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Tuesday, 20 January 2015, 19:45

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Leeds reveal large losses

The challenge facing Massimo Cellino in turning around the fortunes of Leeds United has been thrown into sharp focus after the club revealed losses £9.5m for the 2012-13 financial year.

Last Updated: 08/04/14 at 12:47 Post Comment

Massimo Cellino: Hopes to have his takeover ratified by the Football League this

Massimo Cellino: Hopes to have his takeover ratified by the Football League this

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Cellino hopes to have his takeover ratified by the Football League at a board meeting on Thursday after winning his appeal against its decision to block his takeover, but the 57-year-old Italian has inherited debts at Elland Road of more than £22m and under the terms of his deal to buy 75% of the club's shares, those debts will increase to around £24m.

The Football League's Financial Fair Play (FFP) regulations allow a maximum loss of £8m this season, with a January transfer embargo for clubs that fail to comply.

Leeds' latest accounts show an operating loss of £11.6m, softened by incoming transfer fees of £2m.

Since Bahrain-based investment bank GFH Capital bought Leeds from Ken Bates in December 2012, the club has made considerable losses, with attendances falling by nearly eight per cent, gate receipts down £2m and turnover down from £31.8m to £28.5m.

The club's accounts for the previous financial year showed a profit of £317,000 with an operating loss of £3.3m.

It has also been revealed that club directors received £753,938 during the latest financial year, an increase from £312,200 in 2011-12.

"KW Bates did not receive any emoluments or benefits during the year," the accounts state. "The highest paid director was paid a salary of £265,449 and accrued a bonus of £440,000."

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