Leeds United lost £64million during the 2019/20 campaign and escaped an FFP breach, according to finance expert Kieran Maguire.

On April 3 Leeds published last season’s accounts on Companies House to show the period July 1 2019 – July 31 2020.

Writing on his personal Twitter profile, Maguire told his 55,000+ followers that the Whites could have found themselves in trouble if they had not won promotion.

He said: “No, promotion bonuses don’t count and Covid costs are deducted from the FFP calls. Club would have had to cut back severely in 2020/21 to avoid an FFP breach though if hadn’t been promoted.”

But he says there’s no cause for concern now as he divulged the riches that this season’s Premier League broadcasting rights will bring.

Maguire tweeted: “Nope, they will earn an extra £20-30m of TV money this season from finishing so high up the PL table and triggering extra prize money.”

No cause for concern

Football club’s financial accounts can be tricky to analyse such is the constant mood swing of the sporting environment, something that has been made even more difficult with the effects of the Covid-19 pandemic.

But Maguire is a trusted expert and he seems to be calm about our situation.

A £64million loss is not pretty while we still have to shell out Premier League survival bonuses of £35million plus in addition to potential transfer add ons of £18million [Kieran Maguire – Twitter].

But with a high Premier League finish in the offing, along with the substantial TV revenue, things are not as bad as first feared.

Had we failed to achieve promotion last season it could have curtains for this squad with a number of first-team stars ushered out of the Elland Road exit door to avoid an FFP breach with the EFL.

However the future looks bright now and we’re expected to continue our rapid rise up the ranks of English football as we eye players in the ilk of Raphinha again in the upcoming transfer market.

In other Leeds United news, Phil Hay claims 27y/o Whites ace likely to sign new deal before start of next season.

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