Leeds United have used creative accounting to ensure that they produce a “sparkling” set of financial figures next year.
That is according to finance expert and Football Insider columnist Kieran Maguire, speaking exclusively after Leeds posted a £62.4million loss in their annual report.
Contained within that shortfall was the £7m paid as part of a broadcast rebate issued after the pandemic disrupted the 2019-20 Premier League campaign.
Leeds were promoted from the Championship at the end of that season but are nonetheless subject to the rebate.
But Maguire hailed Leeds for using “smart” accounting practices to shift the cost into this season’s figures and forecasted a top set of results next time around.
He told Football Insider correspondent Adam Williams: “Ultimately, it’s the Premier League’s decision to make. They are trying to spread the pain.
“Leeds’ accounts went up to 31 July 2020, by which time Leeds were technically a Premier League club.
“This is a smart move from Leeds. They’ve put those rebates into those accounts even though they had just reached the Premier League, which means there’s less to put through 2020-21.
“They’ve effectively accelerated that cost into the 2019-20 season because they won’t have to put it into the next set.
“Therefore, they could produce some sparkling figures in their first year in the Premier League. I would have done the same.”
Maguire previously told Football Insider that Andrea Radrizzani had taken a “massive gamble” by spending big to get out of the Championship in 2019-20.
The club’s overall wage bill stands at £78m.