Leeds United hit with losses of nearly £9m

Leeds United has reported a rise in turnover for the period ending 30th June 2016, despite experiencing losses of nearly £9m.

During this period, the Championship club saw turnover rise by £5.7m to £30.1m, whilst gross profits also increased by £4.3m to £24.7m.

However, the club’s losses increased by £6.3m to £8.9m in the 2015-16 financial year.

Leeds announced that this was caused by a reduction in profits generated from player trading down by £7m to £2.8m for the year.

In addition, the club’s investment in the first team playing squad totalled £6.3m, compared to £6.1m during the year prior.

The club’s first team playing wages also represented 50% of turnover compared to 71% during the prior financial year, whilst the club finished two league positions higher during the most recent campaign.

The club further announced that Elland Road reported an average home league attendance in the season was 22,448. This figure was down from 24,278 the previous season.

These financial figures have been released following the sale of a 50% stake in the club to Italian businessman Andrea Radrizzani.

It is believed that Radrizzani, who is the co-founder of media rights group MP & Silva, will take full control over Leeds in the summer.