Leeds United will be forced to sell a number of prized assets this summer to balance the books after missing out on the payday of promotion to the Premier League enhanced their bleak financial outlook.
Crysecio Summerville could lead a mass exodus at Elland Road after Leeds lost 1-0 to Southampton in Sunday’s play-off final.
Not winning a return to the top flight means the club lost out on north of £100m in matchday, broadcast and commercial revenue.
Leeds will not just have to sell before they can buy this summer – but also settle substantial outstanding amounts owed in past transfers.
It is understood the club owe £189.7m in agreed instalments of payments for player acquisitions before this year.
Daniel Farke’s Leeds are facing an uncertain summer after failing to win promotion
Crysencio Summerville could lead a mass exodus at Elland Road with the club needing to sell
Archie Gray will one of the club’s most sellable assets this summer despite his love for Leeds
In the most recent accounts, Leeds posted an operating loss of £106m – though this was offset somewhat by player sales of key men Kalvin Phillips and Raphinha. A similar summer of upheaval is likely to follow with none of the core of the team an absolute guarantee to stay.
Another problem they have is 11 players left the club last summer on loan deals. The high quantity is due to ‘loan clauses’ in their contracts which were effectively makeweights for avoiding a deal where they would take substantial wage reductions upon relegation.
Many of those will not return to the club, like Luke Ayling who is joining Middlesbrough on a permanent deal. Jack Harrison was a regular when fit for Sean Dyche at Everton – the Merseyside club are exploring making his deal permanent and are confident in doing so.
Everton’s hand was boosted when Leeds missed out on promotion and that is expected to be a theme at Elland Road this summer.
Summerville will almost certainly leave. Liverpool are one of a number of top-flight clubs believed to be keeping an eye on the Dutchman’s situation.
Teen starlet Archie Gray is said to love the club – he is often spotted singing along with a pre-match rendition of ‘Marching on Together’ – but will be one of Leeds’ most sellable players after a stellar breakout campaign.
Georginio Rutter – who signed for £35.5m – and Willy Gnonto could also leave, with the latter nearly doing so last summer and refusing to play after the club turned down two bids from Everton just shy of £20m.
Premier League clubs are monitoring the situation of Joe Rodon, who spent an impressive season at Leeds on loan from Tottenham. His defensive partner and fellow Welsh international Ethan Ampadu also had a solid year and it would be no surprise if top-flight sides are keen.
But despite all the negativity, Leeds are not expected to fall foul of profit and sustainability rules – so long as they raise some funds from sales.
Georginio Rutter may have played his last game for the club after signing for £35 million
Wilfried Gnonto tried to leave the club last summer but could be forced out to raise funds
Ethan Ampadu has had an impressive year and could be another out of the door
‘They’re not in a brilliant position but it’s not a crisis,’ says football finance expert Kieran Maguire.
‘From a cash point of view, they invested heavily in 2022-23 – the season they went down. A lot of their spending since coming to the Premier League was on structured deals, which is the norm. You don’t write out a check for £50m.
‘But it does mean there is a lot on their existing credit card. They need to get down their balances before they can start spending again. Looking at profitability, they lost £36m in 2022 and £34m in 2023, so that’s £70m going into this season.
‘The wage bill will be down (in the next set of accounts) but TV money is also down significantly even with parachute payments. In terms of the sustainability of the club, the 49ers are pretty solid owners.’
