Leeds United have announced a pre-tax profit of £26 million for the 2020-21 Premier League season. The campaign was the Whites' first back in the top flight for almost two decades and despite the impact of Covid-19, the club were able to post just their second annual profit in the last 10 years.
The return to the Premier League and the TV money that comes with it, has played a huge part, rising from £1.4 million in the Championship to £22 million. Leeds posted a £62 million loss from their final season in the Championship, despite winning the title under Marcelo Bielsa.
The annual turnover has leapt from £54 million to £171 million with central revenue payments rising from £7 million in 2019-20 to a staggering £110 million in 2020-21. Securing sponsorship deals with shirt sponsor SBOTOP has generated £7 million and a new deal with kit manufacturer Adidas has also lined the coffers.
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The Whites played almost the entirety of the campaign behind closed doors with gate receipts falling to just under £2 million as a result of the pandemic. Leeds spent £63 million on new signings in the first summer window, which also meant a rise in wages from £78 million to £108 million, leaving administrative costs totalling £152 million.
Despite the rise in expenditure, the Whites recorded a profit for the first time since Andrea Radrizzani took control of the club in 2017, and the second time since 2011. The pre-tax profit was £26 million, with loan interest of £21 million being waived, meaning the club were left with an operating profit of £5.5 million.
Around £5 million was spent improving Elland Road, Thorp Arch and other property owned by the club.
The purchasing of shares by 49ers Enterprises in December 2020, injected £23million into the club and shareholder loans were £21million were waived in the accounting period. A ninth-place finish under Bielsa secured additional revenue to keep Leeds' in a decent financial position.
