Even so, I'm scratching my head over how a 2/3m Eur loan fee for Bailey, to an Italian club no less, is going to help matters. I mean, we sold zero league start Doaks for 20-25m pounds. Must be desperate times for them.
The way UEFA's squad restrictions work, they have to reduce their "List A" costs before they can register new players for UEFA competitions. The published documents are summaries of the agreements with the clubs so they don't really define what that means, but one interpretation is the wage and amortisation costs for players registered on their "List A" with UEFA last year v the same costs for their List A players this year. That being the case, they've already got rid of the costs of the players they had on loan last year, and chances are they've got Bailey's wages off the books for the season via this deal with Roma. They probably know the chance of a permanent deal is low, they just need to fix it for next year, and they don't have any offers for a sale. If they hadn't qualified for Europe this season they wouldn't need to bother.
However, losing the loan players from last year and Bailey going out on loan gives them some capacity to bring new players in (possibly on loan rather than purchases, to keep the costs down) and still register them for UEFA competitions.
So for example, if Rashford's loan fee was £5m, just by not renewing his loan they have capacity to spend £5m on a player's wages / amortisation / loan fee and register him for UEFA. That figure then rises with Asencio and Disasi, plus possibly getting Bailey's wages off the books (but they'll still have the amortisation cost).
The precise mechanics are slightly speculative on my part as the full agreement isn't public, but because it talks about reducing "costs" my take is that a profit on sale wouldn't count towards the calculations (at is is NOT a reduction in "costs"), although losing the amortisation charge for the rest of the year would help.
So again, with an example, let's say a player is 3 years into a 5-year contract, he cost £50m and his wages are £5m p.a. His value on the books is £20m and half of that will be amortised this coming season. If they sold him for £30m, they'd make a £10m profit, and save £10m of amortisation for the coming season and £5m of wages. Only the amortisation and wage saving qualify as reductions in costs. So the total benefit, financially, is £10m profit + £10m amortisation saved + £5m wages saved = £25m, but only £15m counts towards UEFA's test.
But it would allow them to buy a new £50m player over 5 years and pay him £5m, or they could pay £15m in loan fees (which is why I think loans in are more likely as they'll get more bang for their buck).
Chelsea are playing the same game (although I reckon they still need to shift a chunk more cost if they want to register all their new signings) and it seems to me that they are also trying to bring in players who weren't at the Club World Cup to help manage fatigue through the season. Villa just have the financial stuff to deal with.