I’m not going to try and go through this and pretend I know exactly what’s going on. I will just post exactly how the club have posted it. For a view of the accounts you can visit the clubs website but below is a summary of the most important parts.
Accounts filed for year ending June 2017.
The accounts show that the club generated a £1m net ‘on paper’ profit- however despite strong revenue growth and improvements in operational cost control, the business required a £14.5million cash injection from Andrea Radrizzani to maintain operations and improve on-field competitiveness.
The £1m on paper profit for the financial year does not reflect that £6.8m was also spent on investment in the first team squad over the same time period, nor that historical liabilities totalling £8.475m had to be repaid.
Please note that Andrea Radrizzani took a 50% share of Leeds United in January 2017
In order to help fans understand the information contained within the documents that have been filed, please find below the key points from these accounts.
Key Points from the Accounts
– For the year ending 30th June 2017 the total club turnover rose by £4.0m to £34.1m driven mainly by increased attendances.
– Net profits of £1.0m were generated compared to net losses of £8.9m during the prior year, caused principally by an increase in profits generated from player trading up by £6.1m to £8.9m for the year ended 30th June 2017.
– Net liabilities at 30th June 2017 were £1.1m, this compared to net liabilities of £252k as at 30th June 2016.
– Transfer spend invested into the first team playing squad totalled £6.8m during the year ending 30th June 2017 compared to £6.3m during the year prior.
– During the year ending 30th June 2017, the club converted £5,000,000 of debt due to Eleonora Sport Limited in to share capital, further strengthening the balance sheet.
– Average home league attendance in the season was 27,698. This figure was up by 5,250 from 22,448 the previous season.
– Following the launch of our Technical Partnership with Kappa last year, retail income continued to grow with sales rising by £0.6m to £5.8m.
– Once again the club has continued to carefully manage its operating cost base effectively- first team playing wages represented 47% of turnover compared to 50% during the prior financial year whilst the club finished six League positions higher during the most recent campaign.
– Average age of players in the first team squad at the commencement of the 2016-17 season was 22 years, identical to the prior season.
-The club’s grass roots ticket initiative, designed to encourage groups of young people to watch live football at Elland Road increased in popularity with nearly 13,000 fans attending during the 2016-17 season.