(Credit: Imago)

James Murray

Thu 26 March 2026 17:00, UK

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Leeds United have contemplated a scenario where they are relegated from the Premier League in their financial modelling for this season. 

That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider the Yorkshire giants’ wage bill will drop if they find themselves in the Championship next season. 

Leeds secured promotion back to the Premier League last season after spending two campaigns outside of the top flight.

Daniel Farke’s side drew 0-0 with Brentford in their latest top-flight outing, leaving them sitting 15th in the table and four points above third-bottom West Ham. 

However, the possibility of relegation remains a concern this season, with that prospect having an impact on Leeds’ financial situation. 

How Leeds are prepared for Premier League relegation

Leeds are set to decide on Farke’s future at the end of the campaign, with Premier League survival still in their own hands. 

The Whites now have a break from top-flight action due to the international matches and the FA Cup, where they are set to take on West Ham in the quarter-finals on 5 April. 

Speaking exclusively to Football Insider, Borson discussed how relegation would impact Leeds’ financial situation.

“With Leeds, the whole organisation will contemplate a scenario where maybe they’re in the Championship, and that just makes it much easier if you do get relegated,” said Borson.

“That’s why we’ve seen lots of teams cope fine with relegation. In some ways, it makes very little difference because what happens is their costs drop to match the drop in TV revenue. It means that net-net they do okay, especially if they then win the Championship because their stadiums sell out.

“Certainly, Leeds will sell out the stadium if they’re having a good season in the Championship, so they’ll make the same amount of money on matchday. They will probably make the same amount of money on commercial as well.” 

How Leeds’ wage clauses mitigate relegation blow

Borson revealed how Leeds could avoid a significant financial blow if they are relegated this season.

“What will happen is that the wage bill will drop to match the broadcast revenue drop and all being well, they get back into the Premier League after a season in the Championship and, from a financial perspective, there’s no major detriment,” said Borson.

“That’s the theory. Now, obviously there’s quite a lot that can go wrong in that mix. You can have a bad season in the Championship, then that changes things. You can have two bad seasons. You can have a complete collapse. 

“Look at Leicester, so there are things that can go wrong. But I think generally, we can work on the expectation that Leeds will be absolutely fine financially if they get relegated.”

Leeds are yet to publish their accounts for last season, but they posted a record-breaking Championship revenue in 2023-24 despite seeing their turnover fall from £189.7million in 2022-23 to £127.6m.