Leeds avoid PSR penalty despite £49m loss in 2024/25
Thursday, 2nd Apr 2026 22:15 by Tim Whelan

In the 2024/5 season Leeds broke their own record for the amount of revenue generated by a club in the Championship, but couldn’t avert another big loss. Which left us close to the PSR limit, but thankfully not above it.

Yesterday The Athletic published an analysis of the club’s published accounts which have recently been published. The club haven’t gone out of their way to draw attention to the release of the accounts, as there has been no news item on the official website, and you have to go to the ‘Corporate’ section of the site to dig them out.

Leeds United received £137 m in turnover, up from £127.5m the year before, mainly thanks to a 3 % increase in commercial revenue, which more than made up for the fall in ‘parachute payments’ in our second season outside the Premier League. This was the ninth highest figure in England, and comprised £24.5m from merchandising, £26.9m from ‘other commercial’ and the rest from catering.

The ‘other’ figure will include corporate hospitality, and also the value of the new shirt...