The central question is whether these moves qualify as a ‘swap deal’.
Under Uefa’s rules on “player exchange transactions,” multiple transfers completed in both directions between two clubs within a 45-day span are treated as a swap.
Even after 45 days, two transfers in the same window can still be classed as a swap if there is any contractual linkage between them.
For instance, Tottenham and Brighton completed separate deals for centre-backs Jan Paul van Hecke and Luka Vuskovic earlier this summer, but both clubs remain well below the level that would invite Uefa scrutiny.
Chelsea and Villa, however, are among those that need to trade smartly to comply with Uefa’s squad cost ratio rules and their 2025 settlement commitments.
In these particular moves, Rogers’ £117m transfer would deliver Villa a large accounting gain—likely around £80m–£90m—once Middlesbrough’s sell-on, agents’ fees, and the remaining book value from his 2024 signing are deducted.
But had Chelsea sold Garnacho to Villa as part of the same package, Uefa would view it as a swap. Even a deadline-day move on 1 September would still fall within 45 days, making it harder to argue the deals are unrelated.
This is where loan structures come into play—and the details get a bit intricate.
A loan for Garnacho that includes an obligation to buy could still be deemed part of a swap, because the purchase is agreed within 45 days of the Rogers transfer.
A loan with merely an option to buy is not a swap. However, a conditional obligation—tied to appearances, goals, or triggers like European qualification—could be interpreted either way, depending on how likely it is that the permanent move happens.
In grey areas, it falls to regulators and clubs to argue how the arrangement should be classified.
Maguire said Uefa is trying to stay ahead of the game to deter convenient swap-style deals that let both clubs book profits while meeting the rules.
He added that Premier League regulations are looser, so it’s important to determine whether this counts as a sale because that would affect Villa’s SCR compliance under Uefa.