Upon their return to the Premier League, Leeds United have seemingly spent their money very wisely.
Lucas Perri, Gabriel Gudmundsson and Anton Stach all started for Leeds United in their opening win over Everton, and Lukas Nmecha came on to score the winner from the spot.
Moreover, with Leeds now adding Noah Okafor from AC Milan, Daniel Farke’s side have recruited nine new signings to their first-team squad.
Player Arriving from
Anton Stach TSG Hoffenheim
Noah Okafor AC Milan
Jaka Bijol Udinese
Lucas Perri Olympique Lyon
Sean Longstaff Newcastle United
Gabriel Gudmundsson LOSC Lille
Sebastian Bornauw VfL Wolfsburg
Dominic Calvert-Lewin Everton
Lukas Nmecha VfL Wolfsburg
Leeds’ summer signings thus far.
And despite how pleased fans at Elland Road will be with the club’s ambition, some supporters might be wondering about the long-term implications of this summer spree.
Fortunately, TBR Football finance expert Adam Williams has now provided an in-depth look at Leeds’ financial situation, and chairman Paraag Marathe seemingly deserves credit.
Leeds’ £100m transfer spend is becoming the norm for new Premier League sides
As laid out above, Leeds have spent something close to £100m on new players this summer, a remarkable feat for a newly-promoted side.
But as Williams points out, that’s becoming the norm in the English top flight, “Whereas a promoted club spending close to £100m would have been an event in and of itself a few years ago, it is becoming the norm nowadays.
Anton Stach during Leeds vs Everton in the Premier League.
Photo by Pat Scaasi/MI News/NurPhoto via Getty Images
“You’re guaranteed at least £110m in TV money in season one, plus another £90m or so in parachute payments if you go down.
“And because of the gulf between the divisions competitively and financially, you increasingly need to spend all of that money to be able to give yourself a fighting chance of staying up.
“We don’t have Leeds 2024-25 accounts yet, but their wage bill was probably something like £60m, compared to mid-table Premier League clubs who are spending north of £150m.
“And that’s Leeds’ total as a parachute payment club with the strongest core revenues in the second tier – for other sides promoted from the Championship, the financial chasm is even greater.”
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Paraag Marathe has promised to push the PSR boundaries at Elland Road
Leeds will face Arsenal in the Premier League on Saturday, a big test for Farke’s men.
And in terms of his side staying in the English top flight, Marathe has promised to leave no stone unturned when it comes to the club’s PSR capacity.
Williams continued: “Paraag Marathe has said Leeds will spend up to the limit of what is allowed under PSR, though whether that means on a season-by-season basis or over certain cycles isn’t clear.
“If you spend the absolute maximum one season, you give yourself no room for manoeuvre the next and you have to drastically adjust.
"If it wasn't for some circumstances I would have got here earlier."
Lukas Nmecha shares his thoughts after getting a debut goal for Leeds ✨ pic.twitter.com/Fb4AbInL2U
— Sky Sports Premier League (@SkySportsPL) August 18, 2025
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“Lurching from one extreme to the other like that isn’t good for any club, so I expect the 49ers are zooming out on the graph and looking at things on a multi-year basis.
“Leeds can only lose £60m over the three-season period up until the end of the current season, so PSR is an anchor in that respect.
“I suspect that they probably feel they could spend more this summer without worrying about a breach for the assessment period up to the end of 2025-26, but then where does that leave you in 2026-27 if you’re relegated? That’s the balancing act.”
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Leeds are making a subtle change to the structure of their transfers
In the last financial year, Leeds had a £142m transfer debt on instalments, but the club are now moving away from that strategy.
Leeds have historically relied a lot on instalment plans for new signings, but Marathe has said he wants to move away from that model.
Williams added: “The signings they have made this summer are probably more front-loaded in terms of the payment structure.
“So I think their approach has been perhaps more conservative than what they could get away with, but I personally think that’s smart.
“They’re in good shape financially and, because they generate enormous matchday and commercial income, they are well-placed to establish themselves in the Premier League if they make it past this season.”