Leeds’ latest financial accounts have shown that the club’s overall losses have fallen from almost £23million down to £2million.
The reduction, a drop of 91 per cent, reflects a significant improvement on the previous year, despite turnover being down slightly from £25.3million to £24.4million.
The wage bill for players and coaching staff during 2014-15 was £17million but that is thought to have come down to £13million.
The statement reports that investment in the squad was £6.1million – up from £2.3million in 13-14 – with the total wage bill representing 71 per cent of the club’s total turnover. However, player sales – Ross McCormack is thought to have been sold to Fulham for around £11million – does not seem to have been taken into account.
The club’s statement does not refer to former owners GFH Capital or any debts owed to them.
However, it states that Eleonora Sport Limited (ESL) converted £6.5million of debt into shares during the 14-15 period. And the statement says that ESL’s parent company has injected £42.96million into the Championship club.
Leeds 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.”