Leeds United profit and sustainability update after £33.7m loss revealed in accounts — Phil Hay — MOT Leeds News 10/4/24

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George Overhill

Leeds United say they were compliant with financial rules in the top two tiers despite a loss of more than £30million now emerging in their latest accounts, according to Phil Hay.

The Athletic journalist reported via the outlet’s website on 10 April in the wake of the club’s financial figures for the 2022/23 season showing a loss of £33.7m on top of a £36m loss the year before.

Despite a record turnover of £189.6m and player transfers bringing in £73m in the period up to the end of June 2023, “soaring” administrative costs and an increased wage bill saw the Whites’ operating loss increase by £71m over the year, while nearly £10m was spent on sacking managers as the club were relegated from the Premier League in the final season of Andrea Radrizzani’s ownership.

However Hay says the club recently insisted they remain within the loss boundaries permitted under profit and sustainability rules by both the Premier League and the Championship.

Considering the issues that have emerged at promotion rivals Leicester City it should come as some relief that the Whites are apparently not set for something similar.

Both are big clubs who dropped out of the top flight last season but the Foxes made some hefty sales in the summer while Leeds United were forced to cope with largely low-cost loan exits.

Both Everton and Nottingham Forest have received Premier League points deductions this season for spending breaches and each have expressed surprise and anger at the outcomes in light of what they felt were mitigating situations.

That shows that a club’s claims to be on the right side of the rules doesn’t necessarily always prove to be the case in the eyes of the authorities.

The final Leeds United season under Andrea Radrizzani has not put the club in FFP jeopardy.

But with the 49ers takeover completed in the summer after the EFL eventually granted approval which had already been secured from the Premier League that should mean all parties were well aware of the financial situation at Elland Road.

And logically in light of the fact that the issues at Leicester have already become clear it would suggest that there would have been some indication of a similar situation at Leeds United already by now.

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