Defender Tyrone Mings was initially signed on loan by Dean Smith in January 2019. Aston Villa's old guard have taken the club to new heights - but how long can it last?

Seven of the XI which finished the 1-1 draw at Bournemouth last weekend were players signed under Dean Smith, while seven of the starters in the team which beat Brighton on Wednesday were given their debuts by the now Charlotte manager. Villa can almost name a Smith XI of players who were signed by the former manager, who left over four years ago. They are trophyless in three decades but host Newcastle in the FA Cup on Saturday looking to end that drought.

Unai Emery has Villa punching above their weight as they try to bridge the financial gap without the resources of their Champions League rivals. It has left them relying on the same men year on year, so is there a plan of how to refresh an ageing squad amid the backdrop of profit and sustainability restrictions?

After the January return of Douglas Luiz - signed from Manchester City in 2019 - Villa are just one away, a left-back, from being able to field a team of Smith players. Add Lucas Digne, who joined under Steven Gerrard, and it will be a side without the initial input of Unai Emery, even if the Spaniard has re-signed Luiz and Ross Barkley.

Dean Smith was sacked in November 2021 after three years in charge but his influence remains. In January 2019 he signed Tyrone Mings on loan from Bournemouth, the longest serving player of his reign, who played his 200th game for Villa in the win over Brighton.

Ezri Konsa and Luiz arrived in the summer, after Villa were promoted to the Premier League, while Matty Cash, Emi Martinez, Lamare Bogarde, Barkley, Leon Bailey, Emi Buendia and Ollie Watkins also joined under the former Brentford boss. The backbone of the squad are players - Mings, Konsa, Watkins, Cash and John McGinn - signed from a lower level [the Championship and Scottish Premiership] with a risk element attached.

John McGinn signed for £3.5m from Hibernian under Steve Bruce while Konsa - now an England international - joined from Brentford for £12m and Cash cost £16m from Nottingham Forest. Emery has lifted the squad to unexpected levels but unless they unearth a gem, Villa cannot replace Konsa for £12m in the current market and certainly not for the relatively low fees previously spent.

There lies the biggest problem, succession planning with limited funds. The average age of Villa's starting XI is 28 years and 84 days - the second oldest in the Premier League - and there is internal recognition it needs to be dealt with. Brazilian winger Alysson, 19, joined from Gremio for £10m last month with 17-year-old Brian Madjo arriving from Metz for a similar fee to start that process.

Villa signed them earlier than they would have liked but moved to get the pair for a smaller fee, reducing the risk. Neither are expected to make an immediate impact, although Alysson made his debut in midweek, but the January window was viewed as striking a balance - addressing the age issue and solving the first-team problems.

Striker Tammy Abraham arrived to back up Watkins while Luiz returned on loan from Juventus out of necessity following Boubacar Kamara's season-ending knee injury. With Villa committed to spending £18.25m on Abraham they had no money left to cover Kamara, so Luiz was ideal. He was cheap, available, with his loan at Nottingham Forest being cancelled, and knew what Emery demands.

Villa are shopping in the same market as Newcastle and Tottenham but also Wolves and Nottingham Forest - not at the top table. Deloitte's 2024-25 money list, detailing football's richest clubs, had Villa 14th after generating £450m in revenue but over £200m behind Tottenham.

Villa Park's upgrade, which will take the capacity to around 50,000, will not be complete for 18 months and even then matchday revenue will still fall short of many Premier League rivals. It shows the work Emery has done, compared to what he has had to spend. Champions League qualification will help but it does not solve the problem completely. It means when the big signings are on the cards Villa are unlikely to be in the conversation strongly enough.

Tottenham beat Villa to sign midfielder Conor Gallagher last month to underline the financial pecking order. Emery's side had been in talks for the midfielder for weeks once it became apparent Atletico Madrid were willing to let him go, having been interested when he left Chelsea for Spain in 2024.

But when Spurs came in, there was no contest. They were able to pay the £35m Atletico wanted and Gallagher was eager to return to London. Tottenham did not pinch him from Villa's grasp but it was a stark reminder of the gulf which still exists despite the teams' fortunes this season.

The Midlands side need to be clever with their cash and they know they cannot afford to absorb a failed move like Evann Guessand that Manchester City, or even Spurs, can. The forward did not score in the league after a £26m move from Nice last summer before being loaned to Crystal Palace in January, with Palace holding an option to buy to allow Villa to recoup their money.

Villa's PSR struggles are well documented, having sold Jacob Ramsey for £40m to Newcastle to balance the books, and there is an expectation they will need to sell again this year. Emery has worked wonders with what he has but money talks and Villa still need to rely on the manager's magic until they find a financial solution.