Leeds United chairamn Peter Ridsdale has described the club plc's latest financial results as 'very disappointing' - even though the £34million pre-tax losses do not include the summer sales of Rio Ferdinand and Robbie Keane.
The Yorkshire club have suffered after a poor end to last season led to their missing out on the Champions League for the second season running.
As TV and gate money fell, players' wages accounted for two-thirds of turnover, which dropped by £5m to £81m.
This was partly offset by record revenues in season ticket sales,
merchandising, sponsorship and executive hospitality.
The club claimed that last year's high-profile court case and a spate of
injuries meant they had to buy in players to cover for Jonathan Woodgate, Lee
Bowyer, Lucas Radebe and Michael Bridges rather than use home-grown talent.
The results do not include the £37m generated by the sale of Ferdinand
to Manchester United and Keane to Tottenham Hotspur, or the £2.75m spent
to secure Nick Barmby from Liverpool, as those deals occurred after June.
Ridsdale told shareholders: 'We remain convinced that our long-term strategy is not only right but is the only sustainable strategy to deliver long-term shareholder value.'
- NEWS
