Morgan Rogers joined Aston Villa from Middlesbrough and Youri Tielemans arrived from Leicester. Aston Villa's European heroes are already part of history. They ended a 30-year wait for a trophy by lifting the Europa League in May against Freiburg, but the club could have sold six of the starting XI by the end of the transfer window.

Ezri Konsa's imminent £51m departure to Arsenal is the latest high-profile exit at Villa Park this summer as Unai Emery's squad undergoes drastic change. Istanbul goalscorers Youri Tielemans and Morgan Rogers left last month, with Rogers’ £117m move to Chelsea setting a record for an English player. Lucas Digne was sold to Paris St-Germain, and Villa must also find a solution for goalkeeper Emi Martinez after his failed move to Juventus and the signing of his replacement - Zion Suzuki.

Al-Hilal may also test Villa's resolve again before the 1 September transfer deadline for Ollie Watkins, with the Premier League club reportedly tabling a new contract to try to keep the striker. That would leave Matty Cash, Pau Torres, Victor Lindelof, John McGinn, and Emi Buendia as the remaining members from the 11 that started in Istanbul.

Villa's £18m bid for Harwood-Bellis was rejected by Southampton. Like many, Villa is a selling club, mainly due to necessity, and has been for several years. They must comply with Uefa's squad cost ratio (SCR), which restricts them to spending 70% of their football-related revenue on player and staff wages, transfer fees, and agent fees. They have already been fined twice by Uefa for breaches, incurring a £9.5m sanction last year and a £19.4m fine in June, although £12.9m was suspended after Villa settled with Europe’s governing body. This has meant the club's hands are tied in the transfer window.

The Premier League's Profit and Sustainability Rules (PSR) also limit financial losses to a maximum of £105 million over a rolling three-year period. In their latest accounts, ending 30 June 2025, Villa had a post-tax profit of £17m, but their two previous years showed losses of £119.6m (2023) and £85.4m (2024). The regulations have now been replaced by SCR, aligning the Premier League with Uefa's model.

"It's necessity because of the rules," one former Villa executive told BBC Sport when asked about the sales. "The PSR, the SCR, issues are well documented. It does seem slightly unfair they're having their ambition capped at this level. But it has forced this very big churn of players, which is unfortunate. Some will be forced due to PSR, and some will be due to player demand. Combined, it makes a big problem for Emery, and certainly, it is a lot to swallow in one go and try to replace.

This summer has crystalized their situation further because of the high-profile nature of the departures. Villa had raised just over £200m with the sales of Jhon Duran (£71m), Douglas Luiz (£42.5m), Jacob Ramsey (£40m), and Moussa Diaby (£50m) over the past two years. This window will see them bank around £212m, including £9m for Lewis Dobbin, who never played a senior game for Villa before leaving for Southampton.

The academy has also paid its way comfortably, with Jaden Philogene and Cameron Archer being bought back to be sold again, while Burnley spent £12m on Aaron Ramsey in 2023. Internally, when Villa first returned to the Champions League in 2024, it was recognized it would be harder for academy prospects to break into the squad, which left Villa more open to selling them.

Last summer, their gross transfer spend was £71m, dwarfed by Manchester City, Chelsea, and Arsenal, who all exceeded £200m, while Wolves, who finished bottom last season, were at £109m. It justifies Emery's argument that Villa is not part of the elite, especially when they spent months working on a deal for Conor Gallagher, only for Tottenham to step in and buy him in January.

Rogers' £117m move to Chelsea this summer was the easiest way for Villa to comply with Uefa's financial rules. The plan was developed after their first fine last year, and under it, they must break even in 2026-27. Their run to the Champions League quarter-finals in 2024-25 banked them close to £70m, which is the main reason they managed to turn a profit in their latest accounts. Winning the Europa League means Villa guaranteed themselves around £45.6m, which includes the minimum earned for qualifying for next season's Champions League.

Brian Madjo was only registered by Aston Villa a week before his Super Cup debut. Despite the departures, optimism remains. Last week's battling Super Cup defeat in Salzburg to Paris St-Germain still showed Villa's competitiveness and Emery's powers of adaptability. Emery has constantly needed to roll with the punches during his three-and-a-half years in charge, but he has consistently improved Villa, having taken over when they were 14th following Steven Gerrard's reign.

In Austria, skipper John McGinn pointed to the fact they still have Emery while others - Manchester City, Liverpool, and Chelsea - have new managers and that Villa's structure remains intact. "We have a structure in place, standards, and rules that have made us a success. I am really excited about the new Aston Villa," said McGinn.

This includes Brian Madjo after Villa won their battle with FIFA to register the 17-year-old earlier this month. The striker scored on his debut against PSG, eight months after initially signing from Metz for £10m, and could prove one of the surprises of the season. The drive towards younger players comes after Roberto Olabe replaced Monchi last September as president of football operations with a long-to-mid-term directive on transfers.

Midfielder Joao Gomes, 25, goalkeeper Zion Suzuki, 23, and defender Matteo Ruggeri, 24, have joined this summer after 20-year-old Johan Manzambi became the club's record buy in July. They have also had an £18m bid rejected for 24-year-old Southampton defender Taylor Harwood-Bellis.

The loan signing, with an obligation to buy, of Alejandro Garnacho from Chelsea allows Villa to spread the cost, while Aaron Wan-Bissaka is due to move from West Ham on a similar deal. "The problem is they may now be at the end of a chain of transfer deals, with the players involved and their transfer targets dependent on other moves happening first," said the former Villa decision-maker.

Above all, though, Emery remains Villa's biggest asset, and he has overhauled them before. This time it would be one of his biggest achievements. "There's a lot of hope and ambition resting with the manager," said the ex-Villa Park executive. "He's the ace card they've got left, and everybody's hoping with his experience and knowledge, they can pull through. It's a lot of pressure on him, and you've got to wonder if he's trying to think 'maybe I need to go somewhere else with more resources?'

I don't think it'll be this season, but at some stage as a manager, you get fed up juggling all those demands."