Leeds United published their 2022/23 official accounts earlier this week amid the current scrutiny over profit and sustainability rules.
The Whites have been left aggrieved on a number of occasions over the last few months with three of the five sides they were battling relegation against last season charged with PSR breaches.
Earlier in the season, Everton became the first side to be deducted 10 points as a result of PSR, though that was then reduced to six on appeal. Nottingham Forest were then docked four last month.
The Toffees were then handed a further two points for a second charge last week, while Leicester City are also facing starting next season on minus points if they are promoted.
Though Leeds are not in any immediate danger for a points deduction, there were certainly some worrying figures in their accounts as a result of the previous regime.
Hay shares what he has been told by Leeds about Whites’ PSR compliance
Football finance expert Kieran Maguire yesterday pointed out on talkSPORT that Leeds actually owe £190 million to clubs in unpaid transfer instalments.
He claimed Andrea Radrizzani effectively used the ‘Leeds United credit card’ to complete big money signings such as Georginio Rutter, Brenden Aaronson, Tyler Adams and Luis Sinisterra.
The sales of both Raphinha and Kalvin Phillips in that period were paramount to Leeds’ compliance with PSR, but it remains to be seen how those unpaid fees impacts the club moving forward.
Athletic journalist Phil Hay has been discussing Leeds’ accounts on the latest episode of the Square Ball Podcast, and shared exactly what he has been told by the club regarding the figures.
He said: “Both Raphinha and Phillips feel into the accounting period of 22/23 because they were sold in July, not June. The overall amount gained was £75 million so that has offset that really big operating loss.
“I have spoken to Leeds about this and they say they are compliant with PSR in the Premier League for their cycle but also compliant at the moment with PSR in the Championship.”
Leeds accounts show club in better place without Radrizzani
Finance guru Maguire also wrote on his Twitter this week that Leeds were relegated with the 11th highest wage bill, fourth highest spend and 10th most expensive squad in the Premier League.
Leeds went down with an absolute whimper last season and so that shows just how poor Victor Orta was at finding signings that were not only beneficial on the pitch, but off it too.
Those brought into replace Phillips and Raphinha were just simply not up to the level, which is so disappointing considering it is now very clear their sales were paramount.
It will certainly be interesting to see the impact 49ers Enterprises have made on Leeds’ accounts for this time next year, considering they were happy to sell Sinisterra in February for less than the originally agreed option-to-buy with Bournemouth, in order to get more money up front.
Allowing players to leave on loan with clubs covering 100 per cent of the wages should also be beneficial to how the accounts looks.
One thing is for sure, though, Radrizzani was not cut out for owning a Premier League club, and Leeds are now in better hands with 49ers Enterprises.