Leeds United have announced losses of £ 64 million during the coronavirus hit 2019/20 campaign, despite ending their 16-year Premier League exile by winning the Championship campaign.
The Whites ruined the rest of their competition last season and finished with the second point with ten points in what will be remembered as a famous year for the English giants.
But their success on the pitch was not reproduced by it as they announced financial losses of £ 64 million, as reported by BBC Sport.
Leeds have lost over £ 50 million despite winning the championship | Michael Regan / Getty Images
Leeds spent £ 46 million on players last year in their bid to return to top flight and then shared £ 20 million in promotional bonuses to players and coaches. However, they saw an increase in commercial revenue and invested around £ 15 million in the sale of shirts and goods.
The club also made a £ 2.5 million insurance claim due to the coronavirus pandemic, where all games were played behind closed doors and cost teams up and down the country millions in ticket revenue.
Leeds CEO Angus Kinnear explained that despite the losses, the club was able to maintain “the group’s financial integrity with record commercial growth.”
“Despite the unparalleled operational and financial challenges posed by the Covid-19 pandemic, the group won the EFL Championship by ten points while maintaining its financial integrity with record commercial growth.”
Bielsa has been the source of their success Pool / Getty Images
White sales increased from £ 48.9 million in the 2018/19 season to £ 54.2 million last year, largely due to the above-mentioned increase in merchandise sales. Leeds have become extremely popular in South America, especially among fans who are enchanted by coach Bielsa.
Kinnear also praised the “newly discovered unit” throughout the club and described their base as the “perfect platform” to be a success both on and off the pitch.
“The commercial figures illustrate the positive feeling of the fans and the newly discovered unity between supporters, players, management and, combined with promotion to the Premier League, is the perfect platform for continued football and commercial success.”
