By Mark Smith

6th Sep, 2022 | 8:10am

Leeds United latest profits not hard cash as Andrea Radrizzani waives shareholder loan - Phil Hay

Phil Hay has shared that the latest Leeds United profits were not hard cash to Andrea Radrizzani when looking into the clubs’ financial situation this week.

The Athletic journalist shared that of the £25million posted profit in the latest accounts, £21.3million of that was waived shareholder loans, which were repayable back in May of 2021.

Leeds were said to have made a “massive step” forward with their accounts after reaching the Premier League, although concerns started to be raised after a quiet end to the transfer window.

Writing in his latest piece for The Athletic on Tuesday [06 September], Hay shared what the finances could currently be looking like at Elland Road.

“The club turned a £25m profit in 2020-21 — enough money in theory to buy someone like Aaronson, but in reality, that figure did not represent hard cash,” he wrote.

“It included £21.3m in waived shareholder loans, most likely owed to Andrea Radrizzani, all of which were repayable in May 2021.

“Adding that amount to the balance sheet significantly improved the bottom line. Strictly speaking, Leeds made £4.6m overall on a total turnover of £171m. It was a massive step forward from the losses they were used to posting in the Championship but still a small gain in the grand scheme of Premier League expenditure.”

Profits.

The main thing to take from all of this is that Radrizzani is likely in the profit.

Even last season and the start of this summer, Leeds United have not put themselves in a position to be too far into the red, even though that may slightly concern on the transfer front.

Leeds only really added Junior Firpo for the 2021-22 season and with the return of the fans, that matchday revenue likely covered that transfer and more.

Then you take into account the sales of Raphinha and Kalvin Phillips this summer, two deals that covered our entire outlay as well as leaving some cash behind.

Radrizzani is a smart businessman and he has taken our accounts to new levels since joining, but fans wanted to see more this summer, and the promise of another year of profits likely won’t cut it.

Leeds fans were crying out for more incomings, and the biggest deal of the day being to lose Dan James, it doesn’t fill many with confidence regarding those accounts – although everything looks to be more than in order.

In other Leeds United news, the Whites have said see you again to one attacker after being left baffled by a deadline day agreement