Relegation from the Premier League in 2023 saw Leeds United lose their stronghold on finances and the club have since been forced into some sales they would not have wanted to make.

Leeds failed to go straight back up and were forced to sell Archie Gray and Crysencio Summerville at the start of the current season, while Georginio Rutter’s £40m release clause was activated by Brighton.

But things would have been considerably easier had Leeds been able to cash in on any of the eight that used Victor Orta’s relegation loan clause. The clause allowed players to jump ship on loan after relegation.

Orta had left Leeds in April 2023, but the clause he inserted into contracts remained. It meant that clubs could raid Leeds and land a player with the clause without paying a penny, as long as wages were paid.

Eight players used Orta’s loan and four remain on Leeds books

Off went Brenden Aaronson, Robin Koch and Max Wober to Germany, while Rasmus Kristensen and Diego Llorente joined Roma. Luis Sinisterra and Jack Harrison returned to the Premier League despite relegation.

Marc Roca went to Betis. Last summer, four of those eight players turned loans into permanent exits with Koch, Sinisterra and Roca joining their loan sides permanently while Llorente swapped Roma for Betis.

Wober and Aaronson have returned to Elland Road amid mass scrutiny, while Kristensen and Harrison saw their loans become active again after Leeds failed to go up. Harrison rejoined Everton for a second loan.

New £6.5m reports show Orta’s loan clause still haunts Leeds

Leeds have made a loss on the four of Orta’s eight loan players they have managed to sell permanently. Koch, Sinisterra, Roca and Llorente are no longer on the books at Elland Road, after leaving in 2024.

But Leeds made a loss on all four. Considerable losses, partly due to relegation but largely because Orta’s loan clause made them entirely useless at Leeds and gave the negotiating advantage to buying clubs.

New reports this week say Frankfurt have agreed a permanent deal for Kristensen, with a deal expected to cost an initial £5m that could rise to £6.5m. But even if Leeds get all their add-ons, it’s still a big loss.

1. Leeds bought Kristensen for £10m from Salzburg and will only receive half of their initial outlay. Even if things go to plan, Leeds are £3.5m down on the Denmark defender despite his impressive Frankfurt form.

Aaronson may remain at Leeds this summer, but Wober is expected to be sold and Harrison is expected to be offloaded given he has no future after two loans away. Orta’s loan clause continues to haunt Leeds.