Leeds United posted an overall loss of £33.7 million in the 2022-23 financial year despite player transfers earning them £73 million, according to the club’s latest accounts.
Figures covering last season, in which Leeds were relegated from the Premier League, show a record turnover of £189.6m but a substantially increased operating loss of £105 million, offset by income accrued primarily through the sale of Kalvin Phillips and Raphinha.
Phillips left for Manchester City in the summer of 2022 shortly before Raphinha completed a permanent switch to Barcelona. The cash generated lessened the impact of soaring administrative costs, which rose from £203 million in 2021-22 to £275 million in 2022-23.
The annual wage bill at Elland Road jumped from £121 million to £145 million, with their operating loss rising by £71 million from 2021-22.
The accounts also indicate that £9.5 million was spent on severing contracts in a campaign which saw Leeds sack two head coaches, Jesse March and Javi Gracia, and finish the campaign with Sam Allardyce in charge.
United’s overall loss of £33.7 million was slightly below the loss of £36 million recorded 12 months earlier.
The club recently told The Athletic that it was compliant with both Premier League and EFL profitability and sustainability rules.
Premier League sides are permitted maximum losses of £105 million over a three-year accounting cycle in the top flight.
Gate receipts for the 2022-23 year jumped £5 million to £29 million but TV and broadcasting income fell slightly to £17.4 million while merchandise income and central distributions also saw small drops.
The accounting period covers the final year of Andrea Radrizzani’s spell as United’s majority shareholder.
The Italian, who bought Leeds in 2017, agreed a deal to sell the club to 49ers Enterprises in June of last year, a deal which was officially finalised in September.
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Leeds are confident they have no PSR issues like Leicester’s – only focus is promotion
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