By Noel Whelan

13th Apr, 2020 | 2:17pm

'It's not financial ruin' - Exclusive: Whelan reacts to near-£50m Leeds announcement

Noel Whelan has claimed it is even more imperative Leeds United gain promotion this season after the club posted a mixed set of annual accounts

The ex-Whites and Coventry forward, speaking exclusively to Football Insider, insisted there is no need to panic and it’s not “financial ruin” for the Yorkshire giants but admitted the huge importance of securing a top-two finish this season.

The Championship leaders announced a pre-tax loss of £21.4m for the year ending June 2019 despite turnover climbing to £48.9m.

The results also showed that the initial cost of promotion for United stands at a whopping £25million in terms of transfer fees and bonuses payable to players.

Marcelo Bielsa’s side are top of the Championship and well placed with just nine games remaining.

When asked by Football Insider if the financial results were cause for concern at Elland Road, Whelan said: “There is a lot of clubs running a loss when it comes to the end of the season.

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“The size of the club and the fact that we have stuck to the structure is a big plus. The fact that we are top of the league is that we are running the club in the right way.

“There will have been many debts before Mr. Radrizzani took over as well. We are playing catch-up.

“The figures are what they are right now but many clubs are in the same boat. It is not financial ruin. But it makes it even more important that we get to the Premier League.” 

However, with the potential of new investment from the Qatari Sports Investment group (QSI), the future looks bright for United.

In other Leeds United news, Danny Mills has told Football Insider club should model themselves on PL giants after QSI reveal.