Leeds United should not be worried by 'mini-transfer deadline day', says finance expert Kieran Maguire

But points deductions for Everton and Nottingham Forest last season, and investigations into Leicester City, Manchester City and others show the growing seriousness authorities are attaching to their financial fair play rules – or "profit and sustainability rules" (PSR) as the Football League call them.

PSR limits the amount of money clubs can lose over a three-year period, and unhelpfully, the accounting periods run from July 1 to June 30 each year.

It means some clubs will have to balance the books by Sunday, and by far their best way of raising money is by selling players.

As a club subsidised by parachute payments after the huge drop in revenue caused by falling out of the Premier League 13 months ago, Leeds are conscious of PSR.

This time last year Forest turned down the chance to sell Brennan Johnson for a cut-price fee in June, preferring to wait for a bigger one in August. That contributed to them exceeding permitted losses and being docked four points.

Maguire, widely regarded as the leading expert on such issues, does not think Leeds’ situation is so urgent they could be forced to accept a reduced fee for a star player like Crysencio Summerville, Willy Gnonto or Archie Gray this week.

It was confirmed on Monday Jack Harrison's loan at Everton has been extended by another season.

"Those clubs who realise they're likely to breach PSR have to generate income in a relatively short period and the only way they can do that is through asset sales," said Maguire.

"The previous season Everton sold Richarlison (to Tottenham Hotspur) on June 30. Clearly there is pressure now on clubs close to the limit.

"If everybody's aware individual clubs are under pressure they will low-ball in terms of the prices. Brennan Johnson's market value did not go from £30m to £45m between the end of June and the end of August.

"The clubs trying to buy were trying to low-ball and if I was in their position I would do exactly the same.

"But I think from a PSR point of view Leeds are in a relatively strong position. I'm one of the more relaxed people with regards to their PSR position. They might sell a player but will they have to sell a player for a huge discount? I see no evidence to support that."

Leeds' latest accounts revealed that of £190m owed in transfer instalments, £73.6m is due this week.

"That's a cash-flow issue, it's nothing to do with PSR," stressed Maguire. "They bought players when they were in the Premier League on credit. It's a bit like buying a three-piece suite on credit, we've still got the three-piece suite, it just has an impact on what we can spend."

Nobody knows the true financial position clubs are in, with only previous years' published accounts to go by, and Leeds were boosted last month by investment from Red Bull.

"You're looking a rear-view mirror, apart from the club who've got access to their accounts, which is right and proper," said Maguire.

For some clubs, the deadline will be pressing and as it approaches Aston Villa have bought Everton's Lewis Dobbin for £9m as Tim Iroegbunam went in the opposite direction for the same amount. There is speculation Villa's Omari Kellyman and Newcastle United's Yankuba Minteh could move for eight-figure fees within the same circle.

"Given that academy players have got zero book value it's the easy way to address the problem and there's nothing to stop clubs doing a swap where both of the transfer fees look a little bit generous," said Maguire.

"I think we've already had publicised what's expected to happen. I'm not expecting rabbits to be pulled out of the hat this week."