All three. Clubs want to keep things private but ultimately it’s difficult. There are many parties involved. The leaks could be anything from someone leaking it during when they were talking to the journo on the overall deal or agents/clubs leaking in an attempt to manipulate the price in someway or another (Riola). And as we have found out plenty of times, it could always just be made up (i.e. some random guy on twitter makes random stuff up based of an educated guess from more reliable journalists like Romano or Ornstein).