Leeds United report losses of £64m for 2019 -20 despite promotion charge
Leeds United made an operating loss of just over £64m during 2019-2020 despite increasing turnover during its charge towards promotion to the Premier League.
The Whites's losses compared with £34m the year prior and relate to the period prior to the side securing promotion back into English football's top flight as Champions.
Turnover increased from £48.9m to £54.2m as the club grew sales of its merchandise and attracted further increases in sponsorship and advertising.
The club also retained all of its members of staff during the pandemic and praised both the fanbase at the community of Leeds in supporting the team during lockdown.
Merchandise sales were the club's primary source of revenue at £15m, followed by gate receipts of £14.4m, even including the suspension of the season.
The official accounts also showed that Leeds United had £31m in the bank and that bonus payments for getting to the Premier League cost it £20m.
If Leeds stay in the top flight this season there will be further bonuses of £35 million plus potential transfer add ons of £18 million.
In its report, published on Companies House, Leeds United's directors praised its "judicious" approach to the loan market when it came to attracting new talent and said Britain's departure from the EU was hampering its ability to recruit new talent.
It is also revealed the club rejected approaches for Kalvin Phillips.
Directors also said the joy of returning the club to top flight football was tempered by the loss of Jack Charlton, Norman Hunter and Trevor Cherry, whom they refered to as "favoured sons" of the club.