ChampionshipLeeds United have posted losses of £9.5m for the financial year 2012-13. The Yorkshire side, who are now set to be taken over by Massimo Cellino, saw turnover fall by over £3m from the previous year, while attendances dropped by almost 8%.
The period includes the club's takeover by Gulf Finance House in December 2012.
The accounts show that at the end of the financial year the club had no majority owner as GFH sold more than 50% of their stake to different parties before buying it back at the back end of 2013 prior to the sale to Cellino.
It is understood the club now owe over £30m to creditors and Cellino will now have to bring the debt down if they are to comply with the Football League's Financial Fair Play regulations.
