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

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."

Related News

Most Commented

Readers' Comments

S

till reckon Chelsea will go for Khedira as back up for Matic. I think it will turn out to be quite a Mourihno-y window: We'll see the squad players and youth in action pre-season, say things like well, we need not buy anybody and then the club will bid £60m for Pogba and send everybody on loan.

tk421
F365's Transfer Guide - Part One

I

would love to be a fly on the wall at the meeting between Milner and Rodgers. I don't know if flies can count, but if they can then I would be counting the number of times Rodgers used the word outstanding in his attempts to get Milner to sign.

godzilla
Reds and Arsenal chase Milner

W

ell, it wouldn't be a summer without Arsenal fans fretting over losing a key player, and United throwing their weight around and muscling in on transfer deals which are (apparently) near to completion. If we can't be entertained by the football on the pitch, let's enjoy the silly off-pitch soap opera of the transfer season. Hurrah!

CamberleyGooner
The Back To It Gossip

Footer 365

Sepp Blatter 'under investigation' in United States

Outgoing FIFA president Sepp Blatter is being investigated by US authorities probing the corruption scandal, according to reports.

Sepp Blatter announces he will resign as FIFA president

Sepp Blatter has announced he is to resign as president of FIFA and an election will be held to decide his successor.

Sepp Blatter to quit: Names in frame for FIFA top job

After FIFA president Sepp Blatter announced he will step down from the role, we look at the candidates to replace him.

Mail Box

Liverpool 2015 Feels Like Liverpool 2011...

One Mailer says Benteke = Carroll, Bellamy = Milner and Clyne = Downing. Plus we have U21 Euro impatience, farewell Rio, Rafa Benitez, Milner, FIFA and title play-offs...

Calling Carlo For Liverpool... Please

One Liverpool Mailer wants a manager who isn't starstruck by the job. Plus why Milner has now become overrated, play-offs for the title, Ronaldinho and democracy..

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company