Next Game

Bournemth v Leeds

Tuesday, 16 September 2014, 19:45

Sky Bet Ch'ship

Last Game

Birmingham 1 - 1 Leeds

Saturday, 13 September 2014, 12:15

Sky Bet Ch'ship

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

M

ark clattenburg is one of those referees that tends to get stick from both sides cos he likes to let the game flow and is quite lenient, and people only remember the fouls against their own team that go unpunished whilst not noticing the ones they've gotten away with. To pick up 4 yellow cards with clattenburg in charge speaks volumes about your approach to the game mr pellegrini.

cc1
Pellegrini: Ref cost us game

V

astly under-rated goal keeper. Barcelona could have gone out and bought a keeper at any point they liked, but they stuck with him for a reason.

HarryBoulton
Victor Valdes The Perfect Option For Liverpool

A

s things stand he's joined the team at the top of Serie A :)

shea666
Milan: Van Ginkel deal tough

Footer 365

Premier League: Morgan Schneiderlin feels Southampton squad could be stronger this season

Morgan Schneiderlin does not feel the busy summer of transfer business at Southampton has had an adverse effect.

Primera Division: Atletico beat Real in Madrid derby; Barca defeat Athletic Bilbao

Neymar's brace gave Barcelona a win over Athletic Bilbao at the Nou Camp, while Atletico beat Real in the Madrid derby.

Bundesliga: Shinji Kagawa scores in Borussia Dortmund win, Bayern Munich triumph

Bayern Munich returned to winning ways with victory over Stuttgart, while Shinji Kagawa scored for Borussia Dortmund.

Mail Box

A Lousy Day At The Office For Liverpool

We have some excellent thoughts on Arsenal's draw and Liverpool's woeful loss, plus praise for Villa, Diego Costa, Philippe Senderos and the 'final' word on hitting the post...

Was LvG Too Quick To Judge Welbeck?

That's one shout in the mailbox, which typically includes a reference to the great man's cojones. Plus, more on Jack Wilshere and F365's free transfer David Bowers...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property