Manchester City find themselves in an unusual position in their battle with Jack Grealish as financial reality bites.
City's transfer market hit rate is so high that they don't usually get into this kind of situation. Grealish is the most high-profile flop in recent years, and even that description might be a little harsh given his performances in the treble-winning season.
However, he has not played since then, and his £100m transfer fee and £300,000-a-week salary are now problems that need to be addressed. The fee is not too catastrophic given City's comfortable position in the Premier League's Profit and Sustainability Rules (PSR), but the salary is an issue.
City and Grealish would prefer a permanent departure this summer, meaning a huge hit on the fee, but no club is willing to match that salary given the 29-year-old's difficult two years. Only a handful would be willing to take a weekly wage close to £200,000 at a time when the PSR era is more strained.
As the transfer window progresses, this makes a loan move much more likely unless City agree some kind of deal with Grealish to continue paying part of his salary after a permanent sale.
Even if he joins on loan, any potential suitor would only pay a portion of that salary, leaving City to cover a large chunk of Grealish's wages while he plays elsewhere. The hope is that a good season elsewhere can restore some of his value and open the door to a permanent sale in 2026.
Between now and the end of the transfer window, City will try to resolve this dilemma, but they only need to look across the city to see how difficult it could be. Manchester United have five players in their squad who have been ostracised by Ruben Amorim and can only train after 5pm, yet none of them have been moved on.
It is a reminder of how successful City's business has been. Looking at transfer activity in recent years, there have been very few failures when it comes to big spending. Kalvin Phillips is another one, with City in a similar situation to Grealish, but his lower salary should make a move away more routine once he is fit again.
Beyond that, it's hard to find any truly failed deals. Benjamin Mendy's time at the club was written off for various reasons, while João Cancelo was forced out due to attitude issues rather than performance problems.
Their hit rate when spending more than £25m on a player is exceptional, making Grealish almost alone in entering a club. It also means the club will be entering new territory this summer as they try to
find a solution for the England international.
