Unai Emery cut a visibly frustrated figure after Aston Villa’s narrow 1-0 defeat at home to Everton, a result that denied his side the opportunity to move up to second place in the Premier League. The disappointment was clear not only in the scoreline, but also in Emery’s demeanor during his post-match media duties. When asked why other clubs appear to have a stronger chance of finishing in the top five than Villa, the Spaniard chose silence, allowing the interview to end without a response, a gesture that underlined just how angry and disillusioned he felt.
When he did speak, Emery was blunt in his assessment. “We are not contenders to be in the top five,” he told Sky Sports. “There are other teams with more potential than us.” It was a striking admission from a manager whose side currently sits among the league’s elite, but it reflected deeper frustrations beyond a single disappointing result.
Much of Emery’s dissatisfaction stems from the club’s limited ability to strengthen during the January transfer window. Aston Villa have already felt the effects of financial restrictions, most notably when they missed out on signing Conor Gallagher. The England international ultimately joined Tottenham Hotspur, a move that highlighted the financial gap Villa must navigate when competing with clubs able to spend more aggressively.
At the same time, Villa have sanctioned the sale of forward Donyell Malen, the club’s second-highest scorer this season. While Malen’s departure was not entirely unexpected, it has reduced attacking depth at a time when injuries and fixture congestion are beginning to bite. Combined with growing fitness concerns elsewhere in the squad, Emery’s options are becoming increasingly stretched.
These challenges have raised an important question: does Aston Villa’s season hinge on what happens in the final two weeks of the transfer window?
From a fan perspective, there is an understanding of the difficult balancing act the club faces. Financial constraints have become a defining feature of Villa’s current reality, influencing decisions both on and off the pitch. While Emery may ideally have wanted to keep Malen, the forward had grown frustrated with limited opportunities. Since joining from Borussia Dortmund last year, Malen made just seven Premier League starts, and he was keen to move on in search of regular football.
His decision already appears justified on a personal level, as he scored on his debut for Roma on Sunday, the same day Villa struggled to break down Everton. With Malen gone, Ollie Watkins is left with limited support in attack, with Evann Guessand currently the only recognised forward option behind him. That lack of depth is a growing concern as Villa continue to compete on multiple fronts.
Guessand himself has been linked with a potential move away. Reports suggest he could have been used as part of a deal to persuade Roma to release Tammy Abraham from his loan spell at Besiktas. However, the young striker is settled at Villa, and the club sees him as a player to develop rather than a bargaining chip.
Another major frustration for Emery was the failed pursuit of Gallagher. Tottenham’s ability to step in and complete the deal underlined the financial reality Villa operate within. Gallagher joined Spurs for £35 million, a fee Villa simply could not match outright. Instead, Villa explored a loan-to-buy structure, but Tottenham’s willingness to pay up front proved decisive.
This episode encapsulates the tightrope Emery must walk. Villa are competitive on the pitch, but behind the scenes they are constrained by financial regulations that limit their flexibility. The missed opportunity to sign Gallagher also had sporting consequences. The midfielder’s arrival would have eased a growing injury crisis in the centre of the park.
Villa’s midfield problems deepened on Sunday when captain John McGinn was forced off with an injury. Emery is already monitoring the fitness of Boubacar Kamara, while Amadou Onana is sidelined. The lack of reinforcements has left the squad looking thin at a critical stage of the season.
There is also no prospect of Leon Bailey returning from his loan spell at Roma, despite his struggles away from Villa Park. That decision further limits Emery’s options, forcing him to rely on a smaller group of players as the campaign intensifies.
Instead of immediate reinforcements, Villa’s January signings have been made with the future in mind. The club has brought in Gremio winger Alysson and 17-year-old striker Brian Madjo from Metz, both viewed as long-term investments rather than players expected to make an instant impact.
Despite these issues, Villa’s overall position remains strong. They sit third in the Premier League, are well placed in the Europa League ahead of a challenging trip to Fenerbahce, and remain alive in the FA Cup. From a broader perspective, the season has been a success so far, even if recent frustrations have exposed underlying vulnerabilities.
Mo Razzaq, chairman of the Aston Villa Supporters’ Trust, believes Emery has earned patience. “Emery’s got credit in the bank,” he said. “There’s no silver bullet where we can just go out and buy whoever we want. We have to be careful and operate prudently.”
Razzaq acknowledged Gallagher’s quality but also questioned how transformative the signing would have been. “Gallagher would have added experience, but John McGinn isn’t getting any younger. Would Gallagher have started every week? Probably not. Spurs came in with the money, and that’s the reality. We know the constraints we’re working under.”
He added that Villa are not in a position to engage in bidding wars and that supporters largely accept this reality. “We’re not overly concerned,” he said. “The club knows what it’s doing.”
Financial restrictions have been a long-standing issue for Villa. In 2024, the club attempted to push for changes to the Premier League’s profit and sustainability rules (PSR), proposing an increase in the permitted loss threshold from £105 million to £135 million over three years. The proposal was rejected at the league’s annual general meeting, leaving Villa to continue operating under the existing framework.
Co-owner Nassef Sawiris has previously criticised the regulations, claiming they “do not make sense” and effectively protect the dominance of the biggest clubs. To remain compliant, Villa have had to make difficult decisions, including the sale of academy graduate Jacob Ramsey to Newcastle for £40 million in the summer. As a homegrown player, Ramsey’s transfer represented pure profit on the balance sheet.
Despite these measures, Villa were still sanctioned by Uefa in July, alongside Chelsea, and fined £9.5 million for breaching financial rules. According to football finance expert Kieran Maguire, these regulations are now the primary factor holding Villa back.
“Villa are operating with the handbrake on,” Maguire explained. “There are legacy issues affecting Premier League PSR compliance, but Uefa’s rules are the biggest problem right now.”
He noted that because Villa were sanctioned by Uefa, they must carefully balance spending against income. “In simple terms, they have to match what they spend on players with what they generate in revenue,” Maguire said. “That’s why they couldn’t afford Conor Gallagher outright. A loan would have worked, but buying him would likely have breached Uefa regulations.”
Looking ahead, however, there is reason for optimism. Villa are eight points clear of fifth-placed Manchester United in the Premier League, making qualification for next season’s Champions League increasingly likely. According to Maguire, that achievement would transform Villa’s financial outlook.
“If they qualify, they’ll be in an incredibly strong position,” he said. “They can factor in at least £40 million in additional revenue next season. With a decent run to the last 16 or quarter-finals, they could match or exceed the £72 million they earned last season.”
That influx of money would significantly increase Villa’s playing budget and reduce the financial pressure currently limiting Emery’s options. For now, however, patience and careful management remain essential as Villa attempt to balance ambition with sustainability.
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