Massimo Cellino reduces Leeds United’s overall losses by 90%

Leeds United has managed to significantly reduce overall financial losses at the club, putting it “on a stable financial footing for the first time in many years.”

In its results ending June 30 2015, Leeds and parent company Eleonora Sport Limited reported a turnover of £24.4m, which is down from £25.3m in the previous year.

However, the overall losses at the club have reduced significantly from £22.9m for the year ending 2014 to £2m for the year ending 2015. This represents a 91% reduction in overall losses.

Leeds’ Italian owner Massimo Cellino bought a 75% stake in the club via Eleonora Sport in April 2014 from the Bahrain-based bank Gulf Finance House, thus taking on a tough financial situation.

This recovery has been achieved by an improvement in player trading and a substantial reduction in the overall cost of sales at the club of £2.29m (-58%) on the previous year.

In addition, Eleonora Sport converted £6.5m of debt into shares and invested an overall £42.96m into the Championship club.

Chairman Massimo Cellino said: “I would like to thank the senior management team and all of our employees for their hard work and effort during this difficult period to help achieve these improvements in the business performance of the club.

“The accounts illustrate the commitment that has been made to resolve the financial issues which have surrounded Leeds United Football Club. The club is now on a stable financial footing for the first time in many years.

“We are confident that we can continue to make further improvements in the years ahead.

We hope that we can now finally begin to focus and invest the club’s income, generated through our supporters and sponsors, into improving the quality of the playing squad and performances on the pitch.

“We would like to thank the supporters and our sponsors for their continued patience and support.”

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