Leeds United have announced a huge £21.4million loss despite turnover climbing to £48.9million in Andrea Radrizzani’s second year as owner, Football Insider has learned.
The Yorkshire giants today published their annual accounts for the 2018-19 season as a deficit of £4.3m in the previous 12 months rocketed.
Analysis of the accounts from Football Insider shows that the club had an operating loss of £36.1m, although this was offset by cash raised through player sales.
The accounts demonstrate how far Radrizzani stretched in Marcelo Bielsa’s first campaign as manager to push for promotion.
United ultimately fell narrowly short after finishing third in the Championship and being defeated via the play-offs.
The rise in turnover of £8m from the previous year was offset by a significantly enhanced wage bill that climbed nearly £15.2m to £46.2m.
Remarkably, the club is paying out more than double on salaries since Radrizzani took over as sole owner in May 2017, from £20m during Massimo Cellino’s final campaign.
Gate receipts increased £1.4m to £12.6m while commercial and merchandising income accounted for more than £21m of the club’s annual revenue for the year ending June 30 2019.
The Championship promotion hopefuls have seen marked growth over the last four years, mainly due to increased commercial revenue, higher crowds and gate receipts.
Elland Road was regularly full to capacity during Bielsa’s first campaign, as it has been again this season.
In other Leeds United news, it can be REVEALED that the club face losing rising star who’s blown senior teammates away.