Leeds United have revealed a massive pre-tax loss of œ28.21 million in a statement to the London Stock Exchange.
The figure compares to a loss of just œ4 million the previous season.
The size if the loss is all the more surprising given the the sale of Rio Ferdinand and Robbie Keane for a combined £37 million.
David O’Leary, who was sacked in the summer for his failure to lead the club into the Champions League, spent nearly œ100 million on transfer fees during his four-year reign at the club – a figure which contributes to the enormous loss experienced by the club.
The figures prompted a dramatic drop in the club’s share price with Leedsshares now valued at 5.5 pence, half the value of a year ago.