The financial picture at Leeds United “looks bad” but there are some redeeming features including the “amazing” merchandise revenue. 

That is according to finance guru and Football Insider columnist Kieran Maguire, speaking exclusively after Leeds released their annual report on Sunday.

The club posted a £62.4million loss for the 2019-20 financial year despite winning promotion to the top-flight.

There were some silver linings, however, as turnover swelled from £48.9m to £54.2m and merchandise sales shot up by 64 per cent.

Maguire highlighted a handful of mitigating circumstances for the £62.4m headline figure but admitted that the overall picture is”challenging.”

He told Football Insider correspondent Adam Williams: “The figures look bad. To lose that much money looks bad on the surface of the numbers.

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“There are some one-off issues, promotion bonuses and things of that nature which add some context to the report.

“Because clubs were allowed to extend their accounting periods, the accounts cover 13 months. So there are 13 months worth of wages accounted for rather than 12. 

“The figures are challenging but there are some positives for Leeds. The fact that merchandise was the biggest source of revenue is an amazing testament to the fans and their devotion to the club.”

Leeds could pay up to £18.4m in transfer top-up fees this season, according to data in the accounts.

The club will also have to shell out £35.3m in bonuses to players and staff when Premier League survival is mathematically secured in 2020-21. 

In other news, Leeds United player’s Elland Road career over after “really strange update.”