Leeds United today announced massive annual losses of almost £50 million sterling (€72 million).
In the year up to June 30th, the Elland Road club recorded pre-tax losses of £49.5 million, which amounted to £25.4 million before transfers were taken into account.
However, chairman Professor John McKenzie tried to put a positive angle on the news, claiming cost-cutting had worked.
He said: "We have taken £20 million 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."
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Today's announcement to the Stock Exchange also confirmed that Mr Trevor Birch will become chief executive on November 1st.