Leeds United’s latest set of accounts have been published for the 23/24 season, in which the drop in revenue following relegation is a noticeable blow for the 49ers to contend with.
Dropping out of the Premier League is a big issue for clubs at the bottom end of the table and the finances behind going down are incredibly difficult for sides to juggle.
Leeds are no different, despite their significant backing from the 49ers and now Red Bull, having to cut their cloth accordingly since 2023.
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Leeds’ 23/24 accounts published, Kieran Maguire shows detailed summary
(Photo by Robbie Jay Barratt – AMA/Getty Images)
Entering April, Leeds’ accounts for the 23/24 season were due to be published this week and have now been confirmed by the club.
Finance Expert Kieran Maguire shared a breakdown of Leeds’ accounts on X on Tuesday evening, in which the grim impact of relegation is laid bare with his singled-out key figures:
Revenue: £128m – down 33%
Wages: £84m – down 42%
Amortisation: £60m – down 27%
Underlying loss: £70m – down 10%
Player sale profits: £34m – down 54%
Loss before tax: £61m – up 80%
Player purchases: £38m
Player sales/departures: £69m
Transfer fees paid for total squad: £281m
Transfer fee receivables: £69m
Transfer fee payables: £142m
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As shown above, Leeds’ return to the EFL brought a significant dip in revenue largely down to television rights outside of the top flight.
The most notable reveal being the 80% increase of losses before tax up to £61million, further underlining why Leeds had to sanction massive sales in the summer after missing out on promotion, in order to stand a chance of being competitive this season.
Promotion needed this season in order for Leeds to avoid financial battle this summer
As a recently relegated club, Leeds have innate pressure to get back to the top flight for sporting and financial reasons, and this just proves it.
We were forced into massive sales in the summer in order to ensure we could be ambitious in the transfer market once again, and the belt will tighten this summer if we don’t go up.
Daniel Farke has a job on his hands to arrest this bad run of form, and there’s more at stake than just what happens on the pitch, clearly.