"Phenomenal for a non 'big six' club" - expert details Leeds United accounts, profit and potential

The Whites are one of only two of last season's Premier League clubs to have reported a profit, from the 16 to have published their financial accounts to date.

Last year Leeds reported an operating loss of £64m and although their wage bill and transfer spending went up significantly for the 2021 accounts, Premier League income helped boost turnover from £54m to £171m.

Key to that were the top flight's central payments of £110m, broadcast revenue of £22m and record sponsorship and commercial deals with SBOTOP and Adidas.

Regardless of the riches made accessible by continued Premier League status, Maguire is impressed with Leeds' financial management as a club trying to stay amongst the elite.

"I quite like the way the club has protected itself from the worst of the Premier League because right at the very end it talks about bonuses that are paid if they avoid relegation," he said.The wage bill is high but it would have been a lot lower had the club gone down - £35m of the wage bill appears to be relegation avoidance bonuses and that's going to hit £48m this year, so it's quite the insurance policy, the way the club operates itself.

"Premier League status can do wonders for you but Leeds is now the 16th club to have published accounts for 2021 and only two of them have made an operating profit - only Leeds and Sheffield United made money last season.

"Sheffield United were in their second season of Premier League football and they were relegated. I suspect that if they'd finished 17th they might have made a loss because they would have paid significant relegation avoidance bonuses."