Leeds have reported losses of £64.6m for last season as they gained promotion to the Premier League for the first time in 16 years.
For the financial year ending July 2020, the club’s accounts, published on Companies House, show their operating losses had increased from £36.1m the previous year.
Turnover increased from £48.9m to £54.2m as they stormed to the Championship title, with merchandise sales up by almost 64 per cent to £15.4m from £9.4m.
The accounts show gate receipts of £14.4m after the season was suspended in March before resuming behind closed doors and that player bonus payments for winning promotion amounted to £20m.
Further bonus payments of £35m will be due if Leeds retain Premier League status, the accounts revealed, while there were potential transfer add-ons of £18m and club salaries had increased to £78.3m from £46.2m.
“The risks of Covid on the revenue streams remains significant, but the improvements in the macro-health environment point to a return of crowds in the near future which will see all core revenue streams fully restored,” Leeds director Angus Kinnear wrote in the accounts.
“The primary risk facing the group remains the divisional status of the club’s first team due to the impact on key revenue streams, however we remain confident we have built a commercial model to fund a technical set-up which can ensure Premier League retention.”
Leeds returned to the Premier League’s top 10 after registering their 13th league win of the season on Saturday, 2-1 at home against Sheffield United.
Marcelo Bielsa’s side have 42 points, passing the 40-point mark which is considered the target to avoid relegation.