Cellino: Leeds United on stable footing

Massimo Cellino said Leeds United were on a 'stable financial footing for the first time in many years' after announcing a 90 per cent drop in annual losses at Elland Road.

In a statement outlining the club’s results for the 2014-15 year, Leeds revealed that a loss of almost £23m in 2013-14 had dropped dramatically to £2m in Cellino’s first 12-month period as owner.

Leeds achieved that reduction despite a slight fall in revenue, helped by cuts to operating costs at Elland Road and money earned through the sale of players, including Ross McCormack’s transfer to Fulham in July 2014.

United said their wage bill for players and coaching staff in that period – a spell in which the club employed three different head coaches – totalled £17.4m, more than 71 per cent of their £24.4m turnover.

Leeds have continued to push for further savings in that area and the current wage bill at Elland Road is believed to stand at around £13m.

Yesterday’s statement said “investment in the first-team playing squad” was £6.1m, up from £2.3m in the 12 months before the end of June 2014. Much of the 2013-14 financial year spanned Gulf Finance House’s time as owner of Leeds.

Cellino bought out the Bahraini bank, which remains a minority shareholder at Elland Road, in April 2014, inheriting a volatile financial situation.

United’s statement said Eleonora Immobiliare SPA – the Italian parent company of the UK firm, Eleonora Sport Ltd, which Cellino used to purchase Leeds – had injected a total of £42.96m into the Championship club.

Leeds have not revealed how much of that money was given in loans, or how much debt was still owed to GFH as of July 2015, but it said Eleonora

Sport had agreed to convert £6.5m of loans into shares during the 2014-15 year.

The club’s full accounts are due to be published by Companies House before the end of next month.