Player wages up but gate receipts down at Leeds United
A FALL in spectators at Leeds United home matches contributed to a reduction in the club’s turnover and profits over its last financial year.
Newly released figures from Leeds United Football Club, the subsidiary of Leeds City Holdings which was primarily owned by Ken Bates prior to the sale of the Championship club to GFH Capital, show turnover down by more than £1.5m to £31.08m.
The club posted an operating loss of £3.34m for the year ended June 30 2012, down from a profit of £939,000 the previous year.
Gate receipts were down by 10.6% to £11.3m. The wage bill for players and management, which now represents 41% of turnover, jumped by more than £1m to £12.7m.
The club did make a profit of £317,000 after player sales were taken into account. However, this compares to a profit of £3.5m the previous year.
Leeds United has made £10.5m since exiting administration in 2007 and the 2011/12 financial year profit is the fifth in succession.
Dubai-based GFH Capital was confirmed as the new owners of Leeds United in a deal which is understood to have been completed for £44m last Friday.
However, the deal does not include the club’s Elland Road ground or its training base at Thorp Arch, near Wetherby.
