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Leeds United receive £110m update on Angus Kinnear masterplan
The current top priority of Leeds United’s executive team is navigating the remainder of the transfer window, but attentions will soon return to other governance issues after the 30th June cut-off.
It has been a window of change for Leeds so far, with the dual ownership team of 49ers Enterprises and new minority investors Red Bull sanctioning almost £120m of player sales.
Today, Leeds made Manor Solomon the latest addition to Daniel Farke’s squad, with the Israeli attacker joining on loan for the season.
That signing follows the permanent arrivals of Joe Rodon, also from Spurs, as well as Largie Ramazani and Jayden Bogle from Almeria and Sheffield United respectively.
Leeds have been somewhat shackled by the EFL’s Profit and Sustainability Rules this summer, which limit clubs to losing a maximum of £41.5m over the current three-year monitoring period.
The owners see themselves as a Premier League giant in waiting and, once they have won promotion to the top flight again, will raise their spending to reflect their ambition.
However, Leeds CEO Angus Kinnear will have been disappointed to hear about a new development that will impact the club financially when they do eventually return to the Premier League.
- READ MORE LEEDS UNITED NEWS: Leeds can spend big before deadline day as £190m issue now solved
Angus Kinnear will be frustrated by news from Westminster
Former West Ham director Angus Kinnear was named Leeds‘ managing director in 2017, in the early days of Andrea Radrizzani’s ownership.
There have been a number of changes in Leeds’ financial and regulatory environment in that time.
The most seismic, which was later reversed, was the decision of the so-called Big Six clubs to join the European Super League breakaway project.
In the wake of that plot, the idea of an independent regulator for English football with backstop powers to protect the interests of fans and ensure financial stability was floated.
After an official review, a bill for an independent football regulator began to make its way through Parliament.
Kinnear was not a fan – in fact, he went as far as to controversially liken the bill to Maoism, the Marxist-Leninist ideology that led to the deaths of millions in China in the 20th century.
The bill was put on ice after the general election was called earlier this year.
But, as reported by The ‘s Matt Slater, the new Labour government are set to strengthen the powers of the regulator to examine parachute payments.
Parachute payments are currently worth up to £110m over three instalments, with Leeds currently in their second year of payments following relegation at the end of 2022-23.
Why are Leeds opposing an independent regulator for English football?
Given that Leeds are currently in the Championship, a competitive league with no guarantees of promotion, one might think that the West Yorkshire club would want to retain parachute payments.
However, Kinnear and the rest of the hierarchy at Elland Road see Leeds as a sleeping giant and, for those purposes, will side with the Premier League when it comes to financial distribution.
It is not known what approach the independent regulator will take towards parachute payments.
One school of thought argues that huge annual payments to recently relegated clubs are distorting competition in the Championship.
The other side of the debate posits that parachute payments encourage long-term financial stability and eliminate the so-called ‘cliff edge’ between the Premier League and Championship.