How can Stoke City keep spending on transfer fees?

Football finance expert Kieran Maguire says Stoke City are utilising the Championship's new squad spending rules to rebuild this summer.

The Potters have so far brought in Ethan Galbraith, Svante Ingelsson, Djibril Soumare and Luke Graham, as well as making Milan Smit's move permanent, for a reported combined total of about £21m.

They have also signed West Bromwich Albion goalkeeper Josh Griffiths for an undisclosed fee, with the influx of arrivals coming after sporting director Jonathan Walters promised "multiple signings".

Squad Cost Rules (SCR) replaced profit and sustainability in the second tier for the 2026-27 season onwards, allowing clubs to spend 85% of their income on players and managers.

Previously, teams were limited to losses of £39m across a three-year period.

Stoke were one of just three Championship clubs to record a profit in 2024-25, but only did so because a £90m loan was waived by new owner John Coates to offset what otherwise would have been a £29m loss.

Owners are now also allowed to inject up to £33m into their club over three years, providing they do not top up the kitty by more than £15m per season.

"I think it gives clubs a little bit more leeway and that's provided the owner is willing to provide that funding," Maguire told BBC Radio Stoke.

"If you take a look at the commercial income for Stoke City, it's about half of the total the club generates, which is higher than that of many of the peer group that Stoke have in the Championship. So that will benefit the club.

"And also there's no doubt the Coates family, who have been amazingly beneficial owners, will continue to do that."

Maguire explained that transfer payments are also often broken down into instalments, with only the money spent in any given season taken into consideration by the EFL as a "cash management based approach".

"Let's say that you are paying £5m for a player but you're spreading that as perhaps £2m this year, £2m in another year and £1m as a final payment," he added.

"Only £2m of that will go into your calculations [for 2026-27], therefore the small print of transfers does allow smart negotiation by clubs to put them in a beneficial position as far as these SCR rules are concerned."