Leeds United will remain on board the Premier League gravy train next season but they are facing a mammoth £35.3million bonuses bill, according to the club’s newly-published accounts.
The Yorkshire giants’ latest financial results posted during the Easter weekend announced a whopping pre-tax loss of £62.4m for the year ending July 2020 even though turnover climbed to £54.2m.
In their yearly financial results, United outline the huge bill they will be hit with at the end of an impressive first season back in the top flight.
The accounts detail that bonuses loaded into the contracts of their players and coaching staff will mean massive pay-outs for the club.
Leeds must pay £35.3m in bonuses to players and the coaches (up from £19.9m last year).
The value of remaining in the Premier League is at least £100m in broadcasting windfalls as well as massive commercial and merchandising top-ups.
Nevertheless, the difficulties of making ends meet in the Championship are made resoundingly clear in the latest accounts.
For the period covering Andrea Radrizzani’s third year as owner of the club, Leeds pushed the boat out to secure the holy grail of Premier League status.
There was major investment in players and management staff, increasing United’s wage bill from from £46m to £78m.
The accounts show bonus payments for winning promotion last season amounted to £20m.
Leeds ended the weekend 11th in the Premier League after registering their 13th league win of the season on Saturday, 2-1 at home against Sheffield United.
Marcelo Bielsa’s side have 42 points, well past the 40-point mark considered the maximum needed to avoid relegation.