Annual Losses Record High

Last updated : 28 October 2003 By Kevin Markey
The club turnover fell by 21% to £64m and debt stood at £78m, from £77.9m a year ago.

A year of high-profile sales and cost-cutting could not prevent Leeds from recording the worst-ever financial results for a British football club.

"We have taken £20m 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," chairman John McKenzie said in a statement.

The club also announced it had appointed Trevor Birch as chief executive officer.

The club's wage bill rose by £3m during that period while Leeds also lost £17m in their transfer dealings, despite seeing some of their most valuable and best paid stars leave.