Leeds United chief Angus Kinnear has defended the club's sales of Kalvin Phillips and Raphinha after complaints from fans.

Phillips was sold to Manchester City this summer for £45m, while Raphinha moved to Barcelona in a deal worth around £55m.

“There are two things to look at," Kinnear told The Square Ball Podcast.

"The first of which is the construction of the fee itself and there are many elements that go into that which are not seen in the headline figure that is reported.

“Sometimes the headline figure reported isn't even correct, but when it is, there are elements that supporters can't see.

"The first of which is 'how much is paid up front?' That's really significant. If you have £50 million paid over five years, then the £10 million you're receiving in five years time is worth significantly less than what it is now. If you get all of that money up front, it's worth 20% or 30% more in total.

“Because of the transfer business we wanted to do, we put a premium on receiving the money up front, and that's how we negotiated it.

“The second thing to think about is the other parties in the transfer who may be getting a share of the transfer fee. That can include the player and the agent. You don't see those factors. The figures we received were very healthy, because the net we got on those transfers was as high as it possibly could be.

“The prices we've got for them are hugely competitive. If you compare them to what else happens in the market, there are always outliers. You've got Jack Grealish at £100 million and Demarai Gray at £1 million. Jack Grealish isn't 100 times better than Demarai Gray, but they are the outliers in the market."

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