Earlier today Leeds United released their financial accounts for 2015/16, something that the Whites publicised on the club website.
The accounts themselves are likely above the financial reckoning and understanding of virtually all Leeds United fans, and that isn’t in any way being snide – they are definitely beyond my level of understanding.
In order to “help fans understand the information”, the statement on the Leeds United website teases out some of the key information and presents it as a series of bullet points – some of which are reproduced below.
Some key points from Leeds United’s accounts for year ending June 2016
- For the year ending 30th June 2016 the total club turnover rose by £5.7m to £30.1m.
- Gross profits generated during the financial year increased by £4.3m to £24.7m
- Net losses increased by £6.3m to £8.9m, caused principally by a reduction in profits generated from player trading down by £7m to £2.8m for the year ended 30th June 2016.
- Net liabilities at 30th June 2016 were £252k, this compared to net assets of £8.6m as at 30th June 2015.
- Investment in the first team playing squad totalled £6.3m during the year ending 30th June 2016 compared to £6.1m during the year prior.
- The club brought the catering operation back in-house which generated revenue of £4.9m compared to £1.1m during 2015.
There are some other ‘oddities’ in there such as Massimo Cellino receiving an ‘advance’ of £19,862, with his son, and outgoing club director Edoardo Cellino, receiving an ‘advance’ of £5,000.
As could easily be predicted, it didn’t take Leeds United fans long to comment on the release of this information, the comments coming from both sides of the seemingly ingrained ‘pro/anti-Cellino trenches.
Leeds United fans comment on the club’s release of financial statement
The exchanges are pretty much like this one – this being one of the more tame and good-natured ones.
@WACCOE the operating loss is down 5.1 million. You say the wage bill is too low but argue expenses are too high. bit contradictory
— PJH LUFC (@pistol1603) March 24, 2017
As intimated, not all the exchanges have been as good-natured as the one above.
that #lufc would see more benefit of if a certain crooked owner would stop using the profit for legal bills! 🤡🙉
— Leeds Leeds Leeds (@dyingonitsarse) March 24, 2017
Equal measures of sarcasm and truth in this tweet, Twitter is awash with Leeds fans with a sudden University-level understanding of finance.
https://twitter.com/beaglelufc/status/845317180463992833
Commenting on the reduction in the staff wage bill, Twitter user Mikey Mangan says there is a reason for this.
https://twitter.com/MikeyMangan1989/status/845307006198173697
Suddenly from the success on the field, fans are back into the gloom of the boardroom.
#lufc lost money, Cellino hasn't fixed anything and he's been fighting fires ever since sigining the GFH SPA.
— Neil 🏆 (@GoneBerardi) March 24, 2017
More than a sly dig here at the pro-Cellino lot saying that Massimo has brought the club back from the precipice.
But Cellino fixed us 🙄 https://t.co/znzvCHyfAL
— Danny Simpson (@SimmoLUFC_) March 24, 2017
There is no one way to look at the fallout from this, it will continue for today with neither side giving ground. In a way it is a bit sad that the matter of Leeds United is once again diverted from the performances on the field to the distractions of the boardroom. It’s amazing that yet again the publication of the financial report has, like @beaglelufc said above, suddenly created a huge cohort of financially ITK Leeds United fans.