Leeds United’s accounts for 2016/17, for the year ending June 2017, have shown that the Whites operated at a general loss that was turned to a profit through player sales.
The headline figure shows that the club operated at a near-£1 million profit, with player sales over that financial year largely responsible for turning around a net loss of £8.9 million from the previous financial year.
These player sales, including the sale of Lewis Cook to Bournemouth, generated £8.9 million for the coffers at Elland Road – with Cook’s departure for around £6m providing most of this gained-back income.
Other positives to come out of the released accounts was that annual revenue rose by £4 million to £34.1 million. An increased average crowd at Elland Road of 5,250 per game, an increase of 23% from 22,448 to 27,698, was the major driver in the club’s total turnover. This increase in average crowd size added £2 million to gate receipts and helped to account for £10 million of gate receipts adding to the club’s total turnover.
At a glance – headline figures
- the total club turnover rose by £4.0m to £34.1m driven [£10 million] mainly by increased attendances [average increase of 5,250]
- Net profits of £1.0m were generated compared to net losses of £8.9m during the prior year
- Profits caused chiefly by an increase in profits generated from player trading up by £6.1m to £8.9m
- Transfer spend invested into the first team playing squad totalled £6.8m compared to £6.3m during the year prior
- Average home league attendance in the season was 27,698, up by 5,250 from 22,448 the previous season
- Technical Partnership with Kappa last year, retail income continued to grow with sales rising by £0.6m to £5.8m
An increased wage bill of £20m included around £16m spent on the salaries of first-team players, equating to 47 per cent of Leeds’ income
reduction in the long-standing debt owed to former club owner GFH, was slightly below £17m in the summer of 2016 – half of that sum, £8.475m repaid to GFH
remainder of GFH debt understood to be under legal evaluation
Leeds United website article – Leeds United accounts 2016/17
Yorkshire Evening Post – Phil Hay article