Leeds United have released their financial accounts for the year ending 30th June 2015, with the headline news being a 91 per cent reduction in losses made by the club.
The Whites have reported that turnover has gone down, moving to a total of £24.4m from the previous recorded figure of £25.3m.
However, the Championship side have managed to reduce its costs and losses fell from £22.9m to just £2m, a reduction of an astonishing 91 per cent.
The Yorkshire giants also report that net assets were £1m, an improvement from the previous year with net liabilities of £13.5m, while investment in the first team squad came in at £6.1m, compared to £2.3m the year before.
Owner Massimo Cellino has also converted debt, through his Elenora Sport group, into shares, with £6.5m of debt changed into shares.
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That moves the total amount of capital put into the club by Elenora Sport up to £42.96m.
In terms of player wages, they are reported as coming in at £17.4m, which represents 71 per cent of the club's total turnover.
