Leeds United Financial Results 2023/24
- Matchday Finance
- Jul 14
- 10 min read
Leeds recently secured a return to the Premier League at the second attempt following relegation in season 2022/23. They finished the season as Champions pipping Burnley on goal difference, a result that was no doubt a mighty relief for owners 49ers Enterprisers.
There is no disputing the fact that Leeds are big club with a rich history and a large loyal fan base. However in the last 20 years they have only competed in the top-flight in three seasons (from 2021 to 2023) having also spent three season in the third tier League One and a period under Administration.
Since September 2023 the club has been owned by 49ers Enterprise, the investment arm of NFL club San Francisco 49ers, who have been willing to invest strongly to return the club to the top tier. In season 2023/24 alone they invested £141 million through a series of capital contributions. With this backing and the successful campaign of 2024/25 Leeds's fans will be optimistic on the chances of being the first promoted club in three season to avoid relegation on their return to the Premier League.
In this post, we look back into Leeds United's financial performance during their 2023/24 campaign when they finished third, losing to Southampton in the play-off final—the latest season for which accounts have been published. These figures offer valuable insight into the scale of Leeds United financial position and demonstrates how critical it was to gain promotion before their Premier League parachute payments dried up.
In season 2023/24 , like fellow relegated sides Leicester and Southampton, Leeds staff costs dwarfed the rest of the Championship clubs. For example their costs were double the next highest Norwich and four times promoted side Ipswich. This shows both the scale of the advantage relegated clubs have with their parachute payments, and the pressure the clubs are under to achieve an immediate return. Something Leeds failed to do in season 2023/24 but achieved in 2024/25 which was no doubt a big relief for the club, shareholders and fans.,
Overview of Leeds United's Financial Results Season 2023/24
Overall revenue saw a significant drop from £190 million to £128 million, which was expected due to the fall in premier league payments following relegation. Their revenue was however the highest in the league and a record for the Championship. Operating costs also reduced significantly but still resulted in a loss of 61 million, the biggest loss in the league. This was higher than the previous seasons £34 million loss.
Financial Highlights for the 2023/24 Season:
Turnover
Leeds’s turnover dropped to £128 million in 2023/24, down from £190 million the previous year. This was still the highest revenue in the league and a record for the Championship.
Broadcasting revenue of £51 million consisting mainly of the Premier League parachute payments. However, this was still significantly lower than the £112 million received during their final season in the top flight.
Matchday revenue rose by £0.7 million to £30.6 million, driven by five additional home games, though partially offset by reduced ticket prices following relegation. This figure was comfortably the highest in the division—around 70% more than Leicester, the next closest club.
Leeds also had the highest commercial revenue, bringing in £43 million, although this represented a £5 million drop from the previous season.
Staff Costs
After relegation, Leeds United's wage bill fell by £61 million to £84 million, making it the second highest in the Championship—behind only Leicester.
Amortisation costs also declined, dropping from £81 million to £60 million following a number of player sales, but was still the highest in the division.
Total staff costs before player sales was £144 million, the second highest in the division and more than double that of any club not receiving parachute payments.
The club generated £34 million in profit from player sales, largely due to the end-of-season transfer of Archie Gray to Tottenham.
Profitability
The club posted a pre-tax loss of £61 million, up from a £34 million loss the previous year. This was the biggest loss in the league.
Player Trading
Leeds invested £38 million in new signings, with key additions including Joel Piroe, Ethan Ampadu, and Ilia Gruev.
The club brought in £69 million from player sales, driven by Archie Gray’s transfer to Tottenham, along with Tyler Adams and Luis Sinisterra both joining Bournemouth.
Football Debt
The club has outstanding debts of £22 million to related parties and a further £37 million owed to third parties, the latter secured against future parachute payments.
As a result of heavy investment in the previous season, Leeds owe £142 million to other clubs in transfer instalments. However, this is partially offset by £69 million receivable from player sales.
Cash Flow
Leeds recorded operating cash outflows of £96 million before investment and financing—by far the largest in the Championship.
Net transfer spending amounted to £67 million, with an additional £5 million invested in facilities and infrastructure.
To bridge the significant funding gap, the club raised £141 million through new share issues and secured a £26 million loan from a related party.
The club stated it had "successfully operated within the EFL's Financial Fair Play regulations"—though it appears they came close to the limit. Following a substantial loss in 2023/24, Leeds' cumulative losses over the three-year assessment period reached £131 million. With an allowable threshold of £83 million, they would have needed to make at least £48 million in eligible adjustments to remain compliant—something they evidently managed. However, this left them with minimal headroom heading into the 2024/25 season.
Financial Outlook
Securing promotion to the Premier League in 2024/25 was a major milestone for Leeds United and will significantly improve their financial outlook. However, the club's profitability position heading into the season remained challenging. With two seasons spent in the Championship, their allowable losses on a rolling three-year basis drop to £61 million. Given the scale of adjusted losses already incurred in 2022/23 and 2023/24, Leeds have likely used up most, if not all, of this allowance.
As a result, the club could afford to make only modest pre-adjustment losses in 2024/25—likely no more than £15 million.
This financial constraint was likely a key factor behind several high-profile player sales at the start of the season. Georginio Rutter, Crysencio Summerville, and Glen Kamara all departed for substantial fees, generating an estimated £50 million in profit. These sales represent a significant step toward ensuring compliance with financial regulations.
Next Read
For a full breakdown of the Premier League’s 2023/24 financial results, check out our recent blog: Premier League Financial Results Season 2023/24
Turnover
Following relegation from the Premier League, Broadcast revenue, as expected, dropped significantly. There was a 3% increase in Matchday revenue, but Commercial revenue fell 10%.
Their total revenue of £128 million set a new all-time record for the Championship.
Matchday Revenue
Leeds United’s home ground, Elland Road, has a capacity of 37,792. During the 2023/24 season, the club averaged 35,986 attendees at league matches—96% of total capacity and the second highest in the division. Around 75% of those attendees, approximately 27,000, were season ticket holders.
While Leeds don’t boast the highest capacity or attendance—that title belongs to Sunderland—they generate by far the highest matchday revenue per paying fan. At £30.58 per fan, this figure is 30% higher than the next best, Leicester, and would rank 10th among Premier League clubs.
As a result, Leeds recorded matchday revenue of £30.6 million—the highest in the Championship by a significant margin and the ninth highest across all of English football.
Ownership of the stadium was recently returned to Leeds United, giving the club full control of Elland Road for the first time since 2004. Since then, the club has outlined its long-term plans for the ground’s future.
A formal planning application has been submitted to expand the stadium’s capacity to 53,000. The proposal includes major upgrades to the West and North Stands, along with enhancements to hospitality facilities.
The demand to support such an expansion is clear. As the largest one-club city in England, Leeds United reports a season ticket waiting list of 26,000 fans. Increasing capacity to 53,000 would significantly boost matchday revenue, although the development is expected to cost between £150 million and £200 million.
Broadcast Revenue
Clubs relegated from the Premier League receive parachute payments for up to three years. In the first year after relegation, a club receives 50% of the Premier League’s equal share distribution, followed by 45% in the second year and 20% in the third—if the club had spent more than one season in the Premier League.
For the 2023/24 season, the equal share was valued at £95 million, meaning Leeds United received approximately £47 million in their first year following relegation in 2022/23. This gives them a significant financial advantage over clubs not receiving parachute payments, who typically receive around £10 million.
Commercial Revenue
Leeds United’s commercial revenue—which includes income from sponsorships, merchandising, hospitality, stadium tours, and other non-football activities—fell by 10% to £43 million in the 2023/24 season. This decline was anticipated following the club’s relegation from the Premier League.
Despite the drop, Leeds still generated the highest commercial revenue in the Championship, outperforming second-placed Leicester by £10 million. Their commercial income would have ranked 11th among Premier League clubs.
The bulk of this revenue—£25 million—came from merchandising, up £1.4 million from the previous season, an impressive result given their drop to the second tier. Catering income also saw strong growth, rising from £5.7 million to £8.3 million. However, other commercial streams, particularly sponsorship, declined sharply, falling from £18.3 million to £9.5 million.
In 2023/24, Leeds’ principal front-of-shirt sponsor was BOXT, though that deal lasted only one season. Red Bull has since taken over as the front-of-shirt sponsor for the 2024/25 campaign.
Staff Costs
Following relegation, Leeds United’s player wage bill dropped significantly from £146 million to £84 million. Amortisation—the write off of transfer fees over the length of player contracts—also fell, from £81 million to £60 million. These reductions were expected with the club’s move to the Championship.
Despite the financial adjustment, Leeds made only one major sale at the start of the season: Tyler Adams to Bournemouth. However, 11 players departed due to either expiring contracts or relegation-triggered loan clauses.
Leeds United’s total staff costs for the season amounted to £151 million, the second highest in the Championship—behind only fellow relegated club Leicester City. However, it’s likely that Leicester’s figure includes promotion bonuses following their immediate return to the Premier League.
The chart below highlights the significant financial advantage held by clubs receiving parachute payments, with staff costs roughly three times higher than those of clubs without such support.
Profit on Player Sales
Leeds United generated £33 million in profit from player sales during the 2023/24 season, with the majority coming from the end of season transfer of academy graduate Archie Gray to Tottenham. Other significant departures included Tyler Adams and Luis Sinisterra, both sold to Bournemouth.
Profit and Loss
The 2023/24 season brought an unfortunate statistic for Leeds United: despite recording the highest turnover in the Championship by a clear margin, they also posted the largest financial loss—again by a wide margin. Combined with the narrow failure to secure promotion, it marks a disappointing outcome for the club.
Following relegation, Leeds maintained a relatively high cost base in anticipation of an immediate return to the Premier League. Their total wages and day-to-day operating expenses reached £132 million—exceeding turnover—which led to an EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) of -£4 million.
Although amortisation and impairment costs fell, in part due to the sales of Tyler Adams and Luis Sinisterra, they still remained high at £67 million—well above typical Championship levels. In addition, player acquisitions during the previous season left the club with substantial outstanding transfer liabilities, which stood at £189 million at the start of 2023/24. Although this has since been reduced, it contributed to interest payments rising from £12 million to £21 million.
While player sales brought in £36 million in profit, it wasn’t enough to offset overall expenses. Leeds ended the season with a net loss before tax of £61 million—an increase from the £34 million loss recorded the previous year.
As previously noted, Leeds United’s £61 million loss was the largest of any club in the Championship.
Player Trading
Leeds invested heavily during their three seasons in the Premier League, spending a total of £355 million on transfers—the seventh highest in the league over that period. While star players Kalvin Phillips and Raphinha departed in 2022/23, the club retained the majority of its Premier League-era signings. Following relegation, the only major exits were Tyler Adams in the summer and Luis Sinisterra in the January window.
The club continued to strengthen the squad in the Championship. In 2023/24, Leeds spent £38 million on new signings, with notable additions including Joel Piroe, Ethan Ampadu, and Ilia Gruev.
It's worth noting that the £69 million shown for player sales in the chart below includes the end-of-season sale of Archie Gray, along with the departures of Adams and Sinisterra.
Leeds' £38 million outlay on new signings was the third-highest in the Championship for 2023/24. However, their net transfer spend of -£31 million (player acquisitions less sales) ranked among the lowest in the league—only Watford and Southampton posted lower figures.
Player trading plays a crucial role in the Championship, both for meeting profitability regulations and as part of the league’s broader role in developing talent. As a result, the division typically operates as a net seller. In 2023/24, Championship clubs collectively recorded a net transfer balance of -£209 million, with all three relegated clubs big sellers.
At the end of the 2023/24 season, Leeds shifted their selling strategy, with the departures of Archie Gray, Georginio Rutter, Crysencio Summerville, Glen Kamara, and Marc Roca. These sales generated much-needed funds to support the club’s compliance with Financial Fair Play regulations.
Football Net Debt
Debt continues to play a major role in financing Championship clubs. As of the end of the 2023/24 season, the league’s total debt stood at £1.56 billion—equivalent to 163% of its combined turnover. Debt levels rose by £250 million during the season, largely due to changes in club composition, with Leicester, Southampton, and Leeds all carrying significant outstanding loans. Notably, around 75% of this debt consists of related-party loans.
Leeds' total debt at the end of 2023/24 was £55 million, comprising £22 million owed to related parties and £33 million to third parties—the latter secured against future parachute payments.
As a result of substantial investment during their Premier League seasons, Leeds owe £142 million to other clubs in outstanding transfer instalments. This liability is partially offset by £69 million in transfer fees receivable from player sales.
Cash Flow
In the 2023/24 season, Leeds reported negative operating cash flow of £92 million—the worst in the Championship by a significant margin. However, it's important to note that operating cash flow can vary year to year due to fluctuations in receivables and payables. For Leeds, these movements were particularly pronounced, largely driven by the timing of payments related to player transfers, both incoming and outgoing.
The club spent £84 million on player acquisitions and invested a further £5 million in facility improvements, while generating £17 million from player sales. This resulted in net cash outflows of £72 million from investing activities.
To bridge the total funding gap of £162 million, Leeds raised £141 million through a share issue and secured an additional £27 million in loans.
Across the Championship, no club reported positive operating cash flow for the season.
Total operating outflows reached £422 million, with a further £36 million in investment outflows. These were largely financed by £417 million in new funding and £41 million drawn from existing cash reserves.
