English Premier League club Leeds United's annual losses almost doubled to £49.5m in the year to the end of June.
The club announced this morning that turnover fell by 21% to £64m and debt stood at £78m, from £77.9m a year earlier.
'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 announced it had appointed former Chelsea CEO Trevor Birch as chief executive officer.
The drop in turnover was due in part to declines of 36% and 9% in television and merchandising income respectively.
Despite seeing the likes of Rio Ferdinand, Jonathan Woodgate, Robbie Fowler, Robbie Keane, Lee Bowyer and Olivier Dacourt leave during the 12 months up to June 30, Leeds' wages actually rose by £3m while the club made a loss of £17m in player trading.
