Stefan Borson: Leeds owners to exploit PSR ‘trick’ after new document revealed
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(Credit: Hasan Karim - Breaking Media/Imago)
James Murray
Tue 16 September 2025 13:35, UK
Leeds United’s owners will look to exploit a profit and sustainability (PSR) “trick” in their future transfer business.
Leeds were previously close to breaching the PSR rules as they continue to try and remain within the £105million losses limit over a rolling three-year period.
It was revealed in May that Leeds’ owners would issue £120million of new shares in the club, with 49ers Enterprises investors asked to help bankroll the injection.
The Athletic reported on 10 September that cash is set to fund business operations, carry out the stadium expansion project and enable Leeds to bring in £300m worth of players over the next three years.
The news outlet said it has seen a leaked 50-slide deck, where the 49ers laid out their plans for Daniel Farke’s side over the coming years.
Credit: Getty Images
Former Man City financial adviser Stefan Borson exclusively told Football Insider he doesn’t know how the Leeds document would have made it into the public domain.
The report revealed the 49ers are projecting Leeds to be worth £1billion by 2030, almost double their current valuation of £527.5m.
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Speaking exclusively to Football Insider, Borson said: “I’m not sure they wanted that document to be out in the public domain.
“I don’t know how it did get out in the public domain, but it doesn’t really matter, to be honest.
“They’ll either agree the deals or they won’t, and people will have a view as to whether they can afford things or not.
Credit: Imago
“I think a lot of clubs over the years have said, look, we can’t do these deals because of PSR, and it’s been partly used as a trick to present a more conservative budget to try and direct people to say, well, we’ll settle for a lower amount, and they’ll have to do that themselves.
“I don’t think it’s a big deal having it in a pack that nobody will remember anyway in about three months’ time.”
Leeds posted a record-breaking Championship revenue in their latest published accounts for 2023-24 despite seeing their turnover fall from £189.7m in 2022-23 to £127.6m.
It was a busy summer transfer window at Elland Road, with 10 new signings arriving through the door.
Leeds signed Anton Stach, Noah Okafor, Jaka Bijol, Lucas Perri, Sean Longstaff, Gabriel Gudmundsson, James Justin, Sebastiaan Bornauw, Dominic Calvert-Lewin and Lukas Nmecha on permanent deals, taking their spending to around £100m.
Farke’s side have picked up four points from their opening four games of the new Premier League season.
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