan from PSG, potentially to cover Dominic Solanke’s injury. Versatile forward, previously courted by several Premier League clubs.
  • David Ornstein [12:47]:

    "Tottenham have struck a loan deal for the campaign... Personal terms were done and dusted, which is... potentially impressive given that that’s been a stumbling block for quite a few clubs."

Manchester United

• Goalkeeper Puzzle
  • Opting for 23-year-old Belgian Senne Lammens from Antwerp after links to Emi Martinez. The move is geared toward a younger, developing option rather than two established number ones.
  • David Ornstein [14:55]:

    "Senna Lammens is the player that Manchester United are working to land tonight... It’s a substantial fee, 21 million euros plus add-ons and they’ve given him a long contract."

Manchester City

• Donnarumma/Edereson Transfer Triangle
  • Move for Donnarumma hinges on Ederson's sale (potentially to Saudi or Turkish clubs). The transfer, if completed, is significant due to Donnarumma's age, contract status, and fit for Guardiola’s style.
  • David Ornstein [19:53]:

    "If Ederson leaves, it would be because Donnarumma is coming in... it’s a pretty significant outlay for Manchester City given that he’s only got a year left on his contract at PSG."

Aston Villa

• Busy Window Amid Financial Constraints

  • Bringing in Harvey Elliott (loan with obligation to buy), Jadon Sancho, and Victor Lindelöf as strategic signings amid strict PSR and UEFA FFP rules.

  • Villa’s efforts to swap players with Newcastle (Jacob Ramsey) were hampered by UEFA profit calculation methods.

  • David Ornstein [25:17]; [27:35]:

    "[Elliott] a loan with obligation to buy. I think that’s a brilliant signing for a player who won player of the tournament at the under-21s..."
    "[Regarding Newcastle deal swap], UEFA would have seen it as a bit of a trade off... basically stopped Villa from doing the Osula deal because they cannot afford to lose the profit from an accounting perspective..."

  • Chris Weatherspoon [28:37]:

    "Villa have carried... a really high wage bill for quite a few years now. They’ve... wound up in a position where... they can’t, obviously they need to strengthen the team, but they’re really limited..."

• Sancho’s Career Prospects

  • J.J. Bull [30:59]:

    "I think he'd be suited better to play in Europe. I mean specifically Germany or Spain... the way he plays, he's not like... the fastest, and... his tricks don't always work [in the Premier League]..."

5. Newcastle, Brentford, Isak & Whissa Drama

• Whisser from Brentford and Isak from Newcastle

  • High-stakes negotiations see Newcastle’s and Liverpool’s strikers agitate for moves, with transfer fees exceeding previous market expectations.
  • David Ornstein [34:44]:

    "Brentford side suggesting it's £55m fixed, Newcastle indicating it's 50 plus 5 in add ons but it’s that bracket which is a huge amount."

• Player Agitation: Precedent-Setting?

  • Players pushing for transfers may set a new precedent, but the hosts also highlight the risks for selling clubs and the complexity behind the scenes.
  • David Ornstein [37:49]:

    "Clubs need to stand firm, but ultimately almost every time... when the money starts to come in... and the player’s so upset, training apart, maybe leading to a bad atmosphere..."

6. Who Did the Best Business?

• Liverpool’s Financial Masterclass
  • Liverpool are commended for smart squad reinvestment and record spending without heavy owner subsidy, while also maintaining good sales.
  • Chris Weatherspoon [39:46]:

    "The obvious answer is Liverpool... they've been able to go into... over £400m in new players... I don't believe anyone has ever spent more than £400m in a single transfer window."

• Brighton, Bournemouth, and Brentford: The Value Sellers
  • These clubs are lauded for sustainable models—Brighton’s net income from player sales is notable, and Brentford have repeatedly bought budget forwards and sold for huge profits.
  • Chris Weatherspoon [42:43]:

    "Brentford have signed six forwards for 25 million and sold them for 227 million... When you look at the way clubs have to operate... that's the way you offset it."

Notable Quotes & Memorable Moments

• Chelsea’s selling machine:
  Chris Weatherspoon [04:55]:

  "...they're likely to be on course for basically a world record in selling players, not just in a window, in a season..."

• On Premier League spending:
  Chris Weatherspoon [06:58]:

  "...Premier League had spent 56%, the juggernaut that is the Premier League."

• Deal Sheets and Deadline Madness:
  David Ornstein [11:18]:

  "The deal sheet is basically a commitment from all parties to do the deal and get it done..."

• Liverpool’s Model:
  Chris Weatherspoon [39:46]:

  "Liverpool aren't really funded to the hilt by their owners... this summer has been kind of years in the making."

• On the culture change in transfers:
  David Ornstein [37:49]:

  "If you kick off, you find your way out of a club... contracts go out the window. So they need to stand firm."

Timestamps for Key Segments

• [03:16] Chelsea’s Nicholas Jackson to Bayern saga
• [04:55] Chelsea’s selling model & PSR explanations
• [06:58] Premier League vs. Europe spending stats
• [08:11] How transfer accounting works
• [11:18] Deadline Day, deal sheets, late deals
• [12:47] Spurs signing Randal Kolo Muani
• [14:55] Manchester United's pursuit of Senna Lammens
• [19:53] Manchester City's Donnarumma/Ederson situation
• [25:17] Aston Villa's signings: Elliott, Sancho, Lindelöf
• [27:35] Villa’s financial constraints and UEFA PSR
• [34:44] Newcastle’s Whisser deal & Isak move context
• [39:46] Who did the best business? Liverpool, Brighton, Brentford, Bournemouth spotlight

Conclusion

The Athletic’s "DealSheet" episode provides an incisive look at the power, complexity, and occasional chaos of Deadline Day. By exploring transfers from tactical, financial, and human perspectives—with expert analysis of clubs’ strategies under modern financial restrictions—the panel cuts through the noise to tell you what’s really happening behind closed doors. Whether it’s Chelsea’s relentless player trading, Liverpool’s shrewd balancing act, or the smaller clubs raising the bar for value creation, the episode delivers insight for fans who crave both the headlines and the balance sheets.