Leeds set for revenue boost if they record ‘very big’ attendances after Elland Road expansion

Leeds United will improve their revenue if they can record “very big” attendances after completing their expansion of Elland Road. 

That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider the Whites must focus on getting more seats in the stadium than hospitality areas. 

It was confirmed in January Leeds have received the necessary approval to increase Elland Road’s capacity from 37,645 to 53,000. 

The development will see the West Stand and the North Stand expanded, while alterations will be made to the South Stand. 

Leeds’ finances will receive a boost once the stadium expansion is completed as they look to increase their matchday revenue. 

How much extra revenue could Leeds generate from Elland Road expansion?

Football Insider previously revealed Leeds could earn £15million in extra revenue after increasing their capacity to beyond 50,000. 

Daniel Farke’s side posted their latest accounts for 2024-25 earlier this month, showing their turnover improved from £128m in 2023-24 to £137m last season. 

Speaking exclusively to Football Insider, Borson discussed whether Leeds could earn an extra £15m from the Elland Road expansion. 

“It depends on what the mix is,” said Borson. 

“First of all, it's a lot of revenue that's been forecast. I'm not totally convinced it'll be as much as that, but it's also about the mix. 

“Clearly, if it's just season tickets of people coming through the gate incrementally, that's very little incremental cost, so it's a very high margin. If you generate £15m of additional season ticket sales, that goes straight to the bottom line. 

“But if it's £15m of corporate hospitality, obviously the margins are much lower because you're serving them an expensive meal served with lots of staff. It's labour intensive and the cost of goods are expensive.” 

How 'big numbers' at Elland Road could impact Leeds' revenue

Borson revealed how Leeds can ensure they are earning as much money as possible from the Elland Road expansion.

“You want the mix to be bums on seats watching the match, with potentially a little bit extra from some of their merchandising and some of the higher margin stuff that people might buy in the stadium, maybe the programmes,” said Borson. 

“But that's not where the money is, so it's really about the seats and also everything that comes from having big numbers. If you have got very big numbers through the gate, obviously it's going to generate more revenue, and it's going to generate more profit. 

“You have also got to be mindful that Leeds is not London, and there is a natural limit to the number of corporate hospitality seats that can be sold to local corporates. 

“It's just not the same as Tottenham Hotspur, Arsenal or Chelsea. It's more akin to Manchester City. If you look at where City are in terms of matchday revenue versus some of the London clubs, it's very different.”