A first refusal transfer clause gives the association that benefits from the clause the opportunity to be informed of any agreement that the selling club is willing to accept for the transfer of the player. This is different from a buy-back clause, as the selling club generally retains the power to decide whether or not to sell the player with a first refusal clause. Typically, a buyback clause automatically triggers the player`s transfer when certain terms of the contract are met. In practice, the selling club will not be able to refuse the takeover offer if the clause is designed as an automatic trigger and is developed accordingly. Since share repurchases are made using a company`s net profits, the net economic effect on investors would be the same, as if those profits were paid in dividends from shareholders. The repurchase provision is usually based on a number of individual or cumulative triggers, including the activation of the clause: a buyback, also called share repurchase, is when the company buys its own outstanding shares in order to reduce the number of shares available on the open market. Companies buy back shares for a number of reasons, for example. B to increase the value of the remaining available shares by reducing the offer or to prevent other shareholders from taking controlling stakes. Some markets often use the buyback contract. These markets are as follows: share buybacks place a company in a precarious position when the economy is in recession or when the company is facing financial problems that it cannot cover. Others argue that buybacks are sometimes used to artificially inflate the share price in the market, which can also lead to higher bonuses for executives. This type of transaction, also known as a pension purchase contract and product financing agreement, takes place between two parties. The first part “sells” its inventory in the second part, with the express promise to repurchase the inventory at a predetermined price in time or on a future date.
 Note that, for easy reference reasons, the project assumes that the player will play in the Premier League during the first two seasons. For example, if the player was transferred after his first season and this season was not covered by a buyout clause (which would be very unlikely), the buying club could still have the advantage of a first refusal transfer clause to respond to other offers. This was a scenario similar to that of the situation of Toby Alderweireld discussed above. In practice, a selling association can benefit, as Atletico has done, from a buy-back clause defined in such a scenario, in which a third association offers more than the agreed redemption amount. The implementation of such a suppression clause may depend on the negotiating position of the parties. If the original seller (who benefits from the buyback) is in a strong position, it is less likely that such a number of cancellations will be inserted or that, in the alternative, the number of cancellations will be set at a high amount. A company can finance its buyback by generating debt, with cash at hand or with its cash flow from operating activity. If such a provision exists and the amount of the redemption cancellation is paid to the original club, then the selling club is free to sell the player and accept a higher amount. If the club refuses to pay the buy-back price or if there is no clause in the contract, the original selling club should be able to apply the buy-back clause as long as it can agree on personal terms with the player and the player wishes to join the club (although these factors are not easy in practice!).