Leeds United reduces pre-tax losses by £20m
THERE has been “significant” improvement in the finances of Leeds United Football Club with chairman Massimo Cellino saying that the club is on a “stable financial footing.”
According to the club, turnover reached £24.4m, down from £25.3m
However overall losses at the club were reduced dramatically, from £22.9m in 2014 to £2m in the year ending in 2015.
Its parent company Eleonora Sport said it had invested a total of £43.0m into the group, however Companies House accounts have not yet landed and the club declined to share them, although they said they had been filed.
Cost of sales has plummeted 58% to £2.29m on the previous year.
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The club’s parent company, Eleonora Sport Ltd said it had converted £6.5m of debt into equity and was injecting more capital into the club through additional share acquisitions.
The club said it had invested £6.1m in the first-team playing squad, with wages for them and the coaching staff reaching £17.4m, or 71% of total turnover.
However despite these improved financials, average home league attendance in the season was 24,278. This figure was down from 25,089 the previous season.
Chairman Massimo Cellino said: “I would like to thank the senior management team and all of our employees for their hard work and effort during this difficult period to help achieve these improvements in the business performance of the club.
“The accounts illustrate the commitment that has been made to resolve the financial issues which have surrounded Leeds United Football Club. The club is now on a stable financial footing for the first time in many years.
“We are confident that we can continue to make further improvements in the years ahead. We hope that we can now finally begin to focus and invest the club’s income, generated through our supporters and sponsors, into improving the quality of the playing squad and performances on the pitch.
“We would like to thank the supporters and our sponsors for their continued patience and support.”
Mr Cellino has been bombarded in recent weeks by protests from fans, which have included a 30 ft projection on the East Stand of Elland Road.
The club was also embroiled in a stand-off with Sky over the excessive control of the broadcasting of matches.
