Good Morning. It's Friday 12th June, and here are the latest headlines from Elland Road...
Harrison off to the States?
The New England Revolution are exploring the possibility of signing Jack Harrison, according to 'The Blazing Musket'. Harrison, 29, began his professional career with New York City FC in the MLS, where he recorded 14 goals and 13 assists in 55 appearances. In 2018, he joined Manchester City for £4.25m, and was immediately sent to the Riverside for the remainder of the season. He spent the next three seasons at Leeds, with the Whites shelling out £9m for the privilege (£3m per season), before joining on a permanent basis for £11m in the summer of 2021.
Harrison was loaned out to Everton (for free) following Leeds' relegation from the Premier League and returned two years later a shadow of his former self, and about as popular as Keir Starmer at an anti immigration rally in Belfast. He came extremely close to leaving Leeds during the closing hours of the 2023 January transfer window, only for 49ers Enterprises (minority shareholders at the time with 46%) using their influence to block the deal.
The Elland Road hierarchy are motivated to offload Harrison's substantial wage bill, reported at £90,000 per week. Just like Isaac Schmidt and Max Wober, Leeds will be keen to get rid of the dead wood this summer as they look to strengthen ahead of the 26/27 campaign, and hopefully a top half finish.
New SCR Regime could hurt Leeds this summer
The 2026 summer transfer window is set to be one of the most tightly‑regulated in Premier League history. The introduction of the Squad Cost Ratio (SCR), a metric that caps player‑related expenditures at a fixed percentage of a club’s revenue has forced top‑flight sides to recalibrate their spending strategies. No longer can clubs simply outspend rivals; they must now demonstrate that every pound laid out on wages and transfer fees is supported by commercial income and compliant profit‑and‑loss statements.
Manchester United and Manchester City are expected to dominate the expenditure charts, each projecting a budget of £200 m‑£250 m. The red side of Manchester operating under the INEOS regime are looking to overhaul their squad, while City, still battling the cloud of 115 financial charges, will look to reinforce key areas while staying within SCR limits. Close behind, Arsenal (£180 m‑£220 m) have signalled their intent to make marquee moves, notably for the highly rated forward Junior Kroupi.
Chelsea (£150 m‑£180 m) remain contingent on the Premier League’s approval of internal asset sales, and Liverpool (£140 m‑£170 m) are actively pursuing high‑profile targets such as Alexander Isak and Marc Guéhi. Newcastle United (£130 m‑£160 m) and Tottenham Hotspur (£120 m‑£150 m) will also be active, albeit navigating stricter PSR (Profitability and Sustainability Regulations) ceilings, while Aston Villa (£110 m‑£140 m) plan to reinvest wisely after a season of squad rotation.
The three newly promoted sides, Coventry City, Ipswich Town, and Hull City, each stand to receive roughly £200 m in additional revenue from Premier League participation. However, the actual summer budgets will diverge sharply. Each club’s owners will weigh the temptation of immediate squad‑building against the need to preserve financial stability and comply with the SCR. Consequently, while the headline figure suggests a historic infusion of capital, the practical spending power of each club will be tempered by risk appetite, existing debt obligations, and the need to shore up infrastructure such as stadium upgrades and youth academies.
Below the elite, clubs are adopting more measured approaches. Sunderland, fresh from a successful campaign, have allocated £80 m‑£100 m, while Brighton & Hove Albion (£70 m‑£100 m) continue to leverage their elite player‑trading model and low‑debt structure. Crystal Palace (£50 m‑£80 m) and Bournemouth (£55 m‑£75 m) are reinvesting capital after modest squad refreshes, whereas Brentford (£45 m‑£65 m) have already begun executing early deals, such as the acquisition of Jannik Schuster. Further down the table, clubs like Leeds United (£40 m‑£60 m), Nottingham Forest (£35 m‑£55 m), and Everton (£35 m‑£55 m) are prioritising survival and financial prudence, keeping budgets tight in order to avoid breaching SCR thresholds.
As clubs balance the desire to compete with the need to satisfy the SCR, the market is likely to see a blend of high‑profile, financially‑vetted signings and more conservative, sustainability‑focused investments. For Leeds, it looks like they will need to be shrewd negotiators this summer, with both incomings and outgoings. Apart from Kalvin Phillips and Archie Gray, the Whites have struggled to get top dollar for any of their outgoing stars. Raphinha and Summerville was undersold, and they barely made a profit on Rutter, Adams or Sinisterra. Freeing up Struijk should nett £25m - £30m, with Perri, Wober, Harrison, Schmidt, Ramazani, Joseph and possibly Aaronson or Tanaka could raise another £50m
Hull closing in on Gelhardt deal
Hull City are determined to secure Joe Gelhardt’s long‑term future as they prepare for their return to the Premier League, according to former Premier League scout Mick Brown. Brown, who has monitored the club’s progress, says the newly‑promoted Tigers are “very keen” to keep the forward after his impressive loan spell at the MKM Stadium, while Leeds are looking to offload the former England youth international on a permanent basis to free up funds
In an interview, Brown explained Hull’s situation: “Hull are very keen to keep Joe Gelhardt at the club. It’s difficult when you’re in their position and you win promotion to the Premier League when maybe you weren’t necessarily expecting that just yet. The squad is weaker than maybe anybody else’s at this level, but you also have the problem of what markets you’re going to be able to shop in. You’re competing with other, more established Premier League clubs now, which means clubs with more money and more reasons to attract players. So when somebody like Gelhardt, who has spent a good period at the club, is available, they have to make sure they can get a deal done.”
He also outlined Leeds United’s perspective: “From what I’m told, he’s not going to be part of Leeds plans and they want to sell, so that could mean Hull can get it done at a reasonable price, which is believed to be in region of £7m - £8m. For Leeds, they want to improve their squad in other areas, so if they can move Gelhardt on quickly it could give them the money to invest elsewhere in their side. They’re not going to have the money that other Premier League clubs do, so if they can do a discounted deal, they have to look at it.”
Tigers Chairman Acun Ilicali has claimed that they have a budget well beyond the £200m mark for the upcoming summer transfer window, telling Turkish outlet Buzzsport: “We have a transfer budget of £216m.” Bearing that in mind, Leeds need to make sure they don't get short changed.
