Leeds United Finances 2023/24

It's ok I'm ok

Leeds United’s 2023/24 accounts cover their first season back in the Championship, having being relegated after three years in the Premier League. They very nearly secured promotion back to the top flight at the first attempt after finishing third in the league, thus qualifying for the play-offs, but they were defeated 1-0 by Southampton in the final at Wembley.

Following a season of significant managerial instability in 2022/23, when the club went through no fewer than three permanent head coaches, the board opted for “proven Championship promotion coaching leadership” in the shape of Daniel Farke.

Ownership

This was the first season under the ownership of 49ers Enterprises, who assumed full control of the club at the end of the 2022/23 campaign after adding the 56% held by Andrea Radrizzani’s Aser Ventures to their existing 44% minority stake, with Paraag Marathe becoming chairman.

Profit/(Loss) 2023/24

Leeds United’s pre-tax loss significantly widened from £34m to £61m, as revenue dropped £62m (33%) from £190m to £128m following relegation, exacerbated by profit from player sales more than halving from £73m to £34m.

This was partly offset by the club cutting expenses by £92m (31%) from £296m to £204m, though net interest payable significantly increased from £1m to £18m.

The main driver of Leeds’ £62m revenue decrease was broadcasting, which basically halved in the Championship, falling by £58m from £112m to £54m as “a direct result of relegation from the Premier League”. Commercial income was also down, but only fell £5m (10%) from £48m to £43m.

In contrast, gate receipts actually slightly increased, rising £0.7m (2%) from £29.9m to £30.6m, which was an impressive feat after relegation.

Leeds compensated for the lower revenue with a steep reduction in the wage bill, which was cut by £62m (42%) from £146m to £84m, while player amortisation also dropped by £22m (27%) from £81m to £59m and player impairment reduced by £13m from £20m to £7m. Against that, other expenses rose £4m (10%) from £44m to £48m.

The vast majority of clubs in the Championship lose a lot of money, but Leeds’ £61m was the worst in the league last season, a lot more than Ipswich Town £39m, WBA £34m and Stoke City £26m.