Leeds United's shrewdness in the transfer market over past decade a study has found, leading current Premier League teams in the percentage of profit and loss on transfers.
Leeds have not always been known for their astute business in the transfer window, especially when dating back to their previous Premier League days.
The infamous financial mismanagement of the club saw them relegated from England's top flight in 2004. It took 16 years for them to recover and return to the Premier League.
However, in recent years, Leeds have shown much-improved transfer acumen, buying well, selling even better, and building a capable squad without extending beyond their means. The financial realities of the Championship meant that selling key players was often needed to maintain sustainability and helped the club achieve its goal of returning to the top tier of English football.
A new study from BettingOdds.com reports that Leeds top current Premier League clubs in profit and loss as a percentage of revenue earned through transfers.
The study finds that Leeds have made £81.41million in transfer sales since the beginning of the 2011/12 season. In contrast, they have spent just £31m on sold players over the same time period, yielding a profit of £50.41m.
In raw numbers, that ranks sixth in the Premier League, an extremely impressive achievement for a club that spent all but one of those seasons out of the top flight.
Only Southampton, Leicester City, Tottenham Hotspur, Crystal Palace and Everton have a greater profit from transfer sales.
However, in terms of percentage of revenue, Leeds top the Premier League, having made a 162.7% return on their spending.
The only other teams with a percentage north of 100% are Palace and Sheffield United.
In contrast, Manchester United have racked up a £401.8m loss over the same period. Manchester City are the worst in the division at £421.5m, a clear indication of the excellent work Leeds have conducted in the transfer market in recent years.
On an individual player, Leeds' greatest loss was on Giuseppe Bellusci. He was bought for £2.7m but signed with US Palermo on a free transfer, resulting in a loss of £2.7m.
Arsenal racked up the greatest loss on a single player, having spent £42.3m on Mesut Ozil only to release him in January this year.
Leeds' greatest profit on an individual player was on Chris Wood. They sold him to Burnley for £14.76m after signing him for just £3.24m. That yields a profit of £11.52m.
The greatest profit on an individual player was Liverpool's sale of Phillipe Coutinho to Barcelona. They made a £118.8m profit on the Brazilian midfielder.
These figures do not include current players with the club. It will be interesting to see how Leeds' profit is impacted by their transfer dealings in the coming years, especially if they are to sell many of their now-established stars for significant returns.
But over the past decade, Leeds have been among the best in the transfer market, and the numbers prove it.
