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Except there's a sell-on clause as well. Obviously we don't know what it is but - if it's 20%, say - and the guy is sold for £20m, there's another £3m back to Chelsea. If we WERE ever interested in Livramento then someone will have a detailed spreadsheet with all the likely outcomes. And...

I know nothing about football contracts, but if the selling club has the option to trigger the buy-back it really is a loan. So my guess is that the buy-back only works if Southampton are looking to sell. If so, Chelsea would have first refusal, provided they paid the £25m figure. That would...

Indeed - Chelsea have a really interesting business model - hoovering up loads of young talent, then loaning them or "selling" them to other clubs. They effectively transfer a lot of the risk, give their player the opportunity to play top level football, but still get to make even more money (or...