"With the transfer window coming in this season, we could not take the risk because the team we have on September 1 will be the team we have until December 31. He has got everything he is entitled to, but the way we have done it means there are cost savings for Leeds United.
"He is a fortunate young man to be so wealthy at a young age and I just hope he looks after his money. It leaves us with Eirik Bakke and Gary Kelly of the old guard and Bakke went in to see the manager yesterday to tell him he wants to stay and help Leeds into the Premiership, which was nice."
The transfer window, which has been in operation in the Premiership since 2002-2003, will operate in the Coca-Cola Football League for the first time this season.
No players will be allowed to move clubs between September 1 and December 31, or from February 1 to the end of the campaign.
The two remaining big-earners from United's days in the Premiership are Bakke, with a year remaining on his current deal, and Kelly, who is contracted to the club until 2007.