by Phil Hay The accounts from GFH’s time as owners of Leeds United don’t make for pretty reading. Phil Hay takes a closer look at the figures. The picture painted by Leeds United’s latest financial figures and the impression it gives of Gulf Finance House is not at all unexpected: heavy losses, falling income and rising shareholder debt. Leeds were sliding in that direction when they published their accounts for the 2012-13 year and preliminary results for the following 12 months show another downturn in the club’s financial position. United lost £9.5m in 2012-13 and saw their turnover fall to £28.5m. According to documents seen by the YEP, Leeds expect to record losses of just under £23m for the 2013-14 year after their revenue dropped to £25.3m and their wage bill climbed to more than £22m. The figures shown to the YEP are draft accounts and have yet to be signed off by either to auditors or United’s owner, Massimo Cellino, but a version was sent to the Football League last week...
