Leeds United have published their latest set of financial accounts for the 2024/25 season in which they won the Championship title.
Leeds United generated record-breaking revenue on their way to the Championship title last season but still recorded a pre-tax loss of almost £50million.
In their latest set of financial accounts, which cover the 2024/25 season, Leeds confirmed they brought in £137m from revenue streams. That is a new Championship record and a seven per cent increase on the previous highest amount, set by the Whites during 2023/24.
The biggest increase in revenue came commercially, with £58.1m an increase of more than 34 per cent on the previous season’s £43.3m. It is also more than Leeds earned through commercial revenue in any of their three Premier League campaigns before relegation.
The Athletic report that not only is that a huge number by Championship standards, it is also the ninth-highest commercial revenue across all English clubs including those in the Premier League. Leeds also earned £31.6m in matchday revenue - a slight increase from 2023/24 - while broadcast revenue fell from £53.6m to £47.2m.
A section of the published accounts says: “The strong commercial performance continues to illustrate the potential of Leeds United being the only club in the United Kingdom's third biggest metropolitan area. This should prove a structural competitive advantage that can be leveraged to retain Premier League status over the long term.”
Despite these impressive numbers, the cost of Championship promotion still showed with Leeds booking a pre-tax loss of £49.2m for the year ending June 2025. That is a reduction on the £60.8m deficit published in the previous year’s accounts but takes the club’s three-year rolling loss to £143.7m.
That is more than double the £61m maximum permitted losses Leeds were allowed over their three-year period between 2022 and 2025, as per Profitability and Sustainability Rules (PSR). Albeit certain expenses can be deducted from the PSR calculation.
A major expenditure for Leeds last season was wages, which were by far the highest of all Championship clubs to have published their accounts so far. Overall, £107.7m was spent on player wages - a 28 per cent increase on 2023/24 and an average weekly wage of £45,000 - with second-place currently being Sunderland on £54m. Burnley are yet to publish their accounts.
Leeds football net debt reduced a massive 87 per cent from £128.3m to just £16.3m, with money coming from the 49ers enterprise ownership group to allow for summer investment. Cash from investors for the 2024/25 period totalled £108m.
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