Leeds United today announced massive annual losses of almost £50 million sterling (€72 million).
In the year up to June 30th, the Elland Road club recorded pre-tax losses of £49.5 million, which amounted to £25.4 million before transfers were taken into account.
However, chairman Professor John McKenzie tried to put a positive angle on the news, claiming cost-cutting had worked.
He said: "We have taken £20 million of costs out of the business and rebuilt the management team. As such, it is now possible to begin to look forward with some confidence."
Today's announcement to the Stock Exchange also confirmed that Mr Trevor Birch will become chief executive on November 1st.
