Home > Football > Leeds United finally profit from sensible dealing - now back to the Premier League!

Leeds United finally profit from sensible dealing - now back to the Premier League!

Hopes are high that Elland Road can be rebought and re-developed again...and that the top flight is really not so far away.

by Joshua Palfreyman on 01 December 2008

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Leeds United have shocked the football world by announcing a profit of a £4.5m for the 14-month period to July 2008.

But the club also announced that the major part of these funds will be held back to fund the re-purchasing of the club's Elland Road stadium and Thorp Arch training grounds. Both Elland Road and Thorp Arch where sold during the well-publicised meltdown and to keep the club from collapse.

Leeds' books show a profit of just over £4.5million while the club made an operating profit before player trading of £902,000 from a turnover of £23,249,000, which is phenomenal for a League One club and even rivals some Premier League clubs.

Leeds United CEO Shaun Harvey told LUTV: “We are pleased. We've gone through a period of transition here and these results reflect a lot of the good work that has gone on at the club.

"We had an inkling what the results would be. We manage the process on a month by month basis, but I think the results will come as a shock to the football world at a time when many clubs are announcing record losses.

"The fact is that we are operating without being saddled with existing debt from the past and it shows that the club can be run effectively and profitably."

So, with this announcement of a sizeable profit, are things finally looking up for the club, who earlier this month also announced plans to redevelop the East Stand at Elland Road. The proposal included a 350-room hotel complex, a covered arcade along the rear of the East Stand featuring shops, bars, and restaurants, and extended and improved facilities for the club's thriving Conference and Events business.

A new Superstore and office block are also included in the plans, along with a nightclub, all situated at the North East corner of the stadium. The proposed re-development wouldn't involve any increase in capacity, but the club could consider further expansion to support the city's ambitions to be included in any World Cup bid for 2018.

It was Leeds United's off-field problems that ruined the club on the field, but with those affairs finally sorted out can the team finally win promotion and get back into the Premier League once again?

With the likes of Jermaine Beckford and Lubomir Michalik, who have been dubbed Premier League potential, and the exciting prospects of Aidan White, Jonathan Howson and the highly sought-after Fabian Delph, who has been linked with many top clubs including Arsenal and Manchester United, things are looking up and Leeds are among the favourites for promotion.

United sit just outside the play-off spots at the moment, but are just six points from table-toppers Leicester City.