Leeds United’s Cautious Transfers: PSR Fears Unpacked by Expert

Key Points

• A football finance expert has explained Leeds United’s cautious approach during the winter transfer window, attributing it primarily to Profit and Sustainability Rules (PSR) constraints.​
• Leeds completed just one senior signing: Facundo Buonanotte on loan from Brighton & Hove Albion on 15 January 2026.
• The club pursued striker Jørgen Strand Larsen in the final weeks but was outbid by Crystal Palace, who agreed a deal reportedly worth around £50 million.
• No alternative striker was lined up, leading to an anticlimactic close for fans at Elland Road.​
• Reports highlight a strong internal desire at Leeds to stay compliant with PSR amid heavy spending by other clubs.​
• Finance experts like Dan Plumley note January windows are tricky under evolving PSR rules, favouring loans over permanents.​
• Leeds sit 16th in the Premier League, eight points above relegation, prompting calls for reinforcements.​
• Outgoings included James Debayo to Hull City (free), Harry Gray (loan to Rotherham), and Jack Harrison (loan to Fiorentina).​
• Additional incoming: Charlie Crew (loan return from Doncaster) and potentially Leonard Ngenge from Remo Stars.

Leeds (The Leeds Times) February 3, 2026
Leeds United adopted a notably cautious stance in the recently closed winter transfer window, securing only one senior addition amid stringent Profit and Sustainability Rules (PSR), as unpacked by a football finance expert. The Whites, managed by Daniel Farke, finalised the loan capture of Facundo Buonanotte from Brighton & Hove Albion on 15 January 2026, ending their search for a playmaker. Despite pursuing Norway international Jørgen Strand Larsen, Leeds were outmanoeuvred by Crystal Palace in a late bid, leaving supporters disappointed yet pragmatic given financial realities.

Why Did Leeds United Exercise Caution in the Transfer Window?

As reported by Tom Coates of the Yorkshire Post, a football finance expert has explained why Leeds United exercised caution during the winter transfer window, with the tally standing at one senior signing. The expert highlighted PSR as the key factor, stating, “That’s where the caution comes,” amid desires to remain on the right side of regulations while rivals splashed hefty fees. Various reports, including from MOT Leeds News, echo this, with finance expert Dan Plumley telling the outlet exclusively, “We’re in a tricky period now with the regulations, given the Premier League news about moving to squad cost rather than PSR”.

Leeds’ approach aligns with broader financial prudence. Football finance expert Adam Williams told Leeds United News,

“On first glance, I can see why some Leeds fans are questioning why they didn’t spend more… and why there will be demands in January,”

but conceded PSR limits mid-season spending without sales. The Athletic estimated Leeds £15-20 million under PSR limits post-accounts, projecting compliance through allowable costs despite a £131.2 million loss over 2022-2024.

What Was Leeds United’s Only Senior Signing?

Facundo Buonanotte joined Leeds on loan from Brighton until the end of the 2025/26 Premier League season, as announced on the official Leeds United website. As per Leedsallover.com, the Argentine, who rejected Leeds for Chelsea in summer 2025, had his loan cut short after limited minutes, with Fabrizio Romano confirming the deal. Leeds United are delighted with the arrival of the international, who bolsters attacking options for Farke amid an eight-point buffer from relegation.

Buonanotte’s move ends Leeds’ playmaker pursuit, per Tom Coates in the Yorkshire Post. Sports Mole lists it as the primary incoming alongside Charlie Crew’s loan return.

Who Was Jørgen Strand Larsen and Why Did Leeds Miss Out?

Leeds targeted forward Jørgen Strand Larsen in the window’s dying days, only to be outbid by Crystal Palace, as detailed by Tom Coates of the Yorkshire Post. Teamtalk reported Palace agreeing a fee surpassing their record £35 million for Brennan Johnson, with Strand Larsen passing a medical after Leeds topped out at £39 million (£33 million plus £6 million add-ons). Leedsallover.com noted Palace’s initial U-turn but ultimate success.

No backup plan materialised, rendering the window’s end anticlimactic for Elland Road faithful. Fans reacted positively to dodging the deal, per Teamtalk.

How Do PSR Rules Impact Leeds United’s Spending?

PSR compliance drove Leeds’ restraint, with strong internal desire to avoid breaches, according to multiple reports cited by Tom Coates in the Yorkshire Post. Dan Plumley, speaking exclusively to MOT Leeds News, said,

“Leeds are going to have to balance spending with player sales… Unless they’re being really risky, because the PSR limit is £61million for them due to the seasons in the Championship”.

TheLeedsPress.com quoted Adam Williams conceding Leeds more limited than Sunderland but potentially spendable with sales or form.

Leeds United News reported expectations of a busy summer under PSR, with sales needed before June 30 cut-off. Accounts showed £60 million loss but headroom, per The Athletic. Managing director Robbie Evans claimed post-summer max-out, yet experts see wiggle room.

What Other Transfers Happened at Leeds This Window?

Beyond Buonanotte, ins included Leonard Ngenge permanently from Remo Stars on 20 January, per MotLeedsNews.com. Sports Mole confirmed outgoings: James Debayo (free to Hull City), Harry Gray (loan to Rotherham United), and Jack Harrison (loan to Fiorentina). Charlie Crew returned from Doncaster Rovers loan.

No major sales occurred, with Yorkshire Evening Post’s Graham Smyth noting no January exits lined up despite PSR. This kept squad intact for Farke’s 16th-placed side.

Were There Fan Reactions to Leeds’ Quiet Window?

Elland Road supporters pondered the pragmatism as rivals added stars, per Tom Coates in the Yorkshire Post. Leedsallover.com captured glee over missing Strand Larsen. Reddit discussions highlighted PSR realism, with users citing Kieran Maguire on unsustainable wages without sales.

Demands for January action persist, as Williams noted to Leeds United News. The window’s close felt deflating yet strategically sound amid relegation fight.

What Lies Ahead for Leeds United Post-Window?

With the window shut, focus shifts to on-pitch survival, eight points clear of drop zone. Farke eyes Buonanotte’s integration for creativity. PSR evolves to squad cost rules, per Plumley, complicating future windows.

Experts predict sales for summer spending. Leeds’ caution preserves compliance, positioning for bolder moves if form holds.