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If you give a decent reason it can prevent other squad members or supporters complaining about the sale.
I'm pretty sure it can generate a news item to the effect that they understand the reason, though I haven't seen one for many a moon.
You'll nearly always get one if the player is in the clubs favoured personel the fans will have a go at you for selling unless they understand why you did it (i.e. they'd rather see their fav player go than see the club go into administration lose 10 points and get relegated).
Similarly if you have a good and popular player (in lots of your teams favoured personal and lots of your players think "Player X is a valuable member of the team" etc) then your team may be unhappy about the sale (usually your captain that speaks up or another influential player).
I remember reading once, many moons ago that if you rejected an offer because a player was 'indispensible to the club' then the other club may stop trying to buy them, as you've made it clear that the play is indespensible and won't be leaving.
If you say the player 'important first team' then the other club may see this as 'That's not a definite NO.' but they'll probably have to stump up a fair bit of cash for him.
Like I say, this was a long time ago, and it may have simply been somones interpretation of how it works.
I do agree with the original poster in that it 'seems' like an incomplete feature. Maybe we need to see more from the buying club and the player regarding your choices.
In light of the fact that one's response to the Reject Offer screen has little apparent effect, it's practically a moot point in this particular case.
But clearly a team manager has some responsibility to keep the squad, board and fans happy. To take an extreme example, are you saying that, if you thought your job depended on your response to a media question, you'd still decline to answer?
reggie, you're correct. The manager has some responsibility to keep them all happy. Winning does this. If you're doing your job correctly, you'll be winning, and thus the players, board and fans will be happy.
If I'm reading the last two posts correctly, you guys believe that the best management philosophy is Winning Is Everything.
It seems to me that there are times when a more accommodating strategy will bring more success in the long run. For example, selling a useful player to keep the club in the black.
[I'm just discussing general management philosophy here but if this constitutes tipping, let me know]