Aston Villa’s strong season, including Europa League success and a top-four finish, has not prevented a difficult transfer window, while Tottenham have spent heavily despite finishing 17th. The contrast raises questions about whether football’s financial controls restrict ambitious clubs such as Villa more severely than wealthier or higher-revenue rivals.

Spurs have spent an estimated £322m, with a net outlay of about £140m after sales, plus a future £55m obligation for Omar Marmoush. Villa have seen Morgan Rogers, Ezri Konsa and Youri Tielemans leave, with Emiliano Martínez and possibly Ollie Watkins also departing; their net transfer spend over five seasons is only £3m. Uefa’s squad-cost ratio caps spending on wages, transfer amortisation, impairments and agents at 70% of football revenue, while Premier League rules also limit adjusted losses to £105m across three years.