Premier League transfers: It has been a busy transfer window for Tottenham Hotspur so far as they look to sign Sandro Tonali from Newcastle United.
Newcastle United news: Headlines, team updates, match previews and reports - all things NUFC
Sign up
Thank you for signing up!
Did you know with a Digital Subscription to Shields Gazette, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more.
Submitting...
Tottenham Hotspur have been pushing to sign Sandro Tonali this past week, with the Newcastle United midfielder emerging as one of the club's priority transfer targets.
Newcastle rejected an £80million bid from Spurs for the Italy international, while Manchester City and Arsenal are also understood to be monitoring the situation. Suggestions of a cash-plus-player deal have also emerged.
Amid the noise surrounding Tonali, Tottenham midfielder Lucas Bergvall has reportedly asked to leave the club. The 20-year-old was limited to just 11 Premier League starts last season and is said to be looking for a fresh start elsewhere.
Aston Villa, Chelsea and Nottingham Forest have all been linked, while Newcastle hold a long-standing interest in the Sweden international that pre-dates his move to Spurs.
The Gazette has launched a WhatsApp NUFC channel to bring the latest news, analysis and team & injury updates directly to your phone. Simply click this link to join our NUFC WhatsApp channel.
Would Newcastle United and Spurs entertain a swap deal?
While Newcastle are unlikely to revisit their interest in Bergvall this summer, the club's admiration for the midfielder is well established.
Several reports linking Tonali with a move to Spurs have suggested the London club could attempt to sweeten any offer by including players as part of the package. Goalkeeper Guglielmo Vicario and forward Richarlison have both been mentioned, but Bergvall would undoubtedly be the most intriguing option from Newcastle's perspective.
Back in 2024, reports in Sweden claimed Newcastle had submitted an ultimately unsuccessful bid for Bergvall before the teenager completed an £8.5million move to Spurs.
On the surface, there is an argument that Bergvall's inclusion would at least give Newcastle something to think about. At 20, he already possesses Premier League and Champions League experience, while his age profile aligns with the club's long-term recruitment strategy.
Even in a cash-plus-player deal, however, losing a player of Tonali's calibre would require more than a talented 20-year-old prospect. There is also a financial complication that could make such a proposal particularly unattractive.
Subscribe to our Newcastle United newsletter for all the news straight to your inbox
UEFA financial rules
Newcastle remain under UEFA scrutiny following concerns over a potential breach of Financial Sustainability Regulations. Although the club ultimately failed to qualify for Europe, UEFA's assessment period still applies and the club's spending will be monitored closely.
Newcastle must also continue to operate within UEFA's squad-cost ratio rules, which limit spending on transfers, wages and agent fees as a percentage of revenue.
That matters because UEFA takes a different view of player-exchange deals than the Premier League.
Where Premier League rules allow clubs to recognise profits from player sales in the usual way, UEFA treats transfers involving players moving in opposite directions between the same clubs during the same transfer window as linked transactions. In practice, that significantly reduces the accounting benefits clubs can generate from structuring deals in that manner, whether the transfers are formally linked or not.
As a result, Newcastle may gain little financial advantage from combining a Bergvall move with a Tonali sale.
In fact, if Newcastle were ever to sanction Tonali's departure, UEFA's accounting rules could make a straightforward cash offer from another club significantly more attractive than a player-exchange arrangement involving Spurs.
That does not diminish Bergvall's quality or Newcastle's past interest in the player.
But if Tonali’s future does become one of the defining stories of the summer transfer window, the conclusion is likely to be straightforward. Newcastle want clarity over complication, and a single large cash offer over any deal built around player exchanges.