Leeds United have announced an annual profit for the fourth year running, with their latest accounts showing a surplus of more than £3.5million.
The Championship club maintained a profitable trend during the 2010-11 financial year, posting an impressive overall gain and an operating profit of £939,000.
United’s results, published by the club yesterday, take their combined profits since insolvency in the summer of 2007 to £10m.
Leeds relied on player sales to convert an operating loss into an overall profit during both the 2008-09 and 2009-10 financial years, but their return to the Championship last season and an average attendance of over 27,000 at Elland Road produced stronger results in the 12 months leading up to June 30, 2011.
The season also saw two lucrative and televised FA Cup games against Arsenal, including a replay at Elland Road. Leeds’ latest accounts do not include transfer fees earned from the sale of winger Max Gradel and former club captain Jonathan Howson, both of whom have departed Elland Road during the current term.
United’s overall profit of £3.5m is the largest gain made by the club since the 2007-08 financial year, when the club pulled in £4.5m following their emergence from administration.
Leeds’ turnover increased from £27.4m in 2009-10 to £32.6m in 2010-11, of which almost 40 per cent or £12.7m came from gate receipts. Central distribution payments from the Football League rose massively from £757,000 to £4.6m.
“First team squad and management costs” were declared as £11.6m – up from £7.7m during the campaign in which the club won promotion from League One.
Football finance expert Rob Wilson, a lecturer with Sheffield Hallam University, told the YEP: “They’re very positive results. They shows that Leeds have been getting their business model right.”
Leeds City Holdings Limited, the parent company which owns Leeds United Football Club Limited, posted an annual profit of almost £3million for the same period.