Tottenham Hotspur's summer transfer business will hinge on whether they are in the Premier League or the Championship.
Spurs are just one point above the drop zone and, with seven games of the season remaining, the prospect of an embarrassing relegation to the second tier for the first time since the late 1970s is all too real.
If Tottenham do suffer relegation from the Premier League, the financial impact will be huge - with some reports suggesting their revenue could fall by up to £261m if they are in the Championship next term.
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Real Madrid 'like the qualities' of Tottenham Hotspur star
Spurs' most recent wage bill was reportedly £254m - way above the Championship average of £38m.
As a result, it is highly likely that Tottenham would have to sell many of their high-earners if they drop into the second tier, although one of their stars looks set to depart this summer regardless.
Cristian Romero joined Spurs for £42m from Juventus in summer 2021 and was named club captain last August, days after signing a new four-year contract.
But transfer specialist Fabrizio Romano says the centre-back has a "gentlemen pact" with Tottenham that would allow him to join a Spanish club "in case of good proposals", which was supposedly agreed during the tenure of former chairman Daniel Levy, who stepped down last September.
Romano was responding to a report in Spanish newspaper Marca that Romero, 27, had a €60m release clause (about £52m) inserted into the contract he signed last summer, which would allow him to leave for Real Madrid, Barcelona or Atletico Madrid.
Marca claimed that Real "like his qualities and are aware of this clause", but Romano suggested there is no written clause in the deal and the fee has not been fixed, while also maintaining that he expects the Argentina defender to leave Spurs in the close season.
With three years left on his contract and Romero still in his peak years, Tottenham would hope to sell the 2022 World Cup winner for more than the €60m/£52m fee reported.
The skipper has twice criticised the Tottenham hierarchy on social media since the turn of the year, first after a 3-2 defeat at Bournemouth in January and again in February, within hours of the transfer window closing.
He is part of a Spurs side who are yet to win a Premier League game in 2026, a run of form that cost former boss Thomas Frank his job last month.