English soccer club Leeds United this morning reported that it had dipped further into the red last year, driven by previous high spending on new players and the absence of European Champions League football.
The Premier League club, currently fifth in the English top division, reported an annual pre-tax loss for the year to the end of June of £28.2m, following a £4m loss the previous year.
Leeds are one on a number of leading clubs hit by flat TV fee income and rising costs, but after the end of the financial year sold Rio Ferdinand and Robbie Keane to slash its mounting debts and bring in £37m.
Former team manager David O'Leary spent more than £100m in nearly four years - or around £60m net of player sales.
