Revealed: Leeds strike £32m cash jackpot as new document reveals all
Leeds United have £32million in the bank despite posting a huge loss in their newly-published accounts.
The Yorkshire giants' latest financial results announced a mammoth pre-tax loss of £62.4m for the year ending July 2020 but the club have money to spend after climbing aboard the Premier League gravy train.
The accounts detail that the club have negotiated a loan of £43m, most likely secured against future broadcasting income.
In addition to the £23m investment from 49ers Enterprises, the investment vehicle of the NFL franchise the San Francisco 49ers, it has helped bolster the club's ability to meet ongoing costs.
Tellingly, Leeds' accounts for the year ending June 2019 showed the club had just £478,000 in the bank.
The uplift of more than £31m means United are well placed to strengthen their playing squad in the summer window, especially when the next tranche of Premier League broadcasting income arrives.
The value of remaining in the Premier League is at least £100m from TV windfalls as well as massive commercial and merchandising top-ups.
Leeds have ensured their top-fight survival after registering their 13th league win of the season against Sheffield United last weekend.
Marcelo Bielsa’s side have 42 points, well past the 40-point mark considered the maximum needed to avoid relegation.
Leeds' cash position compares favourably to clubs with even higher revenues in their recent accounts.
For example the well-run Scottish giants Celtic confirmed revenue of £70.2m in their most recent accounts - £16m higher than United - but had £22.5m cash in the bank.